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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: taxes

taxes stories: 160 news summaries

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 Paulson Slipped Banks
Quiet $140B Tax Break

Reversal of 20-year-old tax law allows banks to shelter profits

Nov 10, 08 7:03 AM CST
(Newser) - While Congress and the nation were busy debating the $700 billion bailout package in late September, Treasury issued a five-sentence notice that could reap banks up to $140 billion in tax breaks, the Washington Post reports. The provision reverses an obscure policy written into law more than 20 years ago... More »

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taxes • Henry Paulson • Internal Revenue Service • banking industry • financial crisis

Bloomberg Calls For Plastic Bag Fee in NYC

6¢ charge pleases greenies, would help city's fiscal problems

Nov 7, 08 11:37 AM CST
(Newser) - After an ad campaign urging New Yorkers to use greener alternatives to plastic shopping bags, Mayor Michael Bloomberg wants to impose a 6¢-per-bag charge, the Times reports. While environmentalists approve, and the city’s coffers stand to gain, many think the measure will be unpopular with shoppers, and critics... More »

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environment • conservation • plastic bags • New York City • taxes • Michael Bloomberg • reuse

Obama Pushes Don't-Let-Up 'Closing Argument'

'We are one week away from changing America,' Dem says in Ohio

Oct 27, 08 2:50 PM CDT
(Newser) - Barack Obama warned voters today against acting as if he’s already won the election, urging them not to “let up for one day, one minute, or one second in this last week,” CNN reports. Speaking in Canton, Ohio, Obama charged that 4 more years of “Bush-McCain”... More »

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Barack Obama • John McCain • taxes • Ohio • Barack Obama supporters • Election 2008 • swing states

Who Are You Calling a Socialist?

McCain: Obama's tax cut plan is 'welfare'; Dem: Mac 'out of touch'

Oct 19, 08 9:21 AM CDT
(Newser) - Values and socialism dominated the sharp rhetoric on the campaign trail yesterday, as the presidential candidates exchanged fire over Barack Obama’s plan for middle-class tax cuts, Politico reports. At rallies in North Carolina and Virginia, two traditionally red states where Obama has made inroads, John McCain accused him of... More »

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Barack Obama • John McCain • taxes • middle class • socialism • welfare • values • Election 2008

Your money

Time Is
Ripe to Pass
Cash to Heirs 

Struggling market
can help you avoid
paying estate tax

Oct 18, 08 12:05 PM CDT
(Newser) - Sinking stocks offer a window of opportunity when it comes to passing your money on to heirs without incurring huge taxes, Anne Tergesen writes in the Wall Street Journal. Transferring struggling assets to the next generation can mean a big payoff for the heirs when conditions improve—without the estate... More »

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stock market • taxes • trust fund • investments • charity • inheritance • interest rate • estate tax • financial crisis

 Poll: 
 Obama 53%, 
 McCain 43% 

McCain too busy with attack ads; losing support among base

Oct 13, 08 7:01 AM CDT
(Newser) - Barack Obama continues to rise in the polls just as John McCain falls, with the latest numbers giving the Democrat a 10-point lead over his opponent, reports the Washington Post. Voters also gave Obama a clear lead on taxes and leadership for the first time in the election. McCain, meanwhile,... More »

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Barack Obama • John McCain • taxes • Election 2008 • economy • George W. Bush • poll numbers

OPINION

When Did Patriots Stop Paying Taxes?

Palin dead wrong; now is time for US taxpayer to step up: Friedman

Oct 8, 08 12:14 PM CDT
(Newser) - Sarah Palin is really asking for it, writes Thomas Friedman in the New York Times, when she blithely criticizes paying taxes as unpatriotic—especially when Uncle Sam needs the cash to pay for wars and a bailout that she supports. Does Palin "think borrowing money from China is more... More »

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taxes • Thomas Friedman • energy dependence • Election 2008 • Sarah Palin • patriotism • financial crisis

Main Street Skeptics Slam Bailout Scheme

Many doubt their tax dollars should cover Wall Street's 'greed'

Sep 22, 08 10:40 AM CDT
(Newser) - While Wall Street stands to gain in the federal bailout, many on Main Street are deeply skeptical, the Washington Post finds in a heavily foreclosed-upon Virginia community. “I've been financially responsible with my own money. Why should I now be responsible for the fact that you were not?” wonders... More »

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taxes • US economy • subprime crisis • bailout • George W. Bush • Main Street • financial crisis

IRS Loosens Deadlines For Taxpayers Pummeled by Ike

Fall dates for filing and tax payments pushed back to Jan. in Texas, La.

Sep 18, 08 3:06 PM CDT
(AP) - Taxpayers in Texas counties and Louisiana parishes hit by Hurricane Ike will get until Jan. 5 to take care of tax filings and payments due this fall, the Internal Revenue Service said today. The IRS said the deadline extensions apply to 29 Texas counties and 14 Louisiana parishes declared presidential... More »

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Texas • taxes • IRS • Louisiana • Galveston • Internal Revenue Service • Hurricane Ike

France's 'Picnic Tax' Making Foes Antsy

'Green' levy aims to cut down on use of plastic forks, paper plates

Sep 15, 08 3:51 PM CDT
(Newser) - A picnic tax? “We are doing it,” France’s environment minister said today, apparently unabashed at such a villainous plan. Actually, the levy isn’t as dastardly as it sounds—it’s actually a tax on the plastic and paper plates and utensils commonly used in picnics, the... More »

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environment • taxes • France • picnic

 Calif. Budget Deal 
 Pays '08 Debt 
 With '09 Taxes 

Plan would borrow against next year's taxes to pay state debts

Sep 15, 08 9:21 AM CDT
(Newser) - California lawmakers have finally come to an agreement on the new state budget, ending a stalemate in which Republicans refused to add new taxes and Democrats fought against cutting funding for education and health care. The compromise sees the state using next year's money to pay off its current debts,... More »

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California • taxes • Arnold Schwarzenegger • minimum wage • fiscal imbalance • budget deficit

 'Language Barrier', 
 Not Tax Evasion: Rangel 

Powerful congressman sorry for screw-up

Sep 11, 08 10:15 AM CDT
(Newser) - Rep. Charles Rangel blamed his failure to pay taxes on his rental income from a Caribbean villa to “cultural and language barriers,” reports the New York Times. “Every time I thought I was getting somewhere, they’d start speaking Spanish,” Rangel said of his attempts to... More »

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taxes • tax evasion • Charles Rangel • Dominican Republic • House Ways and Means Committee • tax dodge • Villa • political scandal

Rangel Denied Chance to Speak in Denver

Clinton ally sees it as snub

Aug 14, 08 1:00 PM CDT
(Newser) - Charles Rangel won’t be speaking at the Democratic National Convention, Politico reports. Representatives made a pitch for an address by the House Ways and Means Chairman, but the Obama campaign told them that Rangel’s early support for Hillary Clinton had given him low priority—even though the congressman... More »

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Barack Obama • taxes • Democratic National Convention • Charles Rangel • House Ways and Means Committee • campaign • speech • Hillary Clinton supporters • DNC

analysis

McCain Policies Oddly Short
on Specifics

Candidate offers relatively few details
on domestic plans

Aug 1, 08 12:07 PM CDT
(Newser) - John McCain’s policy cupboards are unusually bare for a presidential candidate, while his rival’s are unusually well stocked, Politico reports. McCain, for example, describes Social Security as "an absolute disgrace" but offers scant details for reforming it. "He has not offered very much in specifics that... More »

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Barack Obama • John McCain • taxes • Douglas Holtz-Eakin • policy papers

OPINION

Obama Will Plunge US Into Recession

Dem's plans would spell disaster, says wonk for first Bush

Jul 29, 08 10:15 AM CDT
(Newser) - Barack Obama’s campaign promises on the economy—particularly on taxes and trade—would be a disaster for Americans at all income levels, an adviser to the first President Bush writes in the Wall Street Journal. On “tax, spending, energy, regulatory, and trade policy, if the proposals espoused by... More »

MORE ABOUT:
Barack Obama • taxes • George HW Bush • NAFTA • free trade agreements • Election 2008 • economy • Obamanomics • Michael J. Boskin

UBS: No More Swiss Cheese for US Clients

Bank under scrutiny for aiding tax evasion apologizes, shuts door

Jul 17, 08 3:08 PM CDT
(Newser) - A UBS executive told a Senate probe today the bank will no longer host accounts for US clients, the Wall Street Journal reports. The Swiss bank is under investigation by the IRS for marketing tax-evasion strategies involving its offshore accounts to wealthy Americans. The Senate panel estimates that the US... More »

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taxes • IRS • Senate • UBS • tax evasion • savings account • Swiss bank

New US Tax Law Looks Heartless to Foreign Workers

Would-be tax evaders will pay, but so will wealthy green-card holders

Jul 9, 08 4:40 PM CDT
(Newser) - A new tax law set up to help troops and veterans, offset by taxing wealthy Americans who give up citizenship to beat the IRS, hits some others in the wallet, Portfolio reports. Long-term, legal foreign workers who return home will see unrealized capital gains taxed—potentially damaging the perception of... More »

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veterans • taxes • US troops • green card • US economy • foreign labor • immigrant • tax dodge • Heart Act

ANALYSIS

Not So Fast With Those Numbers, David Brooks

Obama's tax rate for
the rich no steeper
than in the '90s

Jul 2, 08 7:12 PM CDT
(Newser) - Despite David Brooks' attempts to “muddy” the mathematical waters, Barack Obama’s tax plan doesn’t hit the wealthy very hard—and it’s the one that helps the middle class, Jared Bernstein writes in Talking Points Memo Café. Brooks wrote in the Times that moneyed Americans would pay... More »

MORE ABOUT:
Barack Obama • John McCain • taxes • wealth • Bill Clinton • middle class • David Brooks

 What's Your Salary? 
 In Sweden, It's No Secret 

In Scandanavia, everyone's pay is made public

Jun 19, 08 7:15 PM CDT
(Newser) - In America, tax information is kept private by law. In Sweden, "you can see what your brother-in-law made, your neighbor made," says one Justice Ministry official. Like its Scandinavian counterparts Norway and Finland, Sweden makes all tax returns public every year—and no one seems to care, reports... More »

MORE ABOUT:
taxes • Norway • Sweden • Finland • federal income tax

$16B Deficit May Help Keep Gay Marriage Legal in Calif.

Financial boon to strapped state could cast decisive vote against Nov. ballot measure

Jun 18, 08 8:15 PM CDT
(Newser) - With a constitutional amendment on the November ballot that could dam the just-unleashed tide of same-sex marriage in the state, proponents believe California's $16 billion budget deficit could be the deciding factor for voters, Julie Bolcer writes in the Advocate. "I think this is a huge opportunity for businesses... More »

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California • gay marriage • taxes • referendum • weakening economy • economy

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