Tax

Weiner raps Obama on tax deal

Weiner raps Obama on tax deal

A prominent Democratic opponent of the tax cut package passed by Congress says Republicans got the better of President Barack Obama in the negotiations to reach agreement on the $858 billion deal. Democratic congressman Anthony Weiner of New York says Republicans turned out to be “better poker players” than the president. He told CBS‘ Early […]

So, what does this tax bill stuff really mean for you?

So, what does this tax bill stuff really mean for you?

The new tax law signed by President Barack Obama Friday will spare millions of Americans from a big tax increase on Jan. 1. It also includes a new cut in Social Security payroll taxes next year. A look at how typical taxpayers will fare in 2011: ___ Taxpayer: A single person with no children, making […]

Surprise waiting for 13.4 million taxpayers in new bill

Surprise waiting for 13.4 million taxpayers in new bill

About 13.4 million taxpayers may be getting unexpected tax bills because they were awarded too much money under President Barack Obama‘s Making Work Pay tax credit, a government audit said Thursday. The tax credit, which expires Jan. 1, was designed to increase take-home pay by about $8 a week through new tax withholding tables. The […]

If you’re rich the IRS is coming to get you

If you’re rich the IRS is coming to get you

The Internal Revenue Service is making it a bit riskier to cheat on your taxes. The tax agency increased the number of returns it audited by nearly 11 percent this year, statistics released Wednesday show. Wealthy taxpayers and big businesses were most likely to be targeted. The IRS also stepped up audits of charities and […]

Obama to GOP: Let’s extend middle class tax cuts

Obama to GOP: Let’s extend middle class tax cuts

President Barack Obama is appealing to victorious Republicans to go along with his plan to extend tax cuts for the middle class, saying the election is over and it’s time to down to business. But it’s not fair, he says, to make permanent the Bush-era cuts for the wealthiest because that would require the U.S. […]

Dissecting GOP spin on taxes

Dissecting GOP spin on taxes

The expiration of Bush-era tax cuts in January has sparked a partisan bickering match this election season, and much of the rhetoric from both Democrats and Republicans is misleading. A look at three prominent arguments, sorting the spin from the facts: ___ THE SPIN: Republicans warn that America faces the largest tax increase ever if […]

Pelosi ‘out of the loop’ in Rangel probe

Pelosi ‘out of the loop’ in Rangel probe

House Speaker Nancy Pelosi says she’s “out of the loop” in the House ethics committee‘s investigation of fellow Democratic Rep. Charles Rangel. Rangel — a longtime New York congressman and a former chairman of the tax-writing House Ways and Means Committee — is facing 13 counts of wrongdoing. Allegations include providing official favors in return […]

Kerry fudges on yacht tax dodge

Kerry fudges on yacht tax dodge

Sen. John Kerry says he always intended to pay taxes in Massachusetts on his $7 million yacht but concedes he mishandled the public furor over his decision to dock the vessel in tax-free Rhode Island. Kerry tells The Boston Globe that he doesn’t believe he dealt with the issue quickly enough or effectively enough. He […]

Obama pushes tax breaks

Obama pushes tax breaks

Just ahead of Tax Day, President Barack Obama is urging Americans to take advantage of tax credits for first-time homebuyers, college students and others. Obama used his weekly radio and Internet address Saturday to promote some of the tax benefits in last year’s stimulus bill, saying they could save people hundreds or even thousands of […]