taxes

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Researchers Withdraw Tax Report After GOP Complains

It suggested cutting top tax rate doesn't help economy

(Newser) - The nonpartisan Congressional Research Service released a report in September suggesting that cutting the top tax rate didn't aid economic growth; now, amid concerns from Senate Republicans, it has withdrawn the report. The move has sparked anger among Democrats. "They didn’t like a report, and instead of...

How Romney Used Mormon Church to Defer Taxes

Bloomberg reports on loophole he used

(Newser) - Since 1996, Mitt Romney has been deferring some of his taxes through something called a charitable remainder unitrust, a tax shelter Congress cracked down on little more than a year after Romney set his up. As Bloomberg describes it, the trust “allowed rich people to take advantage of the...

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;...

Court: Sorry, Lap Dances Aren&#39;t Art
Court: Sorry,
Lap Dances
Aren't Art
Oct 23, 2012 5:11 PM CDT

Court: Sorry, Lap Dances Aren't Art

It was a nice try, but New York strip clubs will have to pay taxes

(Newser) - Lap dances are taxable because they don't promote culture in a community the way ballet or other artistic endeavors do, New York's highest court concluded today in a sharply divided ruling. The court split 4-3, with the dissenting judges saying there's no distinction in state law between...

Despite Fed Protests, Court OKs Solyndra Bankruptcy

Government may appeal decision

(Newser) - Failed solar company Solyndra got court approval for its bankruptcy plan today—despite objections from the US government. The government had accused the plan of providing $341 million in improper tax breaks for investors , but a judge said the government didn't prove that the main goal of Solyndra's...

Psst, Taxes Go Up Next Year for 163M Workers

Neither party plans to extend the payroll tax break

(Newser) - President Barack Obama isn't talking about it and neither is Mitt Romney. But come January, 163 million workers can expect to feel the pinch of a big tax increase regardless of who wins the election. A temporary reduction in Social Security payroll taxes is due to expire at the...

'No-Limits' Giving: Missouri Has It, and US Could Too

Lawyers want to ax all political-donation caps

(Newser) - With Republicans trying to remove caps on all direct political donations, the New York Times looks at how it works in Missouri—where one retired investor has donated $20 million to PACs and candidates over the past four years. Rex Sinquefield, 68, has helped sustain a GOP campaign for secretary...

Solyndra Tries to Cheat the IRS
 Solyndra Tries to Cheat the IRS 
OPINION
Oct 16, 2012 1:59 PM CDT

Solyndra Tries to Cheat the IRS

Meanwhile, company sues Chinese companies for driving it to bankruptcy

(Newser) - The IRS is asking a bankruptcy court to torpedo Solyndra's plan for a Chapter 11 reorganization, saying that its "principal purpose is tax avoidance," the Wall Street Journal reports in an editorial today, explaining what it calls the "Solyndra memorial tax break." Solyndra's only...

Romney Tax Plan Would Soak the 'Ordinary Rich'

Only the top 1% of the top 1% would benefit

(Newser) - MItt Romney assures us that his tax plan won't reduce the tax burden on the rich, but that claim leaves out a little-known divide between the wealthy and the super wealthy, writes David Frum at the Daily Beast . He says Romney's plan to make cuts in the top...

Ai Weiwei Loses Final Appeal in Tax Case

Dissident must pay $2.4M fine—or face jail

(Newser) - Ai Weiwei lost his second appeal against a $2.4 million tax evasion fine today, settling the case for good. Now, if he doesn't shell out the remaining $1.05 million, the dissident artist could face jail time—and he says he's not paying, Reuters reports. To pay...

Mitt Romney Thinks He&#39;s the Confidence Fairy
 Mitt Romney 
 Thinks He's the 
 Confidence Fairy 
paul krugman
Sep 24, 2012 11:32 AM CDT

Mitt Romney Thinks He's the Confidence Fairy

Believes his mere election will fix economy: Paul Krugman

(Newser) - Paul Krugman has long derided the " confidence fairy ": a notion that government cuts will somehow spark more consumers and investors to buy. We're seeing another version of that fairy now, after learning that Mitt Romney, at his infamous "47%" fundraiser, also claimed that his election would...

Strapped Europe's New Idea: Tax the Vatican

Church's long-held government breaks might be in danger

(Newser) - As Europe continues to seek a way out of its financial straits, some countries are eyeing the wealth of the Catholic Church. Italy's prime minister wants a tax on church properties. British city councils have cut funds for transportation to religious schools, while Ireland considers similar moves. And a...

Californians Stock Up on Amazon's Last Tax-Free Day

New sales taxes kick in tomorrow

(Newser) - It's a big day in California—the last one without sales tax on purchases from Amazon. So customers have been snapping up items like there's no tomorrow, the AP reports. With packages arriving at his office every day this week, "even the mailroom is laughing at me,...

French Slam Fleeing Richest Guy as 'Traitor'

'Ingrate' billionaire announces move to Belgium in wake of 75% tax

(Newser) - France's richest man has infuriated his countrymen by announcing a move to Belgium ahead of the Socialist government's planned 75% tax on the country's wealthiest citizens . Louis Vuitton CEO Bernauld Arnault denies he is seeking Belgian citizenship for tax reasons, but he has been denounced from all...

Probe Targets Finance Firms Over 'Sneaky' Strategy

Bain Capital gets a subpoena

(Newser) - Do private equity firms like Bain Capital use a sly strategy to avoid paying hundreds of millions in taxes? That's what New York Attorney General Eric Schneiderman aims to find out. In recent weeks he issued subpoenas to more than a dozen companies, including Bain, TPG Capital, and Sun...

Americans on Hard-working Rich: Admirable, Greedy
Americans on Hard-working Rich: Admirable, Greedy
new poll
Aug 27, 2012 5:15 PM CDT

Americans on Hard-working Rich: Admirable, Greedy

Oh, and more intelligent and less honest: Pew Research Center poll

(Newser) - Good news for the 1%: A little more than 40% of Americans think you are more intelligent and more hardworking than the average Joe, according to a new Pew Research Center poll . And if you worked hard to get your money, then 92% of middle-class Americans would describe you as...

Reid Aide: Source on Taxless Mitt Is Bain Investor

Jose Parra initially calls source Republican, then backtracks

(Newser) - An aide to Harry Reid made waves when he gave a KTLK radio host details on Wednesday on Reid's source for his claim that Mitt Romney went a decade without paying taxes—but Jose Parra has since backtracked a bit. Parra initially told Mario Solis-Marich , "This person is...

France's 75% Tax Could Push Rich Into Mass Exodus

Rich thinking of leaving if 75% tax rate is passed

(Newser) - France's new Socialist president wants to tax any income above €1 million ($1.24 million) per year at 75%—but if the plan is passed, France could see a mass exodus of its wealthiest residents. Rich residents are calling lawyers, asking if they should consider leaving the country...

Romney Tax Plan &#39;Mathematically Impossible&#39;
Romney Tax Plan 'Mathematically Impossible'
Ezra Klein
Aug 3, 2012 11:41 AM CDT

Romney Tax Plan 'Mathematically Impossible'

Non-partisan analysis says numbers don't add up

(Newser) - Mitt Romney has said that he has an economic plan and he's "not afraid to put it on the table." But the truth is that "the only thing he has put on table is dessert," writes Ezra Klein on Bloomberg . Romney says he'll cut...

Sorry, Olympic Medalists Don't Deserve Tax Break

Last thing our tax code needs is yet another loophole: Conor Friedersdorf

(Newser) - Marco Rubio claims he wants to simplify the tax code—so why in the world is he calling for Olympians not to be taxed on their winnings? Such a plan "is a perfect example of why the tax code is a complicated and burdensome mess," writes Conor Friedersdorf...

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