tax bill

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He Paid the IRS $500M Last Year. This Year, It's $1B

John Paulson's bill for his big bet on subprime mortgages has come due

(Newser) - If you find yourself forced to write a check to the IRS come April 17, know that John Paulson feels your pain—and owes more than can fit on a single check. Paulson put down big stakes against subprime mortgages before the 2008 crash and earned billions in the process.... More »

Why Lawyers Predict a Wave of Divorce This Year

Blame the loss of alimony tax deduction in 2019

(Newser) - An alimony deduction to be erased in 2019 under the new tax plan has lawyers preparing for a wave of divorces this year—and eying complications for recipients beyond. Payers have long received a tax break on alimony, while recipients have paid income tax on payments. But after Dec. 31,... More »

Ryan Lauds a $1.50/Week Pay Hike, Quickly Regrets It

Takes heat for celebrating woman's modest raise compared to nation's wealthy under tax overhaul

(Newser) - House Speaker Paul Ryan used Twitter to highlight a school secretary benefiting from the Republican tax overhaul, then deleted the tweet after online criticism that he is cheering an increase of $1.50 a week. The AP reported on Thursday that changes in tax withholding were sparking bigger paychecks, citing... More »

Rubio on Tax Bill: We 'Probably Went Too Far' in Helping Firms

Though he says he thinks Americans will still be all for the bill once they see their paychecks boosted

(Newser) - One of the facets of the GOP tax bill now signed into law is the tax break given to corporations, with the rate lowered from 35% to 21% . But Goldman Sachs says it won't capitalize as much as everyone thinks from the new bill, noting it will take a... More »

Homeowners Who 'Outsmarted' IRS Get Rude Awakening

In the form of an IRS advisory about prepaying 2018 property taxes

(Newser) - Think you outsmarted the IRS? Maybe not. As news stories emerged about "unprecedented" lines forming at municipal offices as homeowners rushed to prepay 2018 property taxes before the new GOP tax bill goes into effect on Jan. 1, the Internal Revenue Service on Wednesday offered words of caution. With... More »

Jenna Fischer Sorry for Tweet on Tax Bill

'I did not mean to spread misinformation'

(Newser) - Jenna Fischer won praise from Republicans on Wednesday for admitting she got her facts wrong in a tweet about the GOP tax bill. The actress, best known for her role as Pam in The Office, had said that the bill stops teachers from deducting the cost of classroom supplies they... More »

Homeowners Line Up to 'Postpone the Pain'

They're prepaying 2018 property taxes to avoid getting socked by deduction cap in new tax bill

(Newser) - While many people this week are queued up at retailers to return holiday gifts, "unprecedented" lines are forming at municipal offices around the country as homeowners hurry to prepay 2018 property taxes before the new GOP tax bill goes into effect on Jan. 1, reports the Wall Street Journal ... More »

With Trump Poised to Sign Tax Bill, Pity Long Islanders

Nearly half of homeowners there would be hit by property tax cap

(Newser) - "Today we are giving the people of this country their money back," proclaimed Paul Ryan Tuesday as the House passed a sweeping rewrite of the tax code (it has to vote again Wednesday because of this glitch ). That's likely not the case for current and future... More »

Senate Passes Sweeping Tax Overhaul

Every Republican present voted in favor

(Newser) - President Trump is now one step closer to getting the tax reform bill he wanted for Christmas. The Senate passed the biggest tax overhaul in more than 30 years in a 51-48 vote just after 1am Wednesday, the Washington Post reports. Every Republican present voted in favor, though Sen. John... More »

Pence Delays Trip to Preside Over Tax Vote

He'll visit Middle East in January instead

(Newser) - Mike Pence is "committed to seeing the tax cut through to the finish line"—so committed, in fact, that he'll delay a trip to the Middle East, his press secretary announced Monday. The vice president was to travel Tuesday to Egypt and Israel but will now depart... More »

McCain Likely to Miss Crucial Vote on Tax Bill

Senator has returned to Arizona for treatment

(Newser) - Sen. John McCain has gone home to Arizona to recover from the side effects of chemotherapy, meaning he's likely to miss a vote on the Republican tax reform plan expected this week. After days of speculation about the 81-year-old senator's health, daughter Meghan McCain tweeted Sunday that he'... More »

GOP Tax Bill Scraps Alimony Deductions

This could make divorce trickier, lawyers say

(Newser) - America's biggest tax law overhaul in more than 30 years contains a provision that some experts say is going to make divorce a more difficult process—especially for lower-income couples. The final version of the Republican tax plan removes the tax deduction for alimony payments, which are support payments... More »

Rubio Deals Blow to Hopes of Passing Tax Overhaul

Senator demands change to child tax credit

(Newser) - President Trump's hopes of passing a tax overhaul before Christmas have taken a big hit from the man he used to call "Little Marco Rubio." In what Politico describes as a surprise move, the Republican senator announced Thursday that he won't support the legislation. Rubio said... More »

Quirk in Senate Rules Could Kill Newman's Own

Exemption to save company was cut from tax bill

(Newser) - The food company Paul Newman gave to his charitable foundation months before his death in 2008 may have been doomed by a quirk in Senate regulations. The tax overhaul recently passed by the Senate included a measure that would have spared Newman's Own a crushing 200% tax, but it... More »

McCain Says He's a Thumbs-Up on Tax Bill

A decision he came to 'after careful thought and consideration'

(Newser) - There will be no thumbs-down moment coming : Sen. John McCain on Thursday announced that he's in the "yes" camp on the GOP tax bill, a decision he says he came to "after careful thought and consideration." In a statement, McCain described the legislation as "far... More »

Trump Sets His Sights on 'Failing' NYT

Brands it 'the pipe organ for the Democrat Party'

(Newser) - President Trump's morning consisted in part of a now familiar ritual: tweeting about the media , with the New York Times being Thursday's focus. "The Failing @nytimes, the pipe organ for the Democrat Party, has become a virtual lobbyist for them with regard to our massive Tax Cut... More »

McCain Could Have Another Thumbs-Down Moment

Senate vote on tax bill might be a close one

(Newser) - Perhaps not for the first time , President Trump may be regretting his digs at John McCain, given that the Arizona senator could decide the fate of the GOP tax bill. In order to pass the Senate, all GOP senators but two need to vote yes. Though vocal critics Bob Corker... More »

The Genius Way People Are Paying Nelly's $2.6M Tax Bill

By streaming 'Hot in Herre' and other Nelly hits about 287.2M times

(Newser) - Cornell Iral Haynes Jr. is in trouble with the taxman, but you may be able to help. You also might be more inclined to lend a hand if you recognize Mr. Haynes by his stage name, Nelly, and realize that it would take just a few minutes on Spotify to... More »

10 Celebs Who've Had Big Time Tax Troubles

The latest: Mary J. Blige

(Newser) - Just because you're rich and famous doesn't mean you always bother to pay your tax bill. HLN lists 10 celebrities who've gotten in serious money trouble with Uncle Sam:
  • New Jersey just hit Mary J. Blige with a tax lien of more than $900,000. She was
... More »

Why Sheen Gave LiLo $100K

Charlie wanted to help Lindsay with tax bill

(Newser) - Apparently Charlie Sheen and Lindsay Lohan have some sort of troubled-actor bond, because last week Sheen gave LiLo $100,000 to help her with her unpaid taxes, TMZ reports. The two got close while filming Scary Movie 5 in September, talking about everything including the $233,904 Linds owes the... More »

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