taxes

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Phelps Will Owe $55K in Taxes on Rio Medals

IRS wants its cut

(Newser) - Michael Phelps is taking home five golds and one silver from the Rio Games, along with a hefty tax bill. The US Olympic Committee awards $25,000 for each gold medal, $15,000 for silver, and $10,000 for bronze—and the IRS then takes its cut. Depending on their... More »

Wyoming Taxes the Wind, Maybe to Death

One of the world's largest wind farms could be dead on arrival

(Newser) - Unlike many states that subsidize alternative energy sources, in 2012 Wyoming became the first state to tax wind power. In the four years since, it hasn't even collected $15 million in revenue—perhaps partly due to the lack of major wind projects constructed since the tax was enacted, reports... More »

With Money Tight, More Towns Are Unpaving Their Roads

Public works spending isn't keeping up with basic maintenance costs

(Newser) - With infrastructure spending at a low point and infrastructure itself getting a D grade as judged by the American Society of Civil Engineers, paved roads that are crumbling and full of potholes are becoming more commonplace. And now, according to a new report out by the National Highway Cooperative Highway... More »

Last Time Trump Made His Taxes Public, He Had Paid $0

Washington Post: He reported negative income in late 1970s

(Newser) - Donald Trump has little interest in making his tax returns public, but the Washington Post reports that he once had to do so back in 1981 because he was applying for a casino license. The bottom line? He paid $0 in federal taxes because he claimed a combined income from... More »

How a Billionaire's Move to Florida Could Screw NJ

The loss of David Tepper's taxes is horrible news for the Garden State

(Newser) - New Jersey, already struggling with its budget, could face a massive shortfall next year—all because one guy chose to move to Florida, Bloomberg reports. In fairness, that guy was the wealthiest man in the state. Hedge-fund manager David Tepper has an estimated worth of $10.6 billion, and after... More »

Feds' Crackdown on Tax Dodges Kills $160B Pfizer Merger

New Treasury rules on tax 'inversions' squashed deal with Allergan

(Newser) - Allergan and Pfizer are calling off a record $160 billion merger after the Treasury issued new rules to make tax "inversions" less lucrative, the AP reports. The aggressive changes to US tax laws announced this week helped kill the deal, handing what Reuters calls a "major victory" to... More »

Facebook to Pay Each UK Worker $1.1M Bonus

Not for purely altruistic reasons, though—it's to save big on its tax bill overseas

(Newser) - Facebook has found a creative way to drastically bring down its tax bill in the UK: Pay each employee who works there a million bucks, NBC News reports. As first noted in the Sunday Times , the company will pay out nearly $397 million in bonuses to UK staffers, which comes... More »

Romney Thinks There May Be 'Bombshell' in Trump's Taxes

Maybe he's not so rich, or isn't paying the taxes we'd expect, speculates Romney

(Newser) - In a bit of an ironic twist, former presidential candidate Mitt Romney is publicly calling on Donald Trump to release his tax information and speculating on what the Republican frontrunner might be hiding, CNN reports. "We have good reason to believe that there's a bombshell in Donald Trump'... More »

Ikea Accused of Funneling Money, Evading $1B in Taxes

'Profit shifting' apparently common in Europe

(Newser) - How do you say "large-scale tax avoidance" in Swedish? That's what a new report from the European Parliament's Greens/European Free Alliance group is accusing Ikea of, to the tune of $1.1 billion, per CNNMoney . The report alleges that the retail giant funneled money from its stores... More »

5 States With Highest, Lowest Property Taxes

From New Jersey to Hawaii

(Newser) - You could likely tick off many, many differences between Hawaii and New Jersey, but 24/7 WallSt has identified perhaps the wonkiest of them all: property taxes. The site crunched the numbers on what people pay in each state as a percentage of home value and found that Jersey residents pay... More »

April 15 Comes on April 18 This Year

Little-known holiday gets taxpayers a grace period

(Newser) - Taxpayers nationwide will get a few days' grace this year to file their returns thanks to a little-known holiday in the nation's capital. And the head of the IRS promises 1,000 more customer services representatives will be available to ease waiting times on information lines. IRS Commissioner John... More »

Calif. Pols Push 'Tampons for All' to Fix 'Gender Injustice'

Legislators want to get rid of state sales taxes on feminine hygiene products

(Newser) - Health products like walkers and Viagra are exempt from California state sales tax, and if two assembly members have their way, feminine hygiene products will soon enjoy the same status. Cristina Garcia and Ling Ling Chang introduced a measure Monday maintaining that tampons, sanitary napkins, and similar products are a... More »

Tax Dodgers: Feds Could Soon Snatch Your Passport

If measure passes, 'seriously delinquent' taxes could mean no passport

(Newser) - If lawmakers push a provision through in December, US citizens who owe back taxes will have more to worry about than accumulating debt. As part of a transit and highway funding bill currently being negotiated in Congress, the provision would allow the feds to revoke, deny, or limit a person'... More »

New Pot Tax Will Fund College Scholarships

Voters approved this one by 60% to 40% margin

(Newser) - Pot lovers in one Colorado county will soon be getting high for higher education. With a 60% majority, voters in Pueblo County voted on Tuesday to phase in a tax on marijuana growers that will support college scholarships and other endeavors, WTKR reports. The tax will begin in 2017, hit... More »

Romney's 47% Needs a Revise

Percentage not paying income tax has risen to 45.3% from 2013: Tax Policy Center

(Newser) - Just when you thought Mitt Romney's "47%" comment , which he said was the percentage of Americans dependent on the government and not paying income tax, had made way for a new election cycle's gaffes, that number now needs another revision. Per the Tax Policy Center, the percentage... 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 »

Today's Tax-Free Pot Day in Colorado

Tokers can thank quirky state tax law for their good fortune

(Newser) - They knew this day was coming , and now it's here. It's tax-free cannabis day in Colorado, where due to a quirk in the state's tax law, buyers of recreational marijuana will be relieved of most taxes on their purchase, the AP reports. The one-day "holiday" means... More »

Streaming Customers Sue Over 'Netflix Tax'

Chicagoans claims tax violates federal law

(Newser) - Angry streaming customers in Chicago are fighting back against the so-called "Netflix tax," filing a lawsuit against the city last Wednesday that could have national implications, the Daily Dot reports. The plaintiffs—including Netflix, Hulu, and Spotify customers—allege the 9% tax on streaming services (an extension of... More »

IRS: We No Longer Accept Checks Over $99,999,999

Super-rich will just have to pay electronically

(Newser) - Owe the tax man $100 million or more? Your check is no good at the IRS. Starting next year, the IRS says it will reject all checks for more than $99,999,999. That's because check-processing equipment at the nation's Federal Reserve banks can't handle checks that... More »

Colorado's Pot to Be Much Cheaper for One Day

Quirky state law is cutting out most taxes on marijuana on Sept. 16

(Newser) - Think of it as a back-to-school sales tax break, but for stoners. Colorado's unusual tax law is forcing the state to suspend taxes on recreational marijuana for one day—Sept. 16—during which a 10% sales tax and 15% excise tax won't be collected. The sales-tax break would... More »

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