President Barack Obama is turning to his biggest television audience of the year to pitch tax increases on the wealthiest Americans and put the new Republican Congress in the position of defending top income earners over the middle class. As Obama continues to signal what he will propose during Tuesday’s State of the Union address, […]
To see the tax implications of legalizing marijuana in Colorado, there’s no better place to start than an empty plot of land on a busy thoroughfare near downtown Denver. It is the future home of a 60,000-square-foot public recreational center that’s been in the works for years. Construction costs started going up, leaving city officials […]
Growth of state tax revenue has slowed
Income inequality is taking a toll on state governments. The widening gap between the wealthiest Americans and everyone else has been matched by a slowdown in state tax revenue, according to a report being released Monday by Standard & Poor’s. Even as income for the affluent has accelerated, it’s barely kept pace with inflation for […]
U.S. companies are shifting their addresses abroad to reduce their taxes
Treasury Secretary Jacob Lew said Monday the Obama administration will decide “in the very near future” what actions it can take to make it less profitable for U.S. companies to shift their legal addresses to other countries. A growing number of U.S. companies are shifting their addresses abroad in an effort to reduce their U.S. […]
He says best tax reform lowers the corporate tax rate.
President Barack Obama says a loophole that lets companies dodge U.S. taxes by moving their headquarters overseas is unpatriotic. Obama is denouncing “tax inversions” in his weekly radio and Internet address. He says companies are essentially renouncing their citizenship to avoid paying their fair share. Obama says the best way to address the problem is […]
The Internal Revenue Service said Friday it has lost a trove of emails to and from a central figure in the agency’s tea party controversy, sparking outrage from congressional investigators who have been probing the agency for more than a year. The IRS told Congress Friday it cannot locate many of Lois Lerner’s emails prior […]
Penalties for filing late federal tax returns apply only to people who owe money.
The calendar shows April 15, and you haven’t even started on your federal tax return? Chances are, you don’t need to fret. If you’re due a refund — and about three-fourths of filers get refunds — April 15 isn’t much of a deadline at all. The Internal Revenue Service doesn’t like to talk about it, […]
Caterpillar has avoided paying $2.4 billion in U.S. taxes since 2000
Executives from manufacturing giant Caterpillar Inc. are heading to Capitol Hill to explain what one senator calls an aggressive strategy to avoid paying billions of dollars in U.S. taxes. Caterpillar has avoided paying $2.4 billion in U.S. taxes since 2000 by shifting profits to a wholly-controlled affiliate in Switzerland, according to a report released by […]