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July 25, 2008 1:41:22 PM CDT

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Stories related to: income tax

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12 Stories

  • July 2008

    • Lean Times Prove Taxing for State Budgets

      newser  |  Wall Street Journal  |  Jul 24, 08 9:29 AM CDT

      Lean Times Prove Taxing for State Budgets

      Reduced sales, income, and corporate taxes are forcing states to cut back on services and consider laying off workers as they look for ways to slash spending and balance budgets, the Wall Street Journal reports. The National Conference of State Legislatures says states face a $40 billion budget shortfall as the US economy continues to wallow. More »

      Tags

      recession  • income tax  • US states  • budget deficit  • state sales tax  • social services  • corporate tax

  • April 2008

    • Al Franken to Cough Up $70K in Back Taxes

      newser  |  Associated Press  |  Apr 30, 08 5:43 AM CDT

      Al Franken to Cough Up $70K in Back Taxes

      Funnyman-turned-Democratic candidate Al Franken has announced he'll pay up $70,000 in back taxes to 17 states, AP reports. Franken blamed the backlog on bad advice from his accountant. Most of the income at issue was from speeches and other appearances dating back to 2003. The tax issue has sidetracked Franken's Minnesota Senate campaign, and the state's Republican Party has been quick to pounce. More »

      Tags

      Wisconsin  • income tax  • Al Franken  • Norm Coleman  • Senate race

    • Snipes Gets 3 Years in Prison

      newser  |  WESH 2  |  Apr 24, 08 5:21 PM CDT

      Snipes Gets 3 Years in Prison

      A Florida judge today sentenced Wesley Snipes to the maximum 3 years in federal prison for failing to file his taxes, WESH-TV of Orlando reports. Snipes received no fine, though he could have been hit for $5 million. During sentencing, the judge noted the actor's long history of ignoring tax laws. He said that Snipes will be notified when to report to prison and that he would try to place him in one near his New Jersey home. More »

      Tags

      income tax  • tax fraud  • Internal Revenue Service  • Wesley Snipes

    • Cheney Makes Way More Than His Boss

      newser  |  ABC News  |  Apr 12, 08 12:37 PM CDT

      Cheney Makes Way More Than His Boss

      Dick Cheney may report to George Bush, but he out-earned the president threefold last year, according to tax returns released yesterday. The first couple paid $221,635 in taxes on the $923,807 they made in 2007, ABC reports, while the Cheneys paid  $602,651 on their $3,042,767—up $900,000 over last year's income. More »

      Tags

      George W. Bush  • Dick Cheney  • Laura Bush  • income tax  • Jenna Bush  • Alternative Minimum Tax  • tax returns  • Lynne Cheney

  • February 2008
  • January 2008
  • December 2007

    • Senate Blocks Tax Hikes

      newser  |  New York Times  |  Dec 7, 07 2:50 AM CST

      Senate Blocks Tax Hikes

      The Senate has voted overwhelmingly to shield 23 million Americans from tax increases imposed by the alternative minimum tax—without replacing $50 billion in lost revenue. The vote to extend protection from the tax represents a retreat for Democrats who had pledged to meet the shortfall with spending cuts or by closing some tax breaks, reports the New York Times. More »

      Tags

      Harry Reid  • Treasury Department  • income tax  • Alternative Minimum Tax  • Max Baucus  • Steny H. Hoyer

    • Early Tax Returns in Jeopardy

      newser  |  Associated Press  |  Dec 2, 07 2:55 PM CST

      Early Tax Returns in Jeopardy

      If you're planning to file for an early tax refund this year, don't count on it. Congress has dragged its feet in creating a patch for the Alternative Minimum Tax that could make the IRS postpone filing season several weeks, the AP reports. A  limit on who's affected by the AMT expires this year; if it's not extended, 19 million taxpayers will owe an average $2,000 more in income tax. More »

      Tags

      Congress  • IRS  • income tax  • Alternative Minimum Tax

  • September 2007

    • House Targets Hedge-Fund Tax Deferments

      newser  |  Wall Street Journal  |  Sep 7, 07 7:56 AM CDT

      House Targets Hedge-Fund Tax Deferments

      Democratic Rep. Rahm Emanuel said yesterday he will draft a bill to close a loophole that allows private-equity and hedge-fund managers to defer taxes on income earned by funds abroad. Emanuel proposes to limit such tax deferrals to $19,500—the amount anyone can put into a retirement account tax-free. A  Senate bill passed earlier this year included a cap of $1 million on deferrals. More »

      Tags

      private equity  • hedge fund  • taxes  • tax evasion  • income tax  • Rahm Emanuel

  • July 2007

    • Funds Can't Find Friends in Anti-Tax Fight

      newser  |  Wall Street Journal  |  Jul 11, 07 9:01 AM CDT

      Funds Can't Find Friends in Anti-Tax Fight

      Wall Street's hedge-fund and private-equity titans are looking for allies in their fight to prevent a tax hike on profits—but they're having trouble recruiting, today's Journal reports. As the first Senate hearings on the proposed hikes get under way, representatives from venture capital, public pension funds, and investment firms are seeking to distance themselves from their lightning-rod siblings. More »

      Tags

      Congress  • Senate  • private equity  • hedge fund  • venture capital  • income tax  • pensions  • capital gains tax

  • April 2007

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