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Biden Rolls Out $5.8T Budget Plan
Biden Rolls Out
$5.8T Budget Plan

Biden Rolls Out $5.8T Budget Plan

It includes higher taxes on the rich, more money for law enforcement

(Newser) - President Biden announced a budget blueprint Monday that calls for higher taxes on the wealthy, lower federal deficits, more money for police, and greater funding for education, public health, and housing. Appearing at the White House with budget director Shalanda Young, Biden said the proposal sends a clear message to...

Democrats Unveil 'Ultra-Millionaire Tax Act'

Warren says it's popular with voters on both sides

(Newser) - When Sen. Elizabeth Warren proposed a tax on the ultra-rich during her 2020 campaign, analysts said it would raise around $2.75 trillion. The richest Americans have grown so much richer during the pandemic that the estimate is now more than $3 trillion. Warren and two House Democrats, Reps. Pramila...

San Francisco Will Vote on Tax to Help Homeless
SF Moves to Echo 'Amazon Tax' 

SF Moves to Echo 'Amazon Tax'

Measure to tax big businesses to fund homeless will be on the November ballot

(Newser) - San Francisco voters will decide in November whether to tax large businesses to pay for homeless and housing services, an issue that set off a battle in another West Coast city struggling with income inequality. The city elections department verified Monday that supporters had collected enough signatures to get the...

Using Contractors to Collect $6.7M Cost IRS $20M

Watchdog says program is harming taxpayers

(Newser) - The Internal Revenue Service's outsourcing of tax debt collection is costing the IRS about $3 for every $1 it brings in, according to a report from a federal watchdog. National Taxpayer Advocate Nina Olson, head of the Taxpayer Advocate Service, said in her annual report to Congress Wednesday that...

Jenna Fischer Sorry for Tweet on Tax Bill

'I did not mean to spread misinformation'

(Newser) - Jenna Fischer won praise from Republicans on Wednesday for admitting she got her facts wrong in a tweet about the GOP tax bill. The actress, best known for her role as Pam in The Office, had said that the bill stops teachers from deducting the cost of classroom supplies they...

After Much Bickering, House Tax Panel Amends GOP Plan

Panel votes on party lines for amendments

(Newser) - After a day of partisan bickering over whether the Republicans' sweeping tax plan would truly help the middle class, a key House panel on Monday approved late changes. Lawmakers restored the tax exemption for employees receiving child care benefits from their companies, but also put new requirements on a tax...

GOP May Use Retirement Accounts to Pay for Tax Cuts

Sources say Republicans may cap contributions to 401(k) accounts at $2,400 a year

(Newser) - Multiple sources say Republican lawmakers may be setting their sights on Americans' retirement accounts to pay for tax cuts, specifically to the business tax rate. The New York Times reports Republicans are expected to release a tax reform plan sometime in the next few weeks, and that plan could include...

Seattle Approves Rich-Only Income Tax

GOP leader calls for 'forceful resistance'

(Newser) - Supporters waved "Tax the Rich" signs Monday as Seattle's city council voted unanimously to do exactly that. By a vote of 9-0, the council approved an income tax that only applies to wealthy residents, with the 2.25% tax starting at income above $250,000 for individuals and...

Trump Plans Big Increase in Standard Tax Deduction

'Border adjustment tax' is history, sources say

(Newser) - Another detail of President Trump's tax overhaul plan has surfaced ahead of the expected Wednesday announcement, and it will be probably be a popular one: Sources tell the Washington Post that Trump plans a hefty increase in the standard deduction people can claim on their tax returns. White House...

Trump Faces Fallout From Bombshell Tax Report
Trump Faces
Fallout From
Tax Bombshell

Trump Faces Fallout From Tax Bombshell

He plans to switch focus to Clinton fortune

(Newser) - Donald Trump's campaign is starting the week trying to move on from a bombshell report on his 1995 tax return —but it may not be easy changing the subject from what the Guardian calls his campaign's "biggest crisis yet." In what Rudy Giuliani calls a...

Obama Scraps Plan to End College Savings Tax Break

529 plans are safe for now after issue becomes 'distraction'

(Newser) - President Obama has backed away from a plan to end a tax break for "529" college saving plans after meeting a backlash from lawmakers from both parties. The White House, which had presented the plan as a way to end a tax break mainly enjoyed by the wealthy and...

All Coloradans May Get Pot-Tax Refund

$30M could be returned under state constitution

(Newser) - Colorado's marijuana experiment was designed to raise revenue for the state and its schools, but a state law may put some of the tax money directly into residents' pockets, causing quite a headache for lawmakers. The state constitution limits how much tax money the state can take in before...

US Cracks Down on Companies Moving Overseas

Treasury Dept tries to curb tax inversions

(Newser) - The Obama administration cracked down today on so-called tax inversions, aiming to curb a spate of American companies shifting overseas in an attempt to shirk paying US taxes. New regulations from the Treasury Department will make inversions less lucrative by barring creative techniques that companies use to lower their tax...

Taxes to Eat Half of Couple's $10M Gold Find

Calif. find will be taxed at the highest rate

(Newser) - The $10 million stash of gold coins a couple in California found while walking their dog is a big bonanza for Uncle Sam, tax experts say. Most of the money they make from selling the coins will be taxed at the highest level, meaning state and federal taxes will eat...

Court Upholds Germany's 'Catholic Tax'

German faithful pay between 8% and 9% of their income

(Newser) - You can't be a Catholic in Germany if you don't pay "church tax," a federal court has ruled. Germany requires people registered as Catholics, Protestants, or Jews to pay an extra tax worth 8% to 9% of their income tax bill, but the law was challenged...

French Slam Fleeing Richest Guy as 'Traitor'

'Ingrate' billionaire announces move to Belgium in wake of 75% tax

(Newser) - France's richest man has infuriated his countrymen by announcing a move to Belgium ahead of the Socialist government's planned 75% tax on the country's wealthiest citizens . Louis Vuitton CEO Bernauld Arnault denies he is seeking Belgian citizenship for tax reasons, but he has been denounced from all...

Strip Club to Taxman: Nude Dancing Is Art

Lap dances should be tax-free, NY club argues

(Newser) - Nude dancing is an art and should be tax-free, just like ballet performances, according to a strip club in upstate New York. Lawyers for Albany's Nite Moves will appear before the state's highest court today to argue that it doesn't need to pay sales tax on admission...

Obama Zings 'Romney Hood'
 Obama Warns of 'Romney Hood'

Obama Warns of 'Romney Hood'

Mitt tax plan is 'Robin Hood in reverse,' he says

(Newser) - Mitt Romney and his merry men would take from the middle-class and give to the rich if elected, President Obama claimed at a campaign stop in Connecticut yesterday. Romney's tax proposals are "Robin Hood in reverse," he quipped. "It's Romney Hood." Romney would "...

The Tax Rate You Paid in 2009 Was Lowest in 30 Years

Tax cuts plus falling incomes behind drop, CBO says

(Newser) - Anti-tax protesters were a major political force in 2009—which also happens to be the year Americans paid the lowest share of their income to the federal government in at least 30 years, according to the nonpartisan Congressional Budget Office. A CBO analysis released yesterday found that the average tax...

Greek Government Just Weeks From Going Bust

Recession, budget cuts have wiped out tax revenue

(Newser) - Never mind the euro or the drachma, Greece's new currency could become the IOU, the New York Times finds. The country's government is rapidly running out of cash—despite the latest bailout of $161 billion—and it might have no money for salaries, pensions, or fuel imports as...

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