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GOP May Use Retirement Accounts to Pay for Tax Cuts

Sources say Republicans may cap contributions to 401(k) accounts at $2,400 a year

(Newser) - Multiple sources say Republican lawmakers may be setting their sights on Americans' retirement accounts to pay for tax cuts, specifically to the business tax rate. The New York Times reports Republicans are expected to release a tax reform plan sometime in the next few weeks, and that plan could include... More »

Seattle Approves Rich-Only Income Tax

GOP leader calls for 'forceful resistance'

(Newser) - Supporters waved "Tax the Rich" signs Monday as Seattle's city council voted unanimously to do exactly that. By a vote of 9-0, the council approved an income tax that only applies to wealthy residents, with the 2.25% tax starting at income above $250,000 for individuals and... More »

Trump Plans Big Increase in Standard Tax Deduction

'Border adjustment tax' is history, sources say

(Newser) - Another detail of President Trump's tax overhaul plan has surfaced ahead of the expected Wednesday announcement, and it will be probably be a popular one: Sources tell the Washington Post that Trump plans a hefty increase in the standard deduction people can claim on their tax returns. White House... More »

Trump Faces Fallout From Tax Bombshell

He plans to switch focus to Clinton fortune

(Newser) - Donald Trump's campaign is starting the week trying to move on from a bombshell report on his 1995 tax return —but it may not be easy changing the subject from what the Guardian calls his campaign's "biggest crisis yet." In what Rudy Giuliani calls a... More »

Obama Scraps Plan to End College Savings Tax Break

529 plans are safe for now after issue becomes 'distraction'

(Newser) - President Obama has backed away from a plan to end a tax break for "529" college saving plans after meeting a backlash from lawmakers from both parties. The White House, which had presented the plan as a way to end a tax break mainly enjoyed by the wealthy and... More »

Taxes to Eat Half of Couple's $10M Gold Find

Calif. find will be taxed at the highest rate

(Newser) - The $10 million stash of gold coins a couple in California found while walking their dog is a big bonanza for Uncle Sam, tax experts say. Most of the money they make from selling the coins will be taxed at the highest level, meaning state and federal taxes will eat... More »

Court Upholds Germany's 'Catholic Tax'

German faithful pay between 8% and 9% of their income

(Newser) - You can't be a Catholic in Germany if you don't pay "church tax," a federal court has ruled. Germany requires people registered as Catholics, Protestants, or Jews to pay an extra tax worth 8% to 9% of their income tax bill, but the law was challenged... More »

French Slam Fleeing Richest Guy as 'Traitor'

'Ingrate' billionaire announces move to Belgium in wake of 75% tax

(Newser) - France's richest man has infuriated his countrymen by announcing a move to Belgium ahead of the Socialist government's planned 75% tax on the country's wealthiest citizens . Louis Vuitton CEO Bernauld Arnault denies he is seeking Belgian citizenship for tax reasons, but he has been denounced from all... More »

Strip Club to Taxman: Nude Dancing Is Art

Lap dances should be tax-free, NY club argues

(Newser) - Nude dancing is an art and should be tax-free, just like ballet performances, according to a strip club in upstate New York. Lawyers for Albany's Nite Moves will appear before the state's highest court today to argue that it doesn't need to pay sales tax on admission... More »

Obama Warns of 'Romney Hood'

Mitt tax plan is 'Robin Hood in reverse,' he says

(Newser) - Mitt Romney and his merry men would take from the middle-class and give to the rich if elected, President Obama claimed at a campaign stop in Connecticut yesterday. Romney's tax proposals are "Robin Hood in reverse," he quipped. "It's Romney Hood." Romney would "... More »

The Tax Rate You Paid in 2009 Was Lowest in 30 Years

Tax cuts plus falling incomes behind drop, CBO says

(Newser) - Anti-tax protesters were a major political force in 2009—which also happens to be the year Americans paid the lowest share of their income to the federal government in at least 30 years, according to the nonpartisan Congressional Budget Office. A CBO analysis released yesterday found that the average tax... More »

Greek Government Just Weeks From Going Bust

Recession, budget cuts have wiped out tax revenue

(Newser) - Never mind the euro or the drachma, Greece's new currency could become the IOU, the New York Times finds. The country's government is rapidly running out of cash—despite the latest bailout of $161 billion—and it might have no money for salaries, pensions, or fuel imports as... More »

Report: Rich Would Dodge Buffett Rule

Tax hike for richest would raise just $47B over 11 years

(Newser) - The proposed "Buffett Rule" tax on America's highest earners would barely make a dent in the federal deficit, according to a report from congressional analysts. The plan to impose a 30% minimum tax on people making more than $1 million a year would raise just $47 billion over... More »

Obama to Bare Plan Cutting Corporate Taxes to 28%

Tax code overhaul to be unveiled today

(Newser) - President Obama will unveil details of his plan for a massive overhaul of the corporate tax code today, including cutting the top rate from 35% down to 28%, an administration official tells the New York Times . Manufacturers will see their effective maximum rate cut to 25%, and a minimum tax... More »

Obama Pushes Sweeping Corporate Tax Reform

Top rate to be cut as playing field leveled, Geithner says

(Newser) - President Obama is planning the biggest overhaul of the corporate tax code since Ronald Reagan's in 1986. The administration will soon unveil a blueprint for making the code more fair and lowering the top rate of 35%, which is among the highest in the world, Treasury Secretary Timothy Geithner... More »

Sarkozy Unveils 'Robin Hood' Tax

Financial transactions to be taxed starting this summer

(Newser) - With the French presidential election just three months away, Nicolas Sarkozy took to the airwaves last night to tell voters about a tax hike. The president announced a sales tax rise from 19.6% to 21.2% and a new "Robin Hood" tax on financial transactions, the BBC reports.... More »

Perry Tax Plan Would Cost Feds $1T: Study

Plan 'redistributing income to top end,' says think tank

(Newser) - Under Rick Perry's flat tax plan , the rich will get richer, the federal government will get poorer, and the poor will stay pretty much where they are, according to the non-partisan Tax Policy Center. The center's study predicts that Perry's plan would cut government revenue by some... More »

Perry Rolls Out '20-20' Flat Tax Plan

'Cut, Balance, and Grow' plan cuts corporate tax rate

(Newser) - Rick Perry has rolled out a flat tax plan to rival Herman Cain's "9-9-9" plan. The Texan's "20-20" plan—or, as he calls it, "Cut, Balance, and Grow"—cuts the corporate tax rate from 35% to 20% and allows individuals to choose between paying... More »

Rich French to Sarkozy: Please Tax Us More

Billionaires urge Sarko to plug budget holes with their cash

(Newser) - As Nicolas Sarkozy prepares to unveil deep budget cuts, some of his country's richest citizens are asking him to take more of their money. Billionaire L'Oreal heiress Liliane Bettencourt and 15 others have signed a petition urging the government to hit France's wealthiest people with a "... More »

Koch to Buffett: My Donations Trump Taxes for the Rich

Skeptical writer to Koch: I think not

(Newser) - How dare Warren Buffett call for higher taxes for the rich , when America's super-wealthy already contribute to the country's "societal well-being" through "business and non-profit investments"? Billionaire business mogul Charles Koch penned this argument in a 50-word retort to Buffett's New York Times op-ed... More »

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