tax deduction

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Lawmaker Wants to Drug-Test the Wealthy

If they want generous tax deductions, at least

(Newser) - In many states, welfare recipients must submit to drug testing before they can get benefits. A lawmaker from Wisconsin says she wants wealthy Americans to get the same treatment before they can enjoy generous tax deductions, Yahoo News reports. Rep. Gwen Moore's "Top 1% Accountability Act of 2016"... More »

The Donald's Tax Plan Has Arrived

Promises to simplify tax code, cut income taxes to zero for lowest earners

(Newser) - Slowly but surely, Donald Trump is bulking up the position statements on his website. His immigration and gun rights platforms have now been joined by his new tax plan , which he announced Monday in a press conference from NYC's Trump Tower, CNBC reports. "Too few Americans are working,... More »

How the Charitable Deduction Benefits the Rich

'Average Americans paying for billionaires' generosity,' writes Fred Hiatt

(Newser) - A call to limit the charitable deduction may sound heartless—what about all those churches and museums and schools and nonprofits?—but the deduction actually benefits the rich, while "the rest of the country has to make up the gap," writes Fred Hiatt in the Washington Post . A... More »

On Fiscal Cliff, Dems and GOP Closer Than They Look

But mortgage interest deduction might be a casualty

(Newser) - Depending on who you ask, the fiscal cliff confrontation in Washington is either a massive standoff, or a massive mirage. "It is not going to happen soon," John Barrasso, the Senate's fourth-ranking Republican said yesterday. But top officials tell Politico that behind the scenes John Boehner and... More »

Romney's Idea on Taxes May Save the Day

His proposal to cap deductions by a fixed dollar amount is in play

(Newser) - What a difference an election makes: Democrats are suddenly getting behind an idea pitched by Mitt Romney as a way out of the fiscal cliff mess, reports the New York Times . On the trail, Romney floated the notion of putting a cap on income tax deductions at a fixed dollar... More »

7 Tax Breaks You Probably Don't Know About

You may be able to deduct college courses, disaster losses

(Newser) - If you've put off your taxes until the last minute, here's a little reward for your procrastination: Time offers seven tax breaks that could save you money—now that you actually know about them:
  • Higher education: There are certain credits available for qualified tuition, and you may not
... More »

Tax Cheating, Easy? Experts Tell You How

Accountants and tax lawyers share tips for beating Uncle Sam

(Newser) - So the New York Times is offering tips for tax cheaters. Guess we know which newspaper will be audited next—but for now, let's take advantage of the paper's survey of 20 tax lawyers, accountants, and policy wonks:
  • The easiest way to cheat is ... running your own company—
... 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 »

Total Drag: Medical Pot Isn't Tax Deductible

(Newser) - After a little bit of confusion—thanks to a vaguely worded letter from the IRS on the use of an "herb"—it was re-confirmed marijuana is not eligible for deduction on citizens' personal tax returns. Even in states where it can be legally prescribed by a doctor. Read... More »

Schools Win; NASA Loses

First look at proposed 2011 budget shows sharp break between haves and have-nots

(Newser) - President Obama delivered his proposed 2011 budget to Congress today, and the Washington Post drills down to find the winners and losers. Winners first:
  • K-12 education: The Department of Education's budget will increase by 6%, or $3 billion.
  • Research: The proposal pumps up the Energy Department's budget 7%, or $2
... More »

10 Stories