Category Archives: Tax

States look to hike tax on millionaires

By doris | Published: January 16, 2012

Full Story at money.cnn.com NEW YORK (CNNMoney) — As the “tax the rich” debate rages in Washington D.C., some states are turning to their wealthiest residents to bring in much-needed revenue. The governors of the two largest Democratic states want rich folks to help close budget gaps. And Democratic lawmakers elsewhere are preparing to do [...]

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Tax gap: IRS comes up $385 billion short

By doris | Published: January 7, 2012

Full Story at money.cnn.com NEW YORK (CNNMoney) — Close to 15% of federal taxes — or $385 billion — went unpaid in 2006, according to new estimates by the IRS. That’s the net tax gap number — meaning what didn’t get paid even after the $65 billion the IRS managed to collect through audits. And [...]

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Lawmakers open to changes in military benefits

By doris | Published: October 23, 2011

Full Story at Life Inc.today.msnbc.msn.com The last few years have been tough on many Americans who work in the manufacturing industry, but they haven’t been nearly as tough on the manufacturers’ profits. U.S. manufacturers have seen a steady uptick in profits since bottoming out in late 2008, according to the most recent data from the [...]

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Who pays if Social Security cap is lifted? Not many taxpayers

By doris | Published: October 10, 2011

Full Story at LifeInc.today.com One of the proposals for keeping Social Security afloat is to simply ask for more money. It turns out, not that many taxpayers would have to pay up. A new analysis from the Center for Economic and Policy Research finds that less than 6 percent of workers would be affected if [...]

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Investors Back Obama’s Buffett Rule

By doris | Published: October 1, 2011

Full Story at Bloomberg.com Global investors overwhelmingly support President Barack Obama’s proposed tax increase for those earning annual incomes of $1 million or more in an effort to reduce the deficit. By a margin of 63 percent to 32 percent, respondents in a Bloomberg Global Poll approved of the president’s proposal, known as the “Buffett [...]

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Obama to propose new tax rate for millionaires

By doris | Published: September 18, 2011

Full Story at money.cnn.com WASHINGTON (CNN) — The White House will propose a new tax rate for people earning more than $1 million a year to ensure that they pay at least the same percentage of their earnings in taxes as middle-income Americans, administration and White House officials told CNN on Sunday. Called the Buffett [...]

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Bringing the bucks back home

By doris | Published: May 18, 2011

Full Story at Finance.Fortune.cnn.com FORTUNE — The Congressional champions of a corporate tax holiday for multinationals with more than $1 trillion parked abroad are taking a curious approach to advancing their cause. The concept is simple enough: give tech, pharmaceutical and energy giants a temporary break from the 35% top corporate rate so they can [...]

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Big Oil execs hit back on tax proposal

By doris | Published: May 12, 2011

Full Story atmoney.cnn.com NEW YORK (CNNMoney) — Dragged before Congress as gas prices explode at the pump, oil executives mounted a vigorous defense of their business practices on Thursday — pushing back against plans to eliminate tax breaks for the “big five” oil and gas companies. All five executives acknowledged rising prices at the pump, [...]

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Millionaires who owe no federal income tax

By doris | Published: May 9, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — When it comes to taxes, do the rich pay their fair share? The answer, of course, is subjective since “fair” is not an absolute concept and tax data, depending how it’s sliced, can tell different stories.Those who say the rich pay their fair share point to the [...]

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How Washington F@#$%! the budget

By doris | Published: April 27, 2011

Full Story at Money.cnn.com After a brief few years of budget surpluses at the end of the Clinton administration, lawmakers opened the new century by blowing a hole in the budget with major tax cuts. The Bush tax cuts carried an initial 10-year cost estimate of $1.35 trillion, according to the Congressional Budget Office. They [...]

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$513 million paid in undeserved homebuyer credits

By doris | Published: April 16, 2011

Full Story at  msnbc.com WASHINGTON — The Internal Revenue Service has paid out more than a half-billion dollars in homebuyer tax credits to people who probably didn’t qualify, a government investigator said Friday. Most of the money — about $326 million — went to more than 47,000 taxpayers who didn’t qualify as first-time homebuyers because [...]

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IRS cracks down on millionaires

By doris | Published: March 29, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — Watch out millionaires: The IRS is coming for you. Especially if you make more than $10 million. Audits of these folks surged 73% last year, hitting more than 18% of taxpayers in the highest income bracket, according to recently released statistics from the IRS.

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$1.1 billion in unclaimed 2007 tax refunds

By doris | Published: March 1, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — Did you forget to file your 2007 taxes? The IRS might have a nice check waiting for you. Nearly 1.1 million taxpayers failed to file that year, and the IRS estimates they are entitled to $1.1 billion in potential refunds.

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Obama may limit tax breaks for rich

By doris | Published: February 11, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — President Obama on Monday may propose limiting tax breaks for the rich, budget and policy experts say. In the president’s past two budget requests, he called for limits on the the value of itemized deductions for those in the top two tax brackets. That would include deductions [...]

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