tax code

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Billionaires' Tax Tricks Hide Huge Gains

Millions go unreported thanks to 'unrealized appreciation'

(Newser) - If President Obama wants a "Buffett Rule" to keep billionaires paying their fair share of taxes, he’ll have to look at the "800-pound gorilla" in the room, tax experts say. That gorilla, explains one expert, is "unrealized appreciation"—cash that America’s wealthiest take in...

GOP Offers New Tax Deal, Backs Higher Revenue

Democrats dismiss it, say it hurts middle class

(Newser) - With a Thanksgiving deadline fast approaching, the GOP members of a deficit-reduction supercommittee are pressing a plan to cut the deficit by about $1.5 trillion over the coming decade, showing flexibility on tax revenue increases for the first time while proposing to gradually raise the Medicare eligibility age to...

Perry Rolls Out '20-20' Flat Tax Plan

'Cut, Balance, and Grow' plan cuts corporate tax rate

(Newser) - Rick Perry has rolled out a flat tax plan to rival Herman Cain's "9-9-9" plan. The Texan's "20-20" plan—or, as he calls it, "Cut, Balance, and Grow"—cuts the corporate tax rate from 35% to 20% and allows individuals to choose between paying...

Sorry, Herman Cain, SimCity Had 9-9-9 First

His plan is a lot like the one in the virtual game: Huffington Post

(Newser) - With Herman Cain atop the latest polls and his 9-9-9 tax plan getting extra scrutiny, the Huffington Post is happy to point out that a similar plan first appeared in SimCity years ago. Under that system, residents of the virtual city had a 9% rate for commercial taxes, 9% for...

For Most, Cain's '9-9-9' Plan a Tax Hike

'Washington Post' fact checkers say Cain's plan is misleading

(Newser) - Herman Cain is being dishonest in touting his “9-9-9” plan, positioning it as some kind of tax cut, when “in reality tens of millions of lower income Americans would face tax increases,” Washington Post fact checker Glenn Kessler has concluded, giving Cain three out of four Pinocchios....

Coca-Cola CEO: Easier to Do Business in China

Muhtar Kent says America needs to update its tax code

(Newser) - Coca-Cola CEO Muhtar Kent thinks US corporations are at a disadvantage compared to those based elsewhere thanks to America’s labyrinthine tax code, he told the Financial Times in an interview published late last night. “I believe the US owes itself to create a 21st-century tax policy,” Kent...

Real Villain of Tax Breaks: Middle Class

Corporations account for just 8% of tax breaks

(Newser) - Tax loopholes and write-offs for corporate jets and special interests may fill political talking points, but tax breaks for families—particularly the middle-class families that President Obama says he wants to protect—far exceed corporate giveaways, reports the Washington Post . In fact, corporations accounted for just 8% of $1.08...

Boehner Disses Obama Plan as Not 'Pro-Growth'

He also renews his call for a simplified tax code

(Newser) - John Boehner took his first swings at the Obama jobs plan today, calling it “a poor substitute for the pro-growth policies that are needed to remove barriers to job creation in America.” Boehner criticized the "host of new tax credits" it proposes, which he complained would “...

WSJ: Huntsman Tax Plan Shows the Way

His proposal is best of any GOP candidate, says editorial

(Newser) - Jon Huntsman may be languishing in the polls, but his newly released plan to overhaul the tax code and shrink the government is winning high praise from an influential voice—the editorial page of the Wall Street Journal . His "proposal is as impressive as any to date in the...

Obama, Boehner Near 'Grand Bargain'—Maybe

Reports cite $3T deal with tax reform, entitlement changes

(Newser) - President Obama and John Boehner are reportedly back at the bargaining table, and they could be near a deal to cut the deficit and raise the debt ceiling. The rumored $3 trillion agreement between the administration and top Republicans could include entitlement changes and set plans for tax reform, reports...

Pawlenty: Obama a 'Champion' of Class Warfare

Calls for huge tax cut for wealthy in speech

(Newser) - Tim Pawlenty delivered a combative speech today in which he called for massive changes in the tax code and accused Barack Obama of being a “champion practitioner of class warfare.” Pawlenty proposed a system with just two tax brackets, taxing the first $50,000 of income ($100,000...

Tax Reform: The Simple, Perfect Budget Fix

Both parties can get what they want: just fix the 'lunatic' tax code, writes Clive Crook

(Newser) - Tax Day is a painful reminder that Form 1040 "is to personal finance as waterboarding is to asking some questions," writes Clive Crook in the Financial Times . But it doesn’t have to be: "If ever there were a free lunch, if ever there were a dollar...

Obama's Deficit Plan: Raise Taxes on Rich

White House to take stand on deficit on Wednesday

(Newser) - President Obama will weigh in on the deficit in a speech this Wednesday, calling for cuts to entitlement programs as well as a tax increase for the wealthy. Alongside calls for reductions in Medicare and Medicaid and a new plan for Social Security, the president will propose raising taxes on...

Bachmann: Tax Code Is a WMD

Also, Obama makes Carter 'look like Rambo'

(Newser) - Michelle Bachmann labeled the US tax code as a “weapon of mass destruction," calling for “a radically different system” in a speech to GOP activists in South Carolina. The congresswoman slammed President Obama’s handling of protests in Egypt and Iran, saying he’s “making Jimmy...

America Stuck With a Temporary Tax Code
America Stuck With a
Temporary Tax Code
Analysis

America Stuck With a Temporary Tax Code

Businesses complain of uncertainty

(Newser) - Once upon a time—in the late 1990s—there were only a few dozen temporary tax provisions requiring regular renewal. Now there are 141, and if Congress does indeed pass the proposed two-year extension of the Bush tax cuts, the whole income tax system will essentially be a temporary provision,...

Obama Should Scrap the Current Tax Code
Obama Should Scrap the Current Tax Code
David Brooks

Obama Should Scrap the Current Tax Code

David Brooks: Starting over might actually unite both parties

(Newser) - Barack Obama shouldn’t worry about tweaking the current tax system—he should try to replace it, writes David Brooks of the New York Times . In Brooks’ vision, Obama would go before the American people and end the Bush tax cut debate. “I have my own views,” he...

Schwarzenegger Blew Chance for Real Reform
Schwarzenegger Blew Chance for Real Reform
OPINION

Schwarzenegger Blew Chance for Real Reform

Would-be savior turns out to be just another lying politician

(Newser) - Arnold Schwarzenegger came into politics with an uncommon opportunity to tell Californians hard truths about taxes and governance, using his surprising mandate to press for reform. Instead, he became just another governor repeating "the same lies and the same nostrums," pretending citizens can have good public services without...

White House Takes Aim at Offshore Tax Dodges

The Obama Administration will unveil details of its tax-haven crackdown today

(Newser) -  White House plans to curb offshore tax avoidance will be rolled out today, the Wall Street Journal reports, with the target on both US multinationals and wealthy individuals who are sheltering an estimated $700 billion in US earnings overseas. The plan takes particular aim at “deferral,” which...

Six Weird Tax Deductions
 Six Weird Tax Deductions 

Six Weird Tax Deductions

Are you a whaling captain? Parent of a kidnapped teen? You could benefit!

(Newser) - The tax code is more than 20,000 pages long and packed with loopholes galore. Newsweek lists six deductions you've probably never heard of:
  • Alaskan whaling captains can deduct up to $10,000 for money spent fixing their boats or on other whaling expenses. 
  • Parents of kidnapped children can
...

IRS Challenges AIG's Offshore Tax Deals

(Newser) - The IRS is challenging a series of tax-skirting deals engineered by the much-maligned AIG Financial Products unit, the Wall Street Journal reports. The deals exploited differences in international tax codes to reduce tax payments for foreign banks—many of the same banks the US government would later pay to settle...

Stories 21 - 40 | << Prev   Next >>
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