capital gains tax

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Buttigieg Plan: Free College for Families Under $100K

Sound Bend mayor lays out economic blueprint

(Newser) - Pete Buttigieg wants to help low-income families with free college tuition, free childcare, and expanded tax credits, according to a $2.1 trillion economic plan announced Friday. The plan includes free tuition at four-year public colleges for families earning up to $100,000, reduced tuition for those earning up to... More »

White House Plans Bold Move on Taxes

Treasury might change how capital gains are figured, benefiting wealthiest Americans

(Newser) - The wealthiest Americans may be getting some good news on taxes from a big shift under consideration by the Treasury Department. The change would affect how capital gains taxes are figured in regard to inflation, with the upshot being that the amount owed to the government would be less, reports... More »

The Donald's Tax Plan Has Arrived

Promises to simplify tax code, cut income taxes to zero for lowest earners

(Newser) - Slowly but surely, Donald Trump is bulking up the position statements on his website. His immigration and gun rights platforms have now been joined by his new tax plan , which he announced Monday in a press conference from NYC's Trump Tower, CNBC reports. "Too few Americans are working,... More »

Wealthiest 20% Get Lion's Share of Tax Breaks

Democrats and Republicans both hail new CBO report

(Newser) - The top 20% of households in terms of income get a bit more than half of the 10 most significant tax breaks in the code, according to a new Congressional Budget Office analysis, with an outsized 17% of all savings going to the richest 1%. The report is being both... More »

How Romney Used Mormon Church to Defer Taxes

Bloomberg reports on loophole he used

(Newser) - Since 1996, Mitt Romney has been deferring some of his taxes through something called a charitable remainder unitrust, a tax shelter Congress cracked down on little more than a year after Romney set his up. As Bloomberg describes it, the trust “allowed rich people to take advantage of the... More »

Facebook Co-Founder Gives Up US Citizenship

Eduardo Saverin aims to save on taxes

(Newser) - One of the billionaire co-founders of Facebook has renounced his US citizenship in a bid to slash his tax bill ahead of the gigantic IPO. Eduardo Saverin, 30, owns about 4% of the social network—a chunk that could be worth as much as $3.84 billion, reports Bloomberg . “... More »

Obama Unveils $3.8T Budget, Targets Rich

Budget would institute 'Buffett Rule,' boost infrastructure

(Newser) - President Obama officially unveiled his $3.8 trillion budget today, and as expected it draws a 2012 battle line, calling for higher taxes on the wealthy combined with spending measures intended to bolster the economy, the AP reports. "We built this budget around the idea that our country has... More »

Is Romney's 15% Tax Rate That Crazy?

Yes and no, experts say

(Newser) - When Americans heard that Mitt Romney pays a 15% tax rate , most probably assumed that was less than they pay—and they're probably wrong. Romney, after all, wasn't talking about his tax bracket, but his effective tax rate, meaning what percentage of his income he actually winds up... More »

Romney Says His Tax Rate Is 'Closer to 15%'

Most of his income taxed as 'capital gains'

(Newser) - Mitt Romney has been evasive about releasing his tax returns , and today he hinted at why, saying in a press conference that his effective tax rate is "probably closer to the 15% rate than anything." That means that most of Romney's earnings—which largely still stem from... More »

Buffett Dares GOP to Donate More Taxes

Says he'll match them, and 'even go 3 for 1 for McConnell'

(Newser) - Warren Buffett's ready to donate money to pay down the national debt—provided Republicans lawmakers do so first. When Buffett called for higher taxes on the rich last year, Mitch McConnell and many other Republicans told him to " send in a check ," and John Thune even introduced... More »

Mitt: I Won't Release My Tax Returns

Obama campaign blasts Romney for keeping returns secret

(Newser) - Mitt Romney says that even if he becomes the Republican nominee, he has no intention of releasing his tax returns, reports the New York Times . Romney—one of the richest men ever to run for president—would be alone among nominees of recent decades if he fails to release his... More »

Buffett Terrifies Conservatives

He's the perfect messenger to expose tax unfairness, EJ Dionne writes

(Newser) - Conservatives are tripping over each other in their zeal to attack Warren Buffett, and it’s not hard to see why, writes EJ Dionne in the Washington Post . “Buffett’s sin is that he spoke a truth that conservatives want to keep covered up,” namely that there’s... More »

Rich People Don't Pay Less Taxes Than Secretaries

Some do, but most don't, AP fact check finds

(Newser) - Listening to Barack Obama's speech yesterday , you might have come away with the impression that millionaires everywhere pay less in taxes than their secretaries, as Warren Buffett has oft claimed. But that's hardly the case, according to an AP fact check. The claim relies on the fact that... More »

Wall Street Journal Pans Romney's Job Plan

It's too timid, not conservative enough, editorial argues

(Newser) - Mitt Romney’s big list of 59 economic policy prescriptions is a swing and a miss, as far as the famously conservative editors of the Wall Street Journal are concerned. “We’ll say this for it: His ideas are better than President Obama’s,” the editors write. But... More »

Clinton's Gains-Tax Break Pumped Up Housing Bubble

Eliminating levy on profit from home sales encouraged Americans to play the market

(Newser) - A tax break introduced by President Clinton and made law in 1997 helped fuel the housing bubble that eventually led to the current economic crisis, the New York Times reports. The cut, which allowed owners to sell their homes without paying capital-gains taxes on profits up to $500,000, created... More »

Ignore Market Until February

End-of-year effects cause distorting swings

(Newser) - The stock market can be a great synthesizer of millions of individual judgment calls about economic growth, government policy, and world events, writes Andy Kessler in the Wall Street Journal. But it’s also subject to end-of-year distortions, especially in down times like these. What's an investor to do? "... More »

Sleight of Hand Has IRS After Billionaire

Anschutz owes $143M on gains, feds say; he claims technicality

(Newser) - The IRS is going after the US’ 41st-richest man, the Wall Street Journal reports, as part of a larger move to curtail one method of skirting capital-gains taxes. Philip Anshutz owes $143.6 million in back taxes on a “variable prepaid forward contract” deal he made in 2000 and... More »

Three Former SEC Heads to Endorse Obama

Honchos are Reagan, Clinton, and Bush appointees

(Newser) - Three former heads of the Securities and Exchange Commission, including President Bush appointee William Donaldson, will endorse Barack Obama today, joining with former Fed chair Paul Volcker to say the candidate will take a “reasoned approach” to “balanced regulatory reform.” Donaldson said he was especially impressed by... More »

Buffett: I Should Pay More Taxes

'Oracle of Omaha' says scales have tipped toward the rich

(Newser) - America’s second-richest man, Warren Buffett, stood up for the little guy last night, telling NBC that he and über-wealthy people like him should pay more taxes. The system has dramatically “tilted toward the rich and away from the middle class,” he said. Surveying his office, Buffett... More »

Blackstone Partners Profit on IPO Taxes

Loopholes pay off for buyout firm managers after $3.7 bil offering

(Newser) - The Blackstone Group's partners have expertly negotiated a labyrinth of loopholes to dodge taxes on $3.7 billion they raised with an IPO last month, the Times reports. The maneuver comes as congress discusses what to tax private equity managers, but analysts say the rate debate misses the point; firms... More »

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