income tax

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

Quite a bit—but it likely won't happen

(Newser) - 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,...

Warren Buffett: Raise My Taxes, Please

Let's have some real 'shared sacrifice'

(Newser) - 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...

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

Average income fell 6.1%, new data shows

(Newser) - 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,...

Federal Taxes at Lowest Level Since 1950

But rates will increase in the coming years

(Newser) - 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...

Income Taxes Go Up 67% in Illinois
Income Taxes Go Up
67% in Illinois
Jan 12, 2011 12:51 PM CST

Income Taxes Go Up 67% in Illinois

Lawmakers approve last-minute increase for strapped state

(Newser) - 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

Move would be attempt to address national debt

(Newser) - 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

'Sexist' plan slammed as austerity budget unveiled

(Newser) - 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...

Wealthy Americans Migrating South: IRS Data

 Wealthy Americans 
 Migrating South: 
 IRS Data 
see your county's stats
Jun 15, 2010 1:32 PM CDT

Wealthy Americans Migrating South: IRS Data

Good weather, low taxes lure rich, even during recession

(Newser) - Wealthy Americans are on the move, largely to the low-income-tax havens of the Sunbelt. A new Forbes analysis of IRS data from 2008 shows Collier County, Fla., at the head of the pack, picking up 15,150 new residents with an average income of $76,161—compared to $26,128...

US Tax Burden Lowest Since 1950

Recession, stimulus shrink tax rate to 60-year-low

(Newser) - You wouldn't know it from the clamor of anti-tax protests, but Americans turned over a lower share of their income to the taxman last year than at any time since the Truman administration, according to a USA Today analysis. State, local, and federal taxes took up 9.2% of income...

Populism Swings Left as Oregon Votes to Tax the Rich

Voters hit corporations, to, in state referendum

(Newser) - Don't be too quick to extrapolate from the Massachusetts election that the country's populist surge swings to the right: Oregon voters yesterday approved tax hikes for corporations and the rich. The referendum, which reversed more than two decades of Oregon voters shooting down tax increases, came as the cash-strapped state...

Obama to House Dems: Back Cadillac Health Tax

Democrats reluctantly open to compromise

(Newser) - President Obama wants House Democratic leaders to drop their opposition to taxing Cadillac health insurance plans to pay for health coverage for the uninsured, he let them know in a private meeting at the White House yesterday. The health reform bill the House passed raises income taxes on high-income individuals...

Over a Lifetime, Being a Gay Couple Can Cost $470K Extra

Detailed analysis takes health insurance, taxes, other benefits into account

(Newser) - An exhaustive analysis of the lifetime costs a committed gay couple faces compared to those of a heterosexual marriage finds that, in the worst case, the gay couple pays out nearly $470,000 extra. The study by the New York Times assumed the couples were together until one partner died,...

Dems on Collision Course on How to Pay for Heath Care

(Newser) - Democrats in Congress are heading for an intra-party showdown over how to fund health care reform, reports the New York Times. The powerful House Ways and Means Committee is reportedly near agreement on an income tax surcharge of 2% or more on Americans earning above $250,000, which moderate Democrats...

Reid's Refusal Leaves $320B Health Care Hole

Dems may look to income tax hike to cover cost of public option

(Newser) - Harry Reid met with Republicans yesterday to diffuse some of his tough talk on health care reform, but as Politico reports, the Senate majority leader has forced a scramble for $320 billion over 10 years to pay for the plan. Reid said he would not support a bill that taxed...

Fed Dollars Overtake Taxes as States' Top Income Source

Federal money exceeds revenue from major taxes for first time ever

(Newser) - For the first time, state governments are receiving more money directly from the federal government than they collect in sales, property, and income taxes, reports USA Today. As the economic downturn saps tax revenue, stimulus money has filled the gap. Says an analyst, “This has more to say about...

What If I Don't Feel Like Filing?
 What If I Don't Feel Like Filing? 
ANALYSIS
Apr 15, 2009 2:08 PM CDT

What If I Don't Feel Like Filing?

Christopher Beam explores the potential evader's options

(Newser) - With millions of Americans enduring long lines at the post office today to file their tax returns, Christopher Beam of Slate can’t help wonder: What would happen if you simply didn’t file? The answer is probably not much—7 million Americans declined to file last year, and only...

Cash-Strapped States Raise Taxes as Revenue Declines

At least 10 states face substantial budget gaps

(Newser) - A precipitous decline in tax revenue has at least 10 states considering major increases in sales or income taxes to close budget gaps that in some cases run into the billions, the Wall Street Journal reports. States like Oregon, facing a $4.4 billion budget gap and 10.8% unemployment,...

Incomes Under $400K May Dodge Brunt of Tax Hike

AMT still higher

(Newser) - If your income is in the $200,000-400,000 range, and you’ve been fretting over Barack Obama’s proposed tax hikes, relax; odds are decent you won’t wind up paying more. Obama’s plan does indeed jack up the rates on those tax brackets, but for many those...

'Radical' Budget Aims to Shrink Income Gap
'Radical' Budget Aims to Shrink Income Gap
ANALYSIS
Feb 27, 2009 11:35 AM CST

'Radical' Budget Aims to Shrink Income Gap

Overhauling tax code, Obama's plans would reverse 30-year trend

(Newser) - Barack Obama's first budget is, above all, an attempt to shrink the gap between rich and poor that has grown rapidly for 30 years, writes David Leonhardt of the New York Times. The "bold, even radical" budget hikes taxes on the rich while dropping them to their lowest point...

Lean Times Prove Taxing for State Budgets

Shortfalls mean serious cost-cutting, fee hikes across US

(Newser) - Reduced sales, income, and corporate taxes are forcing states to cut back on services and consider laying off workers as they look for ways to slash spending and balance budgets, the Wall Street Journal reports. The National Conference of State Legislatures says states face a $40 billion budget shortfall as...

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