federal income tax

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It's Tax Day, and Nearly 40% of Us Haven't Filed Yet
It's Tax Day—in
All but 2 States

It's Tax Day—in All but 2 States

Maine and Massachusetts residents get one more day

(Newser) - Monday is Tax Day—the federal deadline for individual tax filing and payments—and the IRS expects to receive tens of millions of last-minute filings electronically and through paper forms. As of April 8, the IRS had received more than 103 million returns for this tax season, and it had...

Bidens' Federal Taxes: $150K
Bidens Release Tax Returns

Bidens Release Tax Returns

Federal tab comes to $150K, about 24%

(Newser) - President Biden and his wife, Jill, earned $610,702 during their first year in the White House and paid $150,439 in federal income taxes. That was a tax rate of 24.6% for 2021, well over the average of around 14% for all Americans, the AP reports. The totals...

Manchin Rejects Billionaire Tax
Manchin Rejects Billionaire Tax

Manchin Rejects Billionaire Tax

That's probably the end of Biden's plan passing, though Sanders doesn't accept Manchin's veto

(Newser) - Sen. Joe Manchin didn't immediately come out in opposition to President Biden's plan to place a 20% minimum income tax on billionaires—he waited almost 12 hours. Manchin doesn't like the idea of including unrealized gains on stocks and other assets, before they're sold and become...

ProPublica Gets Tax Details on the Richest of the Rich
ProPublica Gets Tax Details
on the Richest of the Rich

ProPublica Gets Tax Details on the Richest of the Rich

And finds that they pay a tiny fraction of their wealth in taxes

(Newser) - The richest Americans might complain about the federal government's tax bite, but an investigation by ProPublica reveals a compelling counterpoint. The very rich pay only a "tiny fraction" of their wealth in federal income taxes. And that's in stark contrast to Americans who live paycheck to paycheck,...

Bidens Topped Typical Tax Bite
Bidens Topped
Typical Tax Bite

Bidens Topped Typical Tax Bite

Campaign cut into couple's income, returns show

(Newser) - President Biden restored a long-standing presidential tradition Monday by releasing his tax returns, showing that 25.9% of the first couple's income went to the federal government in 2020. The average federal income tax rate is just over 14%. Biden and his wife, Jill, a teacher, earned $607,336...

Millionaires Mark Tax Day With Protest at Bezos' Door

Group wants corporations, wealthy individuals to pay more

(Newser) - A group of rich people laid their case on tax policy at the front door of the world's richest man on Monday. Patriotic Millionaires organized the Tax Day demonstration outside Bezos' homes in New York and Washington, DC, the Guardian reports. The group favors more progressive tax policies; its...

Possible Fiscal Cliff Savior: Semantics

Wealthy can pay more, even if tax rates don't rise

(Newser) - It sure sounds like President Obama and John Boehner are at loggerheads when it comes to a deal to avert the fiscal cliff: Obama insists the richest Americans must pay more in taxes, while Boehner says the House will never approve a rate increase. But therein lies the wiggle room:...

Romney Defends Remarks, as Obama Takes a Dig

Republican goes on Fox to clarify views

(Newser) - Mitt Romney took to Neil Cavuto's show on Fox News today to defend his comments that 47% of Americans don't pay taxes and see themselves as "victims" who depend on the government, reports Politico . He may be taking plenty of heat , but Romney sees this as a...

Ron Paul's Anti-Government Sentiment Could Affect Democrats and Republicans: Nicholas Lemann

 The Danger 
 of Ron Paul 

The Danger of Ron Paul

Candidate's anti-government sentiment could have a long wick: Lemann

(Newser) - The popularity of Ron Paul's anti-government zeal should give Democrats and Republicans alike a reason to pause, Nicholas Lemann writes in the New Yorker . First, consider how radical a Paul presidency would be: IRS and income tax abolished; no foreign wars; no foreign aid; five federal departments gone ... and...

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....

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,...

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...

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,...

Mass. City to Pay Stipend to Married Gay Workers

Because gay couples face a tax heterosexual couples don't

(Newser) - Some public employees with a same-sex spouse in Massachusetts face a federal income tax their heterosexual counterparts don’t have to pay—so the city of Cambridge is making up the difference. In the city, 22 public workers have put their spouses on their employer-provided health plan. But since the...

How Much Tax Does Big Oil Actually Pay?

It comes down to how you crunch the numbers

(Newser) - If you ask Exxon Mobil, the firm will say last year’s taxes exceeded US income—but a Washington think tank will tell you the big oil company didn’t pay a cent the year before that. “It all depends on how you count,” writes Steven Mufson in...

Super Rich Tax Rate Plummets

 Super Rich's 
 Tax Rate Plummets 
Nearly half of US pays no tax

Super Rich's Tax Rate Plummets

Average rate for richies plunges to 17% from 26%

(Newser) - Some Tax Day trivia: The super rich are paying a far lower tax rate than they did 20 years ago, and nearly half of all US households—including both rich and poor—pay no taxes at all. People with the 400 highest adjusted gross incomes paid nearly $345 million in...

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...

Pundits' Misleading Stat: '47% Owe No Taxes'
Pundits' Misleading Stat: '47% Owe No Taxes'

Pundits' Misleading Stat: '47% Owe No Taxes'

It refers only to federal income taxes

(Newser) - One of the popular talking points being thrown around is that 47% of households owe no income tax in 2009, writes David Leonhardt. It's usually followed by an argument that the wealthy pay an unfair proportion of taxes while many Americans skate free. "Neither one of those ideas is...

47% of Americans Pay No Federal Income Tax

Tax day is just Christmas for many

(Newser) - Tax Day is a dreaded deadline for millions, but for nearly half of US households it's simply somebody else's problem. About 47% will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions, and exemptions to eliminate their...

Tax Revenue Takes Biggest Dive Since Great Depression

(Newser) - US tax revenue is set to shrink 18% from last fiscal year to the current one, ending in October—the largest falloff since 1932, the AP reports. Individual income-tax receipts are off 22%, and corporate revenues have sunk an astounding 57%. “Our tax system is already inadequate to support...

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