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SUNDAY, NOVEMBER 22, 2009
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NEWS ABOUT: tax code

tax code stories: 9 news summaries
OPINION

Schwarzenegger Blew Chance for Real Reform

Would-be savior turns out to be just another lying politician

May 21, 09 7:59 AM CDT
(Newser) - Arnold Schwarzenegger came into politics with an uncommon opportunity to tell Californians hard truths about taxes and governance, using his surprising mandate to press for reform. Instead, he became just another governor repeating "the same lies and the same nostrums," pretending citizens can have good public services without... More »

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California • Arnold Schwarzenegger • tax code • special election • property tax • California economy

 White House Takes Aim 
 at Offshore Tax Dodges 

The Obama Administration will unveil details of its tax-haven crackdown today

May 4, 09 7:35 AM CDT
(Newser) -  White House plans to curb offshore tax avoidance will be rolled out today, the Wall Street Journal reports, with the target on both US multinationals and wealthy individuals who are sheltering an estimated $700 billion in US earnings overseas. The plan takes particular aim at “deferral,” which... More »

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Barack Obama • tax evasion • tax breaks • tax code • tax haven • Timothy Geithner

 Six Weird Tax Deductions 

Are you a whaling captain? Parent of a kidnapped teen? You could benefit!

Apr 8, 09 4:45 PM CDT
(Newser) - The tax code is more than 20,000 pages long and packed with loopholes galore. Newsweek lists six deductions you've probably never heard of:
  • Alaskan whaling captains can deduct up to $10,000 for money spent fixing their boats or on other whaling expenses. 
  • Parents of kidnapped
... More »

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Alaska • IRS • dependence • musician • tax breaks • whaling • tax code

(Newser) - The IRS is challenging a series of tax-skirting deals engineered by the much-maligned AIG Financial Products unit, the Wall Street Journal reports. The deals exploited differences in international tax codes to reduce tax payments for foreign banks—many of the same banks the US government would later pay to... More »

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IRS • AIG • Internal Revenue Service • tax code • bailout • tax haven

(Newser) - Even as Washington rails against AIG’s bonus giveaway, the insurer is quietly suing the government for $306 million in tax payments, the New York Times reports. AIG’s case hinges largely on its use of offshore tax havens, including one entity that handles executive compensation. It also says it... More »

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lawsuit • AIG • Internal Revenue Service • tax code • bank scandal • bailout • tax haven

OPINION

Philanthropists Cry Foul Over Obama Budget

Higher taxes, cap on deductions may lead to $4B less in charity

Mar 10, 09 9:19 AM CDT
(Newser) - Charity may be a virtue, but in America there's another motivation for philanthropy: generous tax deductions of as much as 35%. Barack Obama's proposed 2010 budget may change all that; not only will it raise taxes on the most wealthy to almost 40%, it will cap charitable deductions at a... More »

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philanthropy • Barack Obama • budget • charity • nonprofit • tax code • charitable giving

 Irish Angry at U2's Tax Evasion   

Group criticized as hypocritical in light of history of activism

Mar 3, 09 3:02 PM CST
(Newser) - U2 is under fire for possible tax evasion as the Irish government pushes for a bigger slice of the band’s earnings, the Christian Science Monitor reports. U2 moved its publishing company to Amsterdam in 2006 after a tax bill limited artists’ tax-free earnings to $315,000. With Irish deficits... More »

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music • Bono • U2 • tax evasion • Ireland • tax code • tax dodge • the Edge • financial crisis

Dems Tread Similar Paths
on Economy

Neither Clinton nor Obama venturing far into populist Edwards territory

Feb 15, 08 9:57 AM CST
(Newser) - With the Ohio and Pennsylvania primaries on the horizon, Hillary Clinton and Barack Obama are fine-tuning economic visions that have more similarities than differences, reports the Washington Post. Both candidates promise to ease the middle class tax burden while putting pressure on corporations that send jobs overseas, and to protect... More »

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Barack Obama • Hillary Clinton • Clinton 2008 • job market • tax code • housing crisis • economic plans • campaign issues • corporate tax cuts

Texas Hits Strip Clubs
With 'Pole Tax'

Smaller clubs sue over feared loss of clientele

Dec 22, 07 4:32 PM CST
(Newser) - Texas strip clubs are suing over a new law that will force them to collect a $5-per-person tax on clientele, the AP reports. Most of the estimated $40 million in proceeds will help rape victims, which club owners claim to support, but smaller venues fear a loss of customers. A... More »

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Texas • rape • strip club • stripping • sex crime • tax code

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