taxes

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'Horrific' Error Values Property at Nearly $1B

And taxpayers might have to pay for it

(Newser) - Utah officials say a possible dropped phone resulted in a typo that overvalued a home for almost $1 billion, the AP reports. And taxpayers may have to pay for the mistake. The Deseret News reports a house built in 1978 in an unincorporated area of the county was recorded in... More »

Billionaires Fighting Back Over Warren's Proposals

Bill Gates is the latest to cry foul

(Newser) - Elizabeth Warren has been taking heat over her progressive policy ideas, not just from President Trump but from Democratic rivals who favor a more moderate approach. Now you can add Bill Gates to her list of critics. At a forum Wednesday, Gates didn't sound thrilled about Warren's idea... More »

2018's 'Maddening' Tax Rates Unveiled

400 richest US households paid lower rate than bottom 50%: economists

(Newser) - America's richest billionaires paid a lower average tax rate than the working class for the first time in US history in 2018, according to a new study. The book-length research, The Triumph of Injustice , comes from Emmanuel Saez and Gabriel Zucman, the same economists who inspired Elizabeth Warren's... More »

Sanders Just One-Upped Warren on a Signature Issue

Sanders' wealth tax proposal would affect more households, raise more revenue: economists

(Newser) - Elizabeth Warren is suddenly facing competition on the signature issue of her presidential campaign. Enter Bernie Sanders, who on Tuesday unveiled his plan to "substantially reduce wealth inequality in America and stop our democracy from turning into a corrupt oligarchy." Whereas Warren backs a 2% wealth tax on... More »

Warren's Social Security Plan Calls for a Raise

She wants people to get $200 more a month, and she wants the rich to pay for it

(Newser) - Elizabeth Warren is out with her latest policy proposal, and she's calling for those on Social Security to receive an extra $200 a month. In a post at Medium detailing the proposal, Warren says the increased benefits would be paid for by raising taxes on the wealthy. The plan... More »

Trump: I'm Mulling Tax Cuts, But R-Word Is 'Inappropriate'

The president says he's looking at capital gains and payroll tax cuts

(Newser) - President Donald Trump says his administration is a looking at tax cut proposals but not as a response to a potential recession, the AP reports. "I'm looking at that all the time anyway," he explained. Trump talked about the economy and trade with China during a meeting... More »

Trump Tweets His Response to $1B Loss Story

He cites 'massive write offs and depreciation' following 'hit job'

(Newser) - With #BillionDollarLoser and #BiggestLoser trending on Twitter, President Trump went on the defense Wednesday, suggesting a reported $1.1 billion in losses over 10 years was no big deal. Real estate developers in the 1980s and '90s "were entitled to massive write offs and depreciation which would, if... More »

Congress May Kill Chance of Free IRS Tax Filing

ProPublica reports that a bipartisan bill would bar the creation of such a system

(Newser) - It's beginning to look like the IRS will never provide a free online tax-filing system for Americans, reports ProPublica . The news outlet blames heavy lobbying from the likes of TurboTax and H&R Block. A bill with bipartisan support has cleared the House Ways and Means Committee, and one... More »

NJ and Hawaii: Thousands Apart, in Miles, Property Taxes

Garden State has highest US property taxes, Aloha State the lowest, based on median home value

(Newser) - What do Hawaii and New Jersey have in common? Probably not much, but especially when it comes to property taxes, per WalletHub , which says what you pay on your real estate can range from a "small inconvenience" to a "major burden." The Aloha State falls under the... More »

Guess What Amazon Paid in Taxes Last Year

If you guessed $0, you're close. It's less than $0.

(Newser) - Amazon, pay federal taxes? Hope Uncle Sam isn't holding his breath. The retailing giant paid zero dollars to the feds in 2017 and 2018 despite profits totaling nearly $17 billion, the Guardian reports. Seems Amazon relied on tax credits and tax breaks for executive stock options to turn its... More »

Tax Refunds Are Smaller, and People Are Ticked

Average return is $1,865 under new tax code, down 8% from last year

(Newser) - The IRS is out with early numbers on tax refunds in 2019, and people hoping for a bump under the new tax changes are being unpleasantly surprised. In the first week of the filing season, the average refund was $1,865, down about 8% from last year's average of... More »

In Shutdown, a 'Wrench' in Getting Your Tax Refund?

IRS employees who process tax refunds are among first to be furloughed

(Newser) - The Internal Revenue Service may not be anyone's favorite government agency, but many taxpayers may be pulling for it to regain full staffing over the next few weeks. That's because tax refunds may be delayed this year, thanks to the partial government shutdown, USA Today reports. Per a... More »

Protests: 135 Hurt, 1K Detained

French official says the violence is 'under control'

(Newser) - France's interior minister says the protest violence in Paris is "under control" despite scattered tensions but is calling it "totally unacceptable." Interior Minister Christophe Castaner says 135 people were injured in the protests Saturday, including 17 police officers, the AP reports. He says "exceptional" security... More »

Where France's Emmanuel Macron Blew It

He miscalculated how the burden of his fuel tax would fall on people who could least afford it

(Newser) - Paris and other large cities in France are bracing for violence this weekend. "Yellow vest" protesters promise to be out in force, and police promise to be there to meet them. One potential sign of good news: Representatives of the protesters will meet with Prime Minister Edouard Philippe Friday... More »

France Said It Wouldn't Budge on Fuel Tax. It Just Did

Tax hikes have been suspended for several months after violent protests, per PM

(Newser) - French Prime Minister Edouard Philippe announced a suspension of fuel tax hikes Tuesday, a major U-turn in an effort to appease a protest movement that radicalized and plunged Paris into chaos last weekend, French media report. Both Le Monde newspaper and France Info radio said the planned increase, which has... More »

They Were Protesting a Fuel Tax. Then a Driver Panicked

One dead, dozens hurt in France after demonstration

(Newser) - One protester was killed and 47 others were injured during roadblocks set up around France to demonstrate against rising fuel taxes, a new challenge to embattled President Emmanuel Macron, the AP reports. The protester was killed when a driver caught in traffic accelerated in a panic at Pont-de-Beauvoisin, near Chambery,... More »

5 Strange Things That Were Once Taxed

Including ... beards?

(Newser) - If you currently sport a beard, just be glad you're not living in England a few centuries ago. King Henry VIII introduced the first beard tax in 1535, in an attempt to turn the facial hair into a status symbol. Though he later did away with the tax, Queen... More »

Kushner Didn't Pay Federal Taxes for Years: NYT

Documents show how real-estate developers avoid paying

(Newser) - Seems President Trump isn't the only one who avoids paying taxes . Jared Kushner paid little to no taxes from 2009 to 2016 by exploiting a quirk of the tax code that benefits real-estate developers, the New York Times reports. A review of his private financial documents shows that Kushner—... More »

Top Tech CEOs Bicker Over Chronic Homelessness

Jack Dorsey, Marc Benioff trade barbs on Twitter

(Newser) - Two of the world's top tech CEOs disagree about how to ease homelessness in San Francisco—a city where extreme wealth glitters alongside roughly 7,500 living on the streets, the Guardian reports. At issue is a proposed tax on wealthy city businesses that Salesforce CEO Marc Benioff supports... More »

Trump Could Face 'Staggering' Tax Penalty

NY officials 'vigorously pursuing' investigation

(Newser) - Though President Trump insists he did nothing wrong on his taxes , experts say he could be on the hook for tens of millions of dollars in civil fines if state and federal authorities substantiate a New York Times report that found he and his family cheated the IRS for decades.... More »

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