tax code news stories on Newser

Obama to Congress: Here's Your 'To-Do List'

Kevin Spak — Tue, 08 May 2012 10:34:11 CDT

Because Congress loves being bossed around like nothing else, President Obama will today unveil a "to-do list" of priorities, which have historically had bipartisan support, and which he says will "help restore middle class security." "At this make-or-break moment for the middle class, we need to create an economy built...

GOP Rolls Out Budget With Huge Tax Cuts

Kevin Spak — Tue, 20 Mar 2012 10:47:47 CDT

House Republicans rolled out a new Paul Ryan-penned budget proposal today that calls for a drastic tax-code overhaul, major changes to Medicare and Medicaid, and deep cuts in domestic spending, all while softening a set of automatic defense spending cuts set to hit in January. The budget would scrap our...

Billionaires' Tax Tricks Hide Huge Gains

Matt Cantor — Mon, 21 Nov 2011 09:46:05 CST

If President Obama wants a "Buffett Rule" to keep billionaires paying their fair share of taxes, he’ll have to look at the "800-pound gorilla" in the room, tax experts say. That gorilla, explains one expert, is "unrealized appreciation"—cash that America’s wealthiest take in via stock transactions that isn't considered...

GOP Offers New Tax Deal, Backs Higher Revenue

Tue, 08 Nov 2011 17:41:16 CST

With a Thanksgiving deadline fast approaching, the GOP members of a deficit-reduction supercommittee are pressing a plan to cut the deficit by about $1.5 trillion over the coming decade, showing flexibility on tax revenue increases for the first time while proposing to gradually raise the Medicare eligibility age to...

Perry Rolls Out '20-20' Flat Tax Plan

Rob Quinn — Tue, 25 Oct 2011 07:45:27 CDT

Rick Perry has rolled out a flat tax plan to rival Herman Cain's "9-9-9" plan. The Texan's "20-20" plan—or, as he calls it, "Cut, Balance, and Grow"—cuts the corporate tax rate from 35% to 20% and allows individuals to choose between paying either 20% or their current income...

Sorry, Herman Cain, SimCity Had 9-9-9 First

John Johnson — Thu, 13 Oct 2011 16:30:03 CDT

With Herman Cain atop the latest polls and his 9-9-9 tax plan getting extra scrutiny, the Huffington Post is happy to point out that a similar plan first appeared in SimCity years ago. Under that system, residents of the virtual city had a 9% rate for commercial taxes, 9% for...

For Most, Cain's '9-9-9' Plan a Tax Hike

Kevin Spak — Thu, 13 Oct 2011 09:26:11 CDT

Herman Cain is being dishonest in touting his “9-9-9” plan, positioning it as some kind of tax cut, when “in reality tens of millions of lower income Americans would face tax increases,” Washington Post fact checker Glenn Kessler has concluded, giving Cain three out of four Pinocchios. The plan would...

Coca-Cola CEO: Easier to Do Business in China

Kevin Spak — Tue, 27 Sep 2011 09:18:56 CDT

Coca-Cola CEO Muhtar Kent thinks US corporations are at a disadvantage compared to those based elsewhere thanks to America’s labyrinthine tax code, he told the Financial Times in an interview published late last night. “I believe the US owes itself to create a 21st-century tax policy,” Kent opined. His biggest...

Real Villain of Tax Breaks: Middle Class

Mark Russell — Sun, 18 Sep 2011 08:02:19 CDT

Tax loopholes and write-offs for corporate jets and special interests may fill political talking points, but tax breaks for families—particularly the middle-class families that President Obama says he wants to protect—far exceed corporate giveaways, reports the Washington Post . In fact, corporations accounted for just 8% of $1.08...