tax rate

11 Stories

House GOP Won't Cut Taxes for Wealthiest Earners

But corporate tax rate will be slashed from 39% to 20%

(Newser) - Furiously working to finish a tax bill, House Republicans have decided to keep the income tax rate for the wealthiest earners in the face of Democratic criticism that the overhaul pushed by President Trump would benefit the rich. The GOP blew past its self-imposed deadline for public release, with the... More »

Researchers Withdraw Tax Report After GOP Complains

It suggested cutting top tax rate doesn't help economy

(Newser) - The nonpartisan Congressional Research Service released a report in September suggesting that cutting the top tax rate didn't aid economic growth; now, amid concerns from Senate Republicans, it has withdrawn the report. The move has sparked anger among Democrats. "They didn’t like a report, and instead of... More »

Romney on Taxes: I Pay At Least 13%

Says he finds the whole issue 'very small-minded'

(Newser) - Mitt Romney still won't release his tax returns, but today he told us a little more about what was in them. "I just have to say given the challenges that America faces … the fascination with taxes I paid I find to be very small-minded," he said... More »

France's 75% Tax Could Push Rich Into Mass Exodus

Rich thinking of leaving if 75% tax rate is passed

(Newser) - France's new Socialist president wants to tax any income above €1 million ($1.24 million) per year at 75%—but if the plan is passed, France could see a mass exodus of its wealthiest residents. Rich residents are calling lawyers, asking if they should consider leaving the country... 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 »

Obama Earned $790K in 2011

Family taxed more than $160K

(Newser) - President Obama and his family paid more than $160,000 in federal taxes last year, the White House says. The president's 2011 federal income tax return shows reported adjusted gross income of about $790,000 last year. About half of the first family's income is the president's... More »

Is Romney's 15% Tax Rate That Crazy?

Yes and no, experts say

(Newser) - When Americans heard that Mitt Romney pays a 15% tax rate , most probably assumed that was less than they pay—and they're probably wrong. Romney, after all, wasn't talking about his tax bracket, but his effective tax rate, meaning what percentage of his income he actually winds up... More »

Romney Says His Tax Rate Is 'Closer to 15%'

Most of his income taxed as 'capital gains'

(Newser) - Mitt Romney has been evasive about releasing his tax returns , and today he hinted at why, saying in a press conference that his effective tax rate is "probably closer to the 15% rate than anything." That means that most of Romney's earnings—which largely still stem from... More »

Pawlenty: Obama a 'Champion' of Class Warfare

Calls for huge tax cut for wealthy in speech

(Newser) - Tim Pawlenty delivered a combative speech today in which he called for massive changes in the tax code and accused Barack Obama of being a “champion practitioner of class warfare.” Pawlenty proposed a system with just two tax brackets, taxing the first $50,000 of income ($100,000... More »

Tax Reform: The Simple, Perfect Budget Fix

Both parties can get what they want: just fix the 'lunatic' tax code, writes Clive Crook

(Newser) - Tax Day is a painful reminder that Form 1040 "is to personal finance as waterboarding is to asking some questions," writes Clive Crook in the Financial Times . But it doesn’t have to be: "If ever there were a free lunch, if ever there were a dollar... 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 »

11 Stories