income tax news stories on Newser

Why Lincoln Wouldn't Win the GOP's Nomination

Matt Cantor — Mon, 20 Feb 2012 13:59:13 CST

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: He was the first president to make income tax law—and it was a progressive income tax that...

Georgia, Cain Battled Over Unpaid Tax Bill

Kevin Spak — Wed, 26 Oct 2011 13:19:09 CDT

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 cancer in...

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

Evann Gastaldo — Tue, 16 Aug 2011 12:47:05 CDT

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, and...

Warren Buffett: Raise My Taxes, Please

Matt Cantor — Mon, 15 Aug 2011 09:01:05 CDT

Washington keeps talking about “shared sacrifice”—but it's not asking the mega-rich to join in, writes Warren Buffett in the New York Times . “While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary...

How Many Millionaires Paid No Income Tax in '09? 1,470

Matt Cantor — Fri, 05 Aug 2011 06:43:23 CDT

Some harsh figures are tucked into newly released income tax data from 2009: As the economy shed jobs, so too did the country shed taxpayers. Two million fewer individuals and couples filed with the IRS, while some 1,470 people earning $1 million or more didn’t pay a dime, the...

Federal Taxes at Lowest Level Since 1950

Evann Gastaldo — Tue, 08 Feb 2011 06:40:21 CST

Griping about high taxes? Not so fast: Federal tax bills are at historic lows this year, and for the third consecutive year, families and businesses will pay less than they did under George W Bush. The government’s take—as a share of the national economy—is its lowest since 1950,...

Income Taxes Go Up 67% in Illinois

John Johnson — Wed, 12 Jan 2011 12:51:29 CST

Budget trouble in Illinois will hit residents' wallets: Lawmakers approved a 67% increase in the personal income tax rate (from 3% to 5%) along with a 46% hike for businesses (from 4.8% to 7%), reports the Tribune . The Legislature did so in the wee hours as its final act...

Obama Mulls Tax Code Overhaul: Cut Breaks, Rates

Matt Cantor — Fri, 10 Dec 2010 09:33:08 CST

The Obama administration is investigating sweeping income tax code reform as a means of shrinking the deficit, the New York Times reports. President Obama has called on advisers to look into cleaning up the income tax code, ridding it of complexities and loopholes to make it more straightforward for both...

IMF: Ireland Should Cut Taxes—for Women

Rob Quinn — Thu, 25 Nov 2010 07:50:57 CST

The International Monetary Fund has proposed a range of measures to help Ireland restore its economy to health and some Irishmen are finding one in particular hard to swallow. The IMF recommends that the country cut income tax rates by 5%—for women only. Economists say this would boost the...