federal income tax

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Possible Fiscal Cliff Savior: Semantics

Wealthy can pay more, even if tax rates don't rise

(Newser) - It sure sounds like President Obama and John Boehner are at loggerheads when it comes to a deal to avert the fiscal cliff: Obama insists the richest Americans must pay more in taxes, while Boehner says the House will never approve a rate increase. But therein lies the wiggle room:... More »

Romney Defends Remarks, as Obama Takes a Dig

Republican goes on Fox to clarify views

(Newser) - Mitt Romney took to Neil Cavuto's show on Fox News today to defend his comments that 47% of Americans don't pay taxes and see themselves as "victims" who depend on the government, reports Politico . He may be taking plenty of heat , but Romney sees this as a... More »

The Danger of Ron Paul

Candidate's anti-government sentiment could have a long wick: Lemann

(Newser) - The popularity of Ron Paul's anti-government zeal should give Democrats and Republicans alike a reason to pause, Nicholas Lemann writes in the New Yorker . First, consider how radical a Paul presidency would be: IRS and income tax abolished; no foreign wars; no foreign aid; five federal departments gone ... and... More »

For Most, Cain's '9-9-9' Plan a Tax Hike

'Washington Post' fact checkers say Cain's plan is misleading

(Newser) - Herman Cain is being dishonest in touting his “9-9-9” plan, positioning it as some kind of tax cut, when “in reality tens of millions of lower income Americans would face tax increases,” Washington Post fact checker Glenn Kessler has concluded, giving Cain three out of four Pinocchios.... More »

If We Took Buffett's Advice, How Much Would It Help?

Quite a bit—but it likely won't happen

(Newser) - Warren Buffett made waves yesterday when he told the federal government to stop "coddling" him and other wealthy Americans and raise taxes on the rich. His plan would roll back the Bush tax cuts on people who earn more than $1 million and on capital gains and dividends income,... More »

Warren Buffett: Raise My Taxes, Please

Let's have some real 'shared sacrifice'

(Newser) - Washington keeps talking about “shared sacrifice”—but it's not asking the mega-rich to join in, writes Warren Buffett in the New York Times . “While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue... More »

How Many Millionaires Paid No Income Tax in '09? 1,470

Average income fell 6.1%, new data shows

(Newser) - Some harsh figures are tucked into newly released income tax data from 2009: As the economy shed jobs, so too did the country shed taxpayers. Two million fewer individuals and couples filed with the IRS, while some 1,470 people earning $1 million or more didn’t pay a dime,... More »

Mass. City to Pay Stipend to Married Gay Workers

Because gay couples face a tax heterosexual couples don't

(Newser) - Some public employees with a same-sex spouse in Massachusetts face a federal income tax their heterosexual counterparts don’t have to pay—so the city of Cambridge is making up the difference. In the city, 22 public workers have put their spouses on their employer-provided health plan. But since the... More »

How Much Tax Does Big Oil Actually Pay?

It comes down to how you crunch the numbers

(Newser) - If you ask Exxon Mobil, the firm will say last year’s taxes exceeded US income—but a Washington think tank will tell you the big oil company didn’t pay a cent the year before that. “It all depends on how you count,” writes Steven Mufson in... More »

Super Rich's Tax Rate Plummets

Average rate for richies plunges to 17% from 26%

(Newser) - Some Tax Day trivia: The super rich are paying a far lower tax rate than they did 20 years ago, and nearly half of all US households—including both rich and poor—pay no taxes at all. People with the 400 highest adjusted gross incomes paid nearly $345 million in... More »

Federal Taxes at Lowest Level Since 1950

But rates will increase in the coming years

(Newser) - Griping about high taxes? Not so fast: Federal tax bills are at historic lows this year, and for the third consecutive year, families and businesses will pay less than they did under George W Bush. The government’s take—as a share of the national economy—is its lowest since... More »

Pundits' Misleading Stat: '47% Owe No Taxes'

It refers only to federal income taxes

(Newser) - One of the popular talking points being thrown around is that 47% of households owe no income tax in 2009, writes David Leonhardt. It's usually followed by an argument that the wealthy pay an unfair proportion of taxes while many Americans skate free. "Neither one of those ideas is... More »

47% of Americans Pay No Federal Income Tax

Tax day is just Christmas for many

(Newser) - Tax Day is a dreaded deadline for millions, but for nearly half of US households it's simply somebody else's problem. About 47% will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions, and exemptions to eliminate their... More »

Tax Revenue Takes Biggest Dive Since Great Depression

(Newser) - US tax revenue is set to shrink 18% from last fiscal year to the current one, ending in October—the largest falloff since 1932, the AP reports. Individual income-tax receipts are off 22%, and corporate revenues have sunk an astounding 57%. “Our tax system is already inadequate to support... More »

Dems on Collision Course on How to Pay for Heath Care

(Newser) - Democrats in Congress are heading for an intra-party showdown over how to fund health care reform, reports the New York Times. The powerful House Ways and Means Committee is reportedly near agreement on an income tax surcharge of 2% or more on Americans earning above $250,000, which moderate Democrats... More »

What If I Don't Feel Like Filing?

Christopher Beam explores the potential evader's options

(Newser) - With millions of Americans enduring long lines at the post office today to file their tax returns, Christopher Beam of Slate can’t help wonder: What would happen if you simply didn’t file? The answer is probably not much—7 million Americans declined to file last year, and only... More »

Incomes Under $400K May Dodge Brunt of Tax Hike

AMT still higher

(Newser) - If your income is in the $200,000-400,000 range, and you’ve been fretting over Barack Obama’s proposed tax hikes, relax; odds are decent you won’t wind up paying more. Obama’s plan does indeed jack up the rates on those tax brackets, but for many those... More »

What's Your Salary? In Sweden, It's No Secret

In Scandanavia, everyone's pay is made public

(Newser) - In America, tax information is kept private by law. In Sweden, "you can see what your brother-in-law made, your neighbor made," says one Justice Ministry official. Like its Scandinavian counterparts Norway and Finland, Sweden makes all tax returns public every year—and no one seems to care, reports... More »

Feds Probe Al for $1.5M in Back Taxes

Sharpton dismissed move as a 'try to intimidate us'

(Newser) - Washington is investigating Al Sharpton and his companies for nearly $1.5 million in back taxes and penalties, the AP reports. Sharpton, who has been negotiating the size of his federal debt, brushed off the government's latest move today. “Whatever retaliation they do on me, we never stop,"... More »

Obama Earns $3.9M in Royalties

His book sales continue to soar

(Newser) - Barack and Michelle Obama earned $4.2 million last year, mostly from royalties from Obama's two books, Dreams From My Father and the Audacity of Hope. The Obamas' newly released returns for 2007 show they paid $1.4 million in federal taxes and gave $240,370 to charity, USA Today... More »

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