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Obama Pushes Sweeping Corporate Tax Reform

Top rate to be cut as playing field leveled, Geithner says

(Newser) - President Obama is planning the biggest overhaul of the corporate tax code since Ronald Reagan's in 1986. The administration will soon unveil a blueprint for making the code more fair and lowering the top rate of 35%, which is among the highest in the world, Treasury Secretary Timothy Geithner... More »

Sarkozy Unveils 'Robin Hood' Tax

Financial transactions to be taxed starting this summer

(Newser) - With the French presidential election just three months away, Nicolas Sarkozy took to the airwaves last night to tell voters about a tax hike. The president announced a sales tax rise from 19.6% to 21.2% and a new "Robin Hood" tax on financial transactions, the BBC reports.... More »

Perry Tax Plan Would Cost Feds $1T: Study

Plan 'redistributing income to top end,' says think tank

(Newser) - Under Rick Perry's flat tax plan , the rich will get richer, the federal government will get poorer, and the poor will stay pretty much where they are, according to the non-partisan Tax Policy Center. The center's study predicts that Perry's plan would cut government revenue by some... More »

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... More »

Rich French to Sarkozy: Please Tax Us More

Billionaires urge Sarko to plug budget holes with their cash

(Newser) - As Nicolas Sarkozy prepares to unveil deep budget cuts, some of his country's richest citizens are asking him to take more of their money. Billionaire L'Oreal heiress Liliane Bettencourt and 15 others have signed a petition urging the government to hit France's wealthiest people with a "... More »

Koch to Buffett: My Donations Trump Taxes for the Rich

Skeptical writer to Koch: I think not

(Newser) - How dare Warren Buffett call for higher taxes for the rich , when America's super-wealthy already contribute to the country's "societal well-being" through "business and non-profit investments"? Billionaire business mogul Charles Koch penned this argument in a 50-word retort to Buffett's New York Times op-ed... More »

US Billionaire Is First to Leave Heirs a Tax-Free Estate

For the wealthy, year-long exemption makes 2010 a good year to die

(Newser) - Texas pipeline tycoon Dan Duncan couldn't have died at a worse time for the taxman—and the best time for his heirs' bank accounts. The philanthropist has become the first billionaire in American history to leave behind an estate untouched by taxes, thanks to a 1-year exemption in the estate... More »

US Tax Burden Lowest Since 1950

Recession, stimulus shrink tax rate to 60-year-low

(Newser) - You wouldn't know it from the clamor of anti-tax protests, but Americans turned over a lower share of their income to the taxman last year than at any time since the Truman administration, according to a USA Today analysis. State, local, and federal taxes took up 9.2% of income... More »

Obama: Tea Party Amuses Me

He touts tax cuts, says protesters should thank him

(Newser) - The only effect yesterday's tax day protests appear to have had on the president is to make him chuckle. President Obama told a Democratic fundraiser in Miami that the Tea Party anti-tax rallies "amused' him in light of his administration's numerous tax cuts, ABC News reports. "You would... More »

France Mulls 'Google Tax '

Levy on ad revenue would be used to bolster music, film, media

(Newser) - France is considering helping out industries hit hard by the digital revolution by slapping a tax on Google and other search portals. The proposal, outlined in a government-commissioned report, calls for a share of ad revenue to be turned over to the music, film, and publishing industries. The tax would... More »

Incredible Shrinking Stimulus Needs Part II

Local government cuts are canceling out federal package

(Newser) - The American economy badly needs a second stimulus package, but the false belief that the government has already stimulated the economy to the tune of $787 billion is standing in the way, writes Harold Meyerson. When deferred spending and the effect of state and local government cuts are taken into... More »

'Stupid' Leadership Has Sapped America's Hope

Business is losing faith as government spends like spoiled kids

(Newser) - The economy's growing again but the people Peggy Noonan talks to—"the American leadership class who are not in Washington, most especially those in business"—have lost their confidence that a turnaround is coming. That's because they don't think the government has any solutions to America's problems other... More »

House, Senate Dems Split on 'Cadillac Tax'

As finance committee votes, caucus divided on how to fund reform

(Newser) - The Senate Finance Committee is poised to send its bill to the full legislature today, but its provision taxing "Cadillac" insurance plans is raising hackles in the House. Max Baucus and other senators say taxing high-cost plans will raise $200 billion, a quarter of the legislation's price tag, and... More »

Recession Sparks Efforts to Legalize Pot

Full-scale regulation and taxation on the table in Calif.

(Newser) - The recession has given marijuana-legalization advocates an unexpected boost, Time reports, as cash-strapped states are tempted by possible revenues from pot taxes. With an existing medical-marijuana market and cuts to education and health services pending due to a huge budget deficit, California advocates are preparing both legislation and ballot initiatives... More »

Oakland First City in Nation to Pass Pot Tax

Voters back levy on medical marijuana that could raise $1M

(Newser) - In a landslide, Oakland voters yesterday made their city the nation's first to levy a special tax on medical marijuana, the Los Angeles Times reports. By an 80% margin, voters backed a tax of $18 on every $1,000 in pot sales, a move that may catch on in other... More »

Social Security Suffers as Execs' Pay Soars

Top-paid workers get a third of total US pay

(Newser) - Executives and other employees earning top dollar pull in more than a third of all US pay, the Wall Street Journal finds—and the ceiling on compensation subject to payroll taxes hasn’t risen enough accordingly, meaning the government isn’t bringing in what’s needed to plug ever-growing holes... More »

Toker on New Ad: Legalize Pot, Then Tax Us, Please

(Newser) - A pro-legalization group has launched a statewide ad campaign in California stressing that pot smokers want to pay taxes, the San Francisco Chronicle reports. The Marijuana Policy Project ads feature an "actual California marijuana consumer" who points out that regulating and taxing marijuana could help save services being cut... More »

Feds Mull Taxing College Sports, but Pickings Are Slim

(Newser) - The Congressional Budget Office, eager for new sources of income, is considering taxation options for the nation’s collegiate athletic franchises, the Economist reports. Among the proposals are curtailing deductions for charitable donations to college sports programs; limiting tax-exempt bonds; and, most drastically, stripping the programs of their traditional tax-exempt... More »

'Gay Tax' Hurts Couples Tying the Knot

Federal inequality lands same-sex couples in the poor house

(Newser) - First comes love, then comes marriage, then the taxman, who penalizes same-sex couples with the “gay tax,” Nancy Goldstein writes on NPR. The media’s morality play about gay marriage has overshadowed the economic costs of inequality, argues Goldstein, who calculates her annual tax at $1,820 for... More »

Oakland Proposes Nation's First Pot Tax

City council approves pot levy; voters to decide in July

(Newser) - Oakland’s city council has approved a provision to apply a 1.8% tax to marijuana sold at medical dispensaries. If voters endorse the measure in July, Oakland would be the first city in the US to tax pot, reports the Wall Street Journal. Backers say it would bring in... More »

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