NEWS ABOUT: federal taxes

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More About: taxes • Tea Party • corporate tax • tax cuts • income tax • Barack Obama • Medicaid • Medicare • tax breaks • federal income tax • tax deduction • loopholes • tax code • budget cuts • Social Security • Paul Ryan • President Obama • taxation • payroll taxes • activists • tax policy • corporate tax cuts • economic stimulus package • House Budget Committee • tax hikes

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

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Obama Plan Preview: $3T Savings, $1.5T Tax Boost

'Washington Post' bares early details of president's plan

(Newser) - Details of President Obama's new debt-reduction plan to be unveiled this morning are emerging—and it's not a pretty sight for the rich. The president will likely outline a plan to cut the federal debt by $3 trillion over the next decade, with half of that coming from... More »

Dems, GOP Back Push to Cut Corporate Tax Rate

Bipartisan support builds behind effort to close loopholes

(Newser) - With deficit reduction on the agenda and America's corporations sitting on a record amount of cash, Democrats and Republicans have found something they agree on: It's time to slash the corporate tax rate. Bipartisan support is building for plans to eliminate many loopholes and tax breaks and use... More »

New GOP Budget Would Cut $4T

Plan would drastically slash Medicare

(Newser) - In an attempt to reframe the budget debate, Republicans are proposing a 2012 budget that features $4 trillion in spending cuts over the next decade—and would end Medicare as we know it, reports the Wall Street Journal . Democrats won’t likely support the 2012 plan, helmed by House Budget... 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 »

America Stuck With a Temporary Tax Code

Businesses complain of uncertainty

(Newser) - Once upon a time—in the late 1990s—there were only a few dozen temporary tax provisions requiring regular renewal. Now there are 141, and if Congress does indeed pass the proposed two-year extension of the Bush tax cuts, the whole income tax system will essentially be a temporary provision,... More »

US Tax Burden Lowest Since 1950

Recession, stimulus shrink tax rate to 60-year-low

(Newser) - You wouldn't know it from the clamor of anti-tax protests, but Americans turned over a lower share of their income to the taxman last year than at any time since the Truman administration, according to a USA Today analysis. State, local, and federal taxes took up 9.2% of income... More »

Um, Guys, Taxes Are Lower This Year

That could change in the future, however

(Newser) - Believe it or not, tea partiers, your taxes probably went down this year. Soon after Barack Obama took office, those tax-and-spend Democrats cut individuals’ federal taxes by roughly $173 billion, the AP reports, which should more than make up for any tax increases states were forced to push through to... More »

47% of Americans Pay No Federal Income Tax

Tax day is just Christmas for many

(AP) - 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 »

Tea Partiers Just Plain Ignorant

Anti-tax activists have no idea how much they pay in taxes

(Newser) - For a movement that frets so much about the “burden of federal taxation,” Tea Party adherents have a remarkably dim understanding of what they actually fork over to Washington. In a recent survey of anti-tax activists in Washington Tuesday, tea partiers thought, on average, that 42% of GDP... More »

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