Skip to: Content
Skip to: Site Navigation
Skip to: Search
SATURDAY, NOVEMBER 21, 2009
| Subscribe to Newser's RSS feeds RSS | Follow Newser on Twitter Twitter

NEWS ABOUT: income tax

income tax stories: 20 news summaries
ANALYSIS

Over a Lifetime, Being a Gay Couple Can Cost $470K Extra

Detailed analysis takes health insurance, taxes, other benefits into account

Oct 3, 09 5:10 AM CDT
(Newser) - An exhaustive analysis of the lifetime costs a committed gay couple faces compared to those of a heterosexual marriage finds that, in the worst case, the gay couple pays out nearly $470,000 extra. The study by the New York Times assumed the couples were together until one partner died,... More »

MORE ABOUT:
health insurance • income tax • Social Security • estate tax • heterosexual couples • cost-benefit analysis • same-sex couples • marriage penalty

(Newser) - Democrats in Congress are heading for an intra-party showdown over how to fund health care reform, reports the New York Times. The powerful House Ways and Means Committee is reportedly near agreement on an income tax surcharge of 2% or more on Americans earning above $250,000, which moderate Democrats... More »

MORE ABOUT:
income tax • Senate Democrats • Charles Grassley • surcharge • health care reform • Max Baucus • House Democrats • federal income tax • Blue Dog Democrats

Reid's Refusal Leaves $320B
Health Care Hole

Dems may look to income tax hike to cover cost of public option

Jul 9, 09 7:39 AM CDT
(Newser) - Harry Reid met with Republicans yesterday to diffuse some of his tough talk on health care reform, but as Politico reports, the Senate majority leader has forced a scramble for $320 billion over 10 years to pay for the plan. Reid said he would not support a bill that taxed... More »

MORE ABOUT:
health care • income tax • Harry Reid • Senate Democrats • health care reform • Max Baucus • bipartisanship

Fed Dollars Overtake Taxes as States' Top Income Source

Federal money exceeds revenue from major taxes for first time ever

May 5, 09 11:44 AM CDT
(Newser) - For the first time, state governments are receiving more money directly from the federal government than they collect in sales, property, and income taxes, reports USA Today. As the economic downturn saps tax revenue, stimulus money has filled the gap. Says an analyst, “This has more to say about... More »

MORE ABOUT:
income tax • economic stimulus package • state sales tax • budget shortfall • property tax • state budgets

ANALYSIS

 What If I Don't Feel Like Filing? 

Christopher Beam explores the potential evader's options

Apr 15, 09 2:08 PM CDT
(Newser) - With millions of Americans enduring long lines at the post office today to file their tax returns, Christopher Beam of Slate can’t help wonder: What would happen if you simply didn’t file? The answer is probably not much—7 million Americans declined to file last year, and only... More »

MORE ABOUT:
taxes • IRS • income tax • business • tax evasion • audit • federal income tax • Wesley Snipes

Cash-Strapped States Raise Taxes as Revenue Declines

At least 10 states face substantial budget gaps

Apr 9, 09 7:31 AM CDT
(Newser) - A precipitous decline in tax revenue has at least 10 states considering major increases in sales or income taxes to close budget gaps that in some cases run into the billions, the Wall Street Journal reports. States like Oregon, facing a $4.4 billion budget gap and 10.8% unemployment,... More »

MORE ABOUT:
California • taxes • income tax • Arizona • New York • Oregon • unemployment • tax revenue • budget gap • state sales tax • payroll taxes • state budgets

Incomes Under $400K May Dodge Brunt of Tax Hike

AMT still higher

Feb 28, 09 12:13 PM CST
(Newser) - If your income is in the $200,000-400,000 range, and you’ve been fretting over Barack Obama’s proposed tax hikes, relax; odds are decent you won’t wind up paying more. Obama’s plan does indeed jack up the rates on those tax brackets, but for many those... More »

MORE ABOUT:
Barack Obama • income tax • rich • Alternative Minimum Tax • federal income tax

ANALYSIS

'Radical' Budget Aims to Shrink Income Gap

Overhauling tax code, Obama's plans would reverse 30-year trend

Feb 27, 09 11:35 AM CST
(Newser) - Barack Obama's first budget is, above all, an attempt to shrink the gap between rich and poor that has grown rapidly for 30 years, writes David Leonhardt of the New York Times. The "bold, even radical" budget hikes taxes on the rich while dropping them to their lowest point... More »

MORE ABOUT:
Barack Obama • income tax • Ronald Reagan • Reaganomics • inequality • 2009 budget • Obama administration • Obamanomics • President Obama • income gap

Lean Times Prove Taxing for State Budgets

Shortfalls mean
serious cost-cutting,
fee hikes across US

Jul 24, 08 9:29 AM CDT
(Newser) - 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... More »

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

Al Franken to Cough Up $70K  in Back Taxes

Tax issue
rattles comedian's
Senate campaign

Apr 30, 08 5:43 AM CDT
(Newser) - 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... More »

MORE ABOUT:
Wisconsin • income tax • Norm Coleman • Al Franken • Senate race

 Snipes Gets 3 Years in Prison 

Judge gives actor maximum sentence in federal tax case

Apr 24, 08 5:21 PM CDT
(Newser) - 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... More »

MORE ABOUT:
income tax • Internal Revenue Service • tax fraud • Wesley Snipes

Cheney Makes Way More
Than His Boss

VP's family rakes in $3M, while Bushes earn less than $1M

Apr 12, 08 12:37 PM CDT
(Newser) - 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—... More »

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

States Look to Collect Tax on Internet Sales

Many are asking people to fess up
when they fill out their IRS forms

Feb 28, 08 10:26 PM CST
(Newser) - As tax time draws near, more Americans may be stumbling upon an extra line on their state returns, Forbes reports. About half of state governments—including New York, Michigan, California, North Carolina, and Ohio—are trying to collect their fare share of sales taxes from Internet sales. Chances remain slim,... More »

MORE ABOUT:
California • retail • income tax • New York • online retailers • Ohio • North Carolina • Michigan • sales tax • state governments • state sales tax

Tax Issues Loom Over Campaign

Candidates offer differing views on 'fair tax,' extending Bush cuts

Jan 5, 08 9:44 AM CST
(Newser) - With President Bush’s tax cuts set to expire in 2010, tax reform could become a key issue in this year’s presidential race, the Christian Science Monitor reports. Most Republican candidates favor extending the cuts, though Mike Huckabee and Ron Paul support eliminating income tax altogether. The Democratic candidates... More »

MORE ABOUT:
Barack Obama • Hillary Clinton • John McCain • John Edwards • Rudy Giuliani • Fred Thompson • income tax • Mike Huckabee • Ron Paul • tax cuts • Democratic presidential candidates • Republican candidate • tax breaks • fair tax • Election 2008

IRS May
Block Popular
Instant Refunds

Proposed change
aims to curb fraud, steep loan rates

Jan 4, 08 10:57 AM CST
(Newser) - The IRS may stop big tax-preparation firms from offering instant refund loans to curb potential fraud, Bloomberg reports. Such loans are popular with taxpayers who don't want to wait weeks for a check, but interest is often steep and consumer groups have been pushing for a crackdown. The proposed change... More »

MORE ABOUT:
IRS • income tax • Internal Revenue Service • tax fraud • tax refunds

Senate Blocks Tax Hikes

Fix shields millions from alternative minimum tax

Dec 7, 07 2:50 AM CST
(Newser) - 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... More »

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

Early Tax Returns in Jeopardy

Congressional stalling on Alternative Minimum Tax patch may force IRS delay

Dec 2, 07 2:55 PM CST
(Newser) - 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... More »

MORE ABOUT:
Congress • IRS • income tax • Alternative Minimum Tax

House Targets Hedge-Fund Tax Deferments

New bill would cut tax deferrals on overseas income for managers

Sep 7, 07 7:56 AM CDT
(Newser) - 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.... More »

MORE ABOUT:
private equity • taxes • income tax • tax evasion • hedge fund • Rahm Emanuel

Funds Can't Find Friends in Anti-Tax Fight

As Senate starts tax hearings, masters of the universe find they're short on pals

Jul 11, 07 9:01 AM CDT
(Newser) - 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... More »

MORE ABOUT:
Congress • private equity • income tax • Senate • pensions • REITs • hedge fund • carried interest • capital gains tax • venture capital

Feds Sue Tax
Preparers for Fraud

Apr 4, 07 11:45 AM CDT
(Newser) - Tax preparers Jackson Hewitt have bilked the government out of more than $70 million, alleges a suit filed yesterday by the Justice Department. The suit claims that over 125 of the company's franchises, all owned at least in part by the same Atlanta businessman, engaged in massive tax fraud. More »

MORE ABOUT:
Department of Justice • fraud • Jackson Hewitt • taxes • IRS • income tax • business • money • franchise

20 Stories


from our news partners