income tax

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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 »

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 »

Shutdown Fallout: Delayed Tax Refunds

IRS to start processing returns later

(Newser) - Internal Revenue Service workers are back from furlough with news that might annoy on-the-ball taxpayers: The agency says the government shutdown will delay the date when it begins processing tax returns by as much as two weeks, meaning refunds won't arrive as promptly as usual for millions of early... More »

TurboTax Maker Fights to Keep It Harder to Do Taxes

Intuit has been lobbying against 'return-free filing': ProPublica

(Newser) - If only it were quicker, easier, and cheaper to prepare and file your taxes. Oh, wait—it could be. Denmark, Sweden, and Spain use a system in which the government pre-fills your tax returns using info from your employer and bank. You tweak whatever is incorrect and you're done,... More »

Louisiana Considers Ditching Its Income Tax

Bobby Jindal calls proposed move revenue-neutral

(Newser) - Bobby Jindal wants to do away with income and corporate taxes in his state—and raise Louisiana's 4% sales tax to make up the difference, the New Orleans Times-Picayune reports. "It's time to change that so people can keep more of their own money and foster an... More »

Senate Passes Cliff Deal

Plan sails through 89-8; House vote comes later

(Newser) - The Senate passed legislation early New Year's Day to neutralize a fiscal cliff combination of across-the-board tax increases and spending cuts that kicked in at midnight. The vote two hours after the deadline was a lopsided 89-8 in favor. Senate passage set the stage for a final showdown in... More »

We Have a Tentative Deal: Details

An initial look at the pact struck between McConnell and the White House

(Newser) - The White House and Mitch McConnell have reached a tentative deal tonight, though the New York Times reports that the House won't vote on the measure tonight in time to avoid the fiscal cliff. The measure would raise taxes by about $600 billion over 10 years and delay for... More »

Romney's Idea on Taxes May Save the Day

His proposal to cap deductions by a fixed dollar amount is in play

(Newser) - What a difference an election makes: Democrats are suddenly getting behind an idea pitched by Mitt Romney as a way out of the fiscal cliff mess, reports the New York Times . On the trail, Romney floated the notion of putting a cap on income tax deductions at a fixed dollar... More »

PA Workers Could Soon Pay Taxes ... to Employers

Proposed law is meant to lure big companies

(Newser) - A new Pennsylvania law—which has already passed the state House and Senate, but has not yet been signed by the governor—would force some employees to pay taxes to their employers, Philadelphia's citypaper reports. The law is a tax incentive attempting to lure software company Oracle to Pennsylvania;... More »

Ryan's 2011 Tax Rate: 20%

VP candidate releases 2 years' worth

(Newser) - Yesterday was Paul Ryan's turn to release his tax returns—just the last two years , of course—and they show that the veep candidate paid 15.9% of his income in taxes in 2010 and 20% last year, according to documents provided to the Milwaukee Journal Sentinel . Ryan, together... More »

Why Lincoln Wouldn't Win the GOP's Nomination

Jackie Hogan gives 4 reasons today's GOP would write off Abe

(Newser) - Sure, the GOP calls itself the "Party of Lincoln," but would today's Republicans actually nominate him for president? Writing in the Christian Science Monitor , Jackie Hogan gives four reasons why they wouldn't:
  1. He was the first president to make income tax law—and it was a
... More »

Georgia, Cain Battled Over Unpaid Tax Bill

He didn't pay '06 income tax until late '08

(Newser) - Herman Cain's only tax-related beef isn't with the federal tax code: The GOP frontrunner was involved in a brouhaha with Georgia over his 2006 state income taxes that lasted until late 2008, according to documents obtained by the Daily Beast . To be fair, Cain was undergoing treatment for... More »

If We Took Buffett's Advice, How Much Would It Help?

Quite a bit—but it likely won't happen

(Newser) - Warren Buffett made waves yesterday when he told the federal government to stop "coddling" him and other wealthy Americans and raise taxes on the rich. His plan would roll back the Bush tax cuts on people who earn more than $1 million and on capital gains and dividends income,... More »

Warren Buffett: Raise My Taxes, Please

Let's have some real 'shared sacrifice'

(Newser) - Washington keeps talking about “shared sacrifice”—but it's not asking the mega-rich to join in, writes Warren Buffett in the New York Times . “While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue... More »

How Many Millionaires Paid No Income Tax in '09? 1,470

Average income fell 6.1%, new data shows

(Newser) - Some harsh figures are tucked into newly released income tax data from 2009: As the economy shed jobs, so too did the country shed taxpayers. Two million fewer individuals and couples filed with the IRS, while some 1,470 people earning $1 million or more didn’t pay a dime,... More »

Federal Taxes at Lowest Level Since 1950

But rates will increase in the coming years

(Newser) - Griping about high taxes? Not so fast: Federal tax bills are at historic lows this year, and for the third consecutive year, families and businesses will pay less than they did under George W Bush. The government’s take—as a share of the national economy—is its lowest since... More »

Income Taxes Go Up 67% in Illinois

Lawmakers approve last-minute increase for strapped state

(Newser) - Budget trouble in Illinois will hit residents' wallets: Lawmakers approved a 67% increase in the personal income tax rate (from 3% to 5%) along with a 46% hike for businesses (from 4.8% to 7%), reports the Tribune . The Legislature did so in the wee hours as its final act... More »

Obama Mulls Tax Code Overhaul: Cut Breaks, Rates

Move would be attempt to address national debt

(Newser) - The Obama administration is investigating sweeping income tax code reform as a means of shrinking the deficit, the New York Times reports. President Obama has called on advisers to look into cleaning up the income tax code, ridding it of complexities and loopholes to make it more straightforward for both... More »

IMF: Ireland Should Cut Taxes—for Women

'Sexist' plan slammed as austerity budget unveiled

(Newser) - The International Monetary Fund has proposed a range of measures to help Ireland restore its economy to health and some Irishmen are finding one in particular hard to swallow. The IMF recommends that the country cut income tax rates by 5%—for women only. Economists say this would boost the... More »

Wealthy Americans Migrating South: IRS Data

Good weather, low taxes lure rich, even during recession

(Newser) - Wealthy Americans are on the move, largely to the low-income-tax havens of the Sunbelt. A new Forbes analysis of IRS data from 2008 shows Collier County, Fla., at the head of the pack, picking up 15,150 new residents with an average income of $76,161—compared to $26,128... More »

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