income tax

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Here's How Much Bidens Paid in Taxes Last Year

Their annual tax return is out

(Newser) - The Bidens marked Tax Day on Monday by releasing their latest annual tax return, which revealed that last year the president and first lady earned an adjusted gross income of $619,976 and paid $146,629 in federal income tax. Their Delaware state income tax bill was $30,908, and...

State's Millionaire Tax to Pay for Free School Lunches

$172M of $1B revenue to be used to feed public school students in Massachusetts

(Newser) - Every public school student in Massachusetts will enjoy free school lunches owing to a new millionaire tax. Passed by voters in November and instituted at the start of this year, the 4% tax on earnings above $1 million will account for $1 billion of the state's $56 billion 2024...

It's Tax Day, and Nearly 40% of Us Haven't Filed Yet
It's Tax Day—in
All but 2 States

It's Tax Day—in All but 2 States

Maine and Massachusetts residents get one more day

(Newser) - Monday is Tax Day—the federal deadline for individual tax filing and payments—and the IRS expects to receive tens of millions of last-minute filings electronically and through paper forms. As of April 8, the IRS had received more than 103 million returns for this tax season, and it had...

Biden Plans Minimum Tax on the Richest 700 Americans

Measure would cut deficit and cost Bezos, Musk billions

(Newser) - President Biden's plans for his next budget, to be announced Monday, include a new tax on the wealthiest 700 Americans—designed to bring in $360 billion over the next decade. The Billionaire Minimum Income Tax would set a 20% baseline tax rate on households worth more than $100 million,...

Bidens Topped Typical Tax Bite
Bidens Topped
Typical Tax Bite

Bidens Topped Typical Tax Bite

Campaign cut into couple's income, returns show

(Newser) - President Biden restored a long-standing presidential tradition Monday by releasing his tax returns, showing that 25.9% of the first couple's income went to the federal government in 2020. The average federal income tax rate is just over 14%. Biden and his wife, Jill, a teacher, earned $607,336...

NYC Mayor Proposes 'Millionaires Tax' to Fix Subway

Bill de Blasio also wants the higher tax on city's wealthy to subsidize low-income riders

(Newser) - A little over a month after New York Gov. Andrew Cuomo declared a state of emergency for the New York City subway, his longtime nemesis in the city, Mayor Bill de Blasio, is proposing a new tax on wealthy New Yorkers to help fix the ailing system. On Monday, de...

Seattle Approves Rich-Only Income Tax

GOP leader calls for 'forceful resistance'

(Newser) - Supporters waved "Tax the Rich" signs Monday as Seattle's city council voted unanimously to do exactly that. By a vote of 9-0, the council approved an income tax that only applies to wealthy residents, with the 2.25% tax starting at income above $250,000 for individuals and...

Romney's 47% Needs a Revise

Percentage not paying income tax has risen to 45.3% from 2013: Tax Policy Center

(Newser) - Just when you thought Mitt Romney's "47%" comment , which he said was the percentage of Americans dependent on the government and not paying income tax, had made way for a new election cycle's gaffes, that number now needs another revision. Per the Tax Policy Center, the percentage...

IRS: We No Longer Accept Checks Over $99,999,999

Super-rich will just have to pay electronically

(Newser) - Owe the tax man $100 million or more? Your check is no good at the IRS. Starting next year, the IRS says it will reject all checks for more than $99,999,999. That's because check-processing equipment at the nation's Federal Reserve banks can't handle checks that...

Shutdown Fallout: Delayed Tax Refunds

IRS to start processing returns later

(Newser) - Internal Revenue Service workers are back from furlough with news that might annoy on-the-ball taxpayers: The agency says the government shutdown will delay the date when it begins processing tax returns by as much as two weeks, meaning refunds won't arrive as promptly as usual for millions of early...

TurboTax Maker Fights to Keep It Harder to Do Taxes

Intuit has been lobbying against 'return-free filing': ProPublica

(Newser) - If only it were quicker, easier, and cheaper to prepare and file your taxes. Oh, wait—it could be. Denmark, Sweden, and Spain use a system in which the government pre-fills your tax returns using info from your employer and bank. You tweak whatever is incorrect and you're done,...

Louisiana Considers Ditching Its Income Tax

Bobby Jindal calls proposed move revenue-neutral

(Newser) - Bobby Jindal wants to do away with income and corporate taxes in his state—and raise Louisiana's 4% sales tax to make up the difference, the New Orleans Times-Picayune reports. "It's time to change that so people can keep more of their own money and foster an...

Senate Passes Cliff Deal
 Senate Passes Cliff Deal 

Senate Passes Cliff Deal

Plan sails through 89-8; House vote comes later

(Newser) - The Senate passed legislation early New Year's Day to neutralize a fiscal cliff combination of across-the-board tax increases and spending cuts that kicked in at midnight. The vote two hours after the deadline was a lopsided 89-8 in favor. Senate passage set the stage for a final showdown in...

We Have a Tentative Deal: Details
 We Have a 
 Deal: Details 


We Have a Tentative Deal: Details

An initial look at the pact struck between McConnell and the White House

(Newser) - The White House and Mitch McConnell have reached a tentative deal tonight, though the New York Times reports that the House won't vote on the measure tonight in time to avoid the fiscal cliff. The measure would raise taxes by about $600 billion over 10 years and delay for...

Romney's Idea on Taxes May Save the Day

His proposal to cap deductions by a fixed dollar amount is in play

(Newser) - What a difference an election makes: Democrats are suddenly getting behind an idea pitched by Mitt Romney as a way out of the fiscal cliff mess, reports the New York Times . On the trail, Romney floated the notion of putting a cap on income tax deductions at a fixed dollar...

PA Workers Could Soon Pay Taxes ... to Employers

Proposed law is meant to lure big companies

(Newser) - A new Pennsylvania law—which has already passed the state House and Senate, but has not yet been signed by the governor—would force some employees to pay taxes to their employers, Philadelphia's citypaper reports. The law is a tax incentive attempting to lure software company Oracle to Pennsylvania;...

Ryan's 2011 Tax Rate: 20%
 Ryan's 2011 Tax Rate: 20% 

Ryan's 2011 Tax Rate: 20%

VP candidate releases 2 years' worth

(Newser) - Yesterday was Paul Ryan's turn to release his tax returns—just the last two years , of course—and they show that the veep candidate paid 15.9% of his income in taxes in 2010 and 20% last year, according to documents provided to the Milwaukee Journal Sentinel . Ryan, together...

Why Lincoln Wouldn't Win the GOP's Nomination

Jackie Hogan gives 4 reasons today's GOP would write off Abe

(Newser) - Sure, the GOP calls itself the "Party of Lincoln," but would today's Republicans actually nominate him for president? Writing in the Christian Science Monitor , Jackie Hogan gives four reasons why they wouldn't:
  1. He was the first president to make income tax law—and it was a

Georgia, Cain Battled Over Unpaid Tax Bill

He didn't pay '06 income tax until late '08

(Newser) - Herman Cain's only tax-related beef isn't with the federal tax code: The GOP frontrunner was involved in a brouhaha with Georgia over his 2006 state income taxes that lasted until late 2008, according to documents obtained by the Daily Beast . To be fair, Cain was undergoing treatment for...

If We Took Buffett's Advice, How Much Would It Help?

Quite a bit—but it likely won't happen

(Newser) - Warren Buffett made waves yesterday when he told the federal government to stop "coddling" him and other wealthy Americans and raise taxes on the rich. His plan would roll back the Bush tax cuts on people who earn more than $1 million and on capital gains and dividends income,...

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