Category Archives: Tax

A $7,500 electric car discount scares dealers

By doris | Published: February 4, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — In an effort to put 1 million electric cars on the road by 2015, the Obama administration has proposed a plan that would put up to $7,500 directly in the hands of car buyers without having them jump through any tax hoops. Plug-in car advocates love the [...]

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Tax cut deal: What to expect in your paycheck

By doris | Published: December 20, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Come January, you’ll start to see some changes in your paycheck, as the new Social Security tax break that President Obama signed into law Friday takes effect. The measure, part of a sweeping package of tax cuts, will reduce the amount of money workers pay into Social [...]

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Stocks end mixed as Senate votes on tax deal

By doris | Published: December 14, 2010

Full Story at money.CNN.com NEW YORK (CNNMoney.com) — U.S. stocks finished a lackluster session mixed Monday as investors mulled over a flurry of corporate deals and awaited resolution on the tax-cut deal from Washington. The Dow Jones industrial average (INDU) ticked up 18 points, or 0.2%, the S&P 500 (SPX) rose less than a point, [...]

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Your paycheck is about to shrink

By doris | Published: November 25, 2010

Full Story at money.cnn.com That’s what may come out of your paycheck if — as expected — the Making Work Pay tax credit expires at the end of the year.The credit was enacted last year as part of the Recovery Act to put more cash in people’s pockets. For the past two years, it has [...]

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Top Democrat backs 1099 requirement repeal

By doris | Published: November 13, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Top Democrats are uniting with Republicans in a show of support for small business owners: Senate Finance Committee Chairman Max Baucus, D-Mont., said Friday that he will introduce legislation to repeal the expanded 1099 reporting requirements set to take effect in 2012.

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Proposed gas tax increase fires up debate

By doris | Published: November 12, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — A task force charged with reining in U.S. debt is proposing a 15 cent per gallon increase in the federal gasoline tax. Federal fuel taxes currently stand at 18.4 cents a gallon for gasoline and 24.4 cents for diesel fuel.

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Voters to states: No new taxes

By doris | Published: November 6, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Thanks to voters, alcohol will no longer be taxed in Massachusetts. Candy won’t be subject to a levy in Washington anymore. And California drivers won’t have to pay a proposed $18 fee to fund state parks. State residents aren’t feeling very generous these days, even though now [...]

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Obama pushes tax break plan for businesses

By doris | Published: October 30, 2010

Full Story at msnbc.com BELTSVILLE, Md — President Barack Obama touted a proposal on Friday to provide tax relief for businesses, calling on Democrats and Republicans to join together after Tuesday’s election to boost the economy. Days before Republicans are expected to make major gains in congressional polls, Obama, a Democrat, highlighted a plan that [...]

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Coming this November: Taxes tug-of-war

By doris | Published: September 30, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — State legislatures will be in a high-stakes tug-of-war with both voters and industry at the ballot box this November. More than a quarter of the 155 ballot initiatives to be decided on Nov. 2 deal with state tax hikes, debt levels and other revenue issues. In total, [...]

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Economists: Extend Bush tax cuts for everyone

By doris | Published: September 21, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — With income tax rates set to go up on Dec. 31, Congress is hotly debating what to do next. But most economists agree: Keep them where they are. One option, to let the tax cuts passed during the Bush administration expire for only the richest 3% of [...]

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Raise taxes now — the elders of the economy say so

By doris | Published: August 11, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — First it was Greenspan. Now one by one, other elders of the economy are speaking out against deficits, and they’re making the surprising argument for higher taxes. Former Federal Reserve chairman Alan Greenspan was first and has taken the most extreme position, arguing that all of the [...]

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Geithner: Tax cuts for rich a ‘$700 billion mistake’

By doris | Published: August 5, 2010

Full Story at money.cnn.com WASHINGTON (CNNMoney.com) — Treasury Secretary Tim Geithner made a case Wednesday for letting tax cuts for the wealthiest Americans lapse as a step toward getting the nation’s fiscal house in order. “Borrowing to finance tax cuts for the top 2% would be a $700 billion fiscal mistake,” Geithner said before the [...]

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Bank taxes in vogue around the globe

By doris | Published: June 26, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — As world leaders gather in Canada to discuss ways to strengthen the global economy, lawmakers in the United States finalized a bill Friday that would impose a $19 billion tax on financial institutions. The tax, which is part of a sweeping overhaul of the U.S. financial system, [...]

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House passes tax cut for small business

By doris | Published: June 16, 2010

Full Story at msnbc.com WASHINGTON – Long-term investors in some small businesses would escape capital gains taxes under a bill passed by the House Tuesday as congressional Democrats tried to revive their jobs agenda. The bill would also increase tax deductions for startup expenses by new small businesses. The House passed the bill on a [...]

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