taxes

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Suck It Up&mdash; We Need Taxes

 Suck It Up— 
 We Need 
 Taxes 
Paul Krugman
Aug 9, 2010 1:58 PM CDT

Suck It Up— We Need Taxes

Our basic government functions are falling by the wayside

(Newser) - Local governments across America are cutting back on basic services that virtually everyone needs—roads are being broken down into gravel, teachers laid off, and, in at least one town, the street lights literally turned off—because they have no money and can’t stomach a tax increase. The situation...

Geithner to World: Relax, We're Raising Taxes

Axing the Bush tax cuts is just the start

(Newser) - Tim Geithner said something pretty interesting about the Bush tax cuts in his speech yesterday at the Center for American Progress. The Treasury secretary explained why the administration was letting the tax cuts for the wealthiest 2% of Americans expire now. “The world is likely to view any temporary...

Nikki Haley Can't Seem to Pay Taxes on Time

 Nikki Haley 
 Can't Seem 
 to Pay Taxes 
 on Time 
$4500 in late fines
Aug 5, 2010 6:45 AM CDT

Nikki Haley Can't Seem to Pay Taxes on Time

Filing some 14 months late, twice, cost her $4,500

(Newser) - Seems Wyclef Jean isn't the only would-be pol with a little trouble remembering the special meaning that April 15 holds. Nikki Haley has been fined nearly $4,500 for not paying her income taxes on time, tax records show. And she was more than a day late: South Carolina's GOP...

John Kerry in Hot Water Over Taxes on $7M Yacht

Senator berths luxury boat in Rhode Island, not Massachusetts

(Newser) - John Kerry says there's "nothing more to say about" the PR disaster surrounding his decision to save $500,000 in taxes by keeping his new $7 million yacht in Rhode Island rather than cash-strapped Massachusetts—but taxpayers in the senator's home state think otherwise. "Do as I say,...

He Wants to Be the 'Two Buck Chuck' of Pot

Entrepreneur wants to transform marijuana growing

(Newser) - Jeff Wilcox is set to become pot's first great entrepreneur. The California businessman has convinced the Oakland city council to allow the construction of factory-style marijuana farms, aimed at producing decent-quality bud at below-average prices. For now, Wilcox is filling a niche in the local medical marijuana market. But he...

'Regular Guy' Limbaugh Sells NYC Condo for $11.5M

Getting out of city because of taxes

(Newser) - After complaining about New York City's high taxes, Rush Limbaugh is parting ways with the city, selling his posh Fifth Avenue penthouse for $11.5 million. Limbaugh, who bought the place for $5 million in 1994, recently said on his radio show that he was going to "get out...

Biden Calls Custard Man a 'Smart Ass'

Scooper offers cone for 'lower taxes'

(Newser) - A sweet custard man deemed Joe Biden "very nice" with a "great personality" even after the stumping vice president called him a "smart ass" for suggesting that taxes be lowered. The Milwaukee custard shop manager saw his opening and got in a few licks when Biden stopped...

Tax Worker Saves Kentucky Man's Life

Worker calls 911 after man has heart attack during phone call

(Newser) - Few people welcome phone calls from government bean-counters, but for one 60-year-old Kentucky man, that call turned out to be a lifesaver. Department of Revenue employee Natalie Brown, who had called Earl Phillips with a question about his income tax bill, verified his address and called 911 after noticing that...

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...

Why We Need a Bank Tax
 Why We Need a Bank Tax 
OPINION
Apr 28, 2010 9:59 AM CDT

Why We Need a Bank Tax

There will be future bailouts, so make banks pay their share

(Newser) - The recent financial crisis wasn't the first time banks needed a taxpayer bailout, and it won't be the last. That's why a bank tax is the best way to protect taxpayers from the cost of future crises, David Leonhardt writes in the New York Times —better than the current...

Anti-IRS Diatribes Are Stupid and Dangerous

Let's cool the hatred before someone else gets killed

(Newser) - Watch coverage of the Tax Day rallies and you'll no doubt hear all about the evil IRS and the "jack-booted thugs" who work there. It's way past time to stop the demagoguery, writes EJ Dionne. Anyone remember the nut who flew his plane into IRS offices in Austin in...

Dear Tea Party: I Love Tax Day
 Dear Tea Party: 
 I Love Tax Day 
OPINION
Apr 15, 2010 11:57 AM CDT

Dear Tea Party: I Love Tax Day

Haven't tea partiers ever heard of sharing?

(Newser) - Steve Almond used to hate taxes. But now he hates the Tea Party movement (or, more accurately, the Tea Party's “series of highly publicized tantrums”) even more…and he’s ready to confess something “almost heretical”: He actually loves Tax Day. Here’s why:
  • It made him
...

10 Celebs With Tax Problems
 10 Celebs With Tax Problems 
Apr 15, 2010 10:52 AM CDT

10 Celebs With Tax Problems

Making bundles of cash doesn't guarantee you won't evade

(Newser) - Not too many of us are celebrating Tax Day, but some celebrities are probably even less happy about it than you. The Frisky rounds up 10 who owe back taxes:
  • Pamela Anderson: Perhaps Dancing With the Stars will help her pay some of the $493,144 she owes California.
  • Wesley
...

Um, Guys, Taxes Are Lower This Year

That could change in the future, however

(Newser) - Believe it or not, tea partiers, your taxes probably went down this year. Soon after Barack Obama took office, those tax-and-spend Democrats cut individuals’ federal taxes by roughly $173 billion, the AP reports, which should more than make up for any tax increases states were forced to push through to...

Pundits' Misleading Stat: '47% Owe No Taxes'
Pundits' Misleading Stat: '47% Owe No Taxes'
analysis
Apr 14, 2010 12:09 PM CDT

Pundits' Misleading Stat: '47% Owe No Taxes'

It refers only to federal income taxes

(Newser) - One of the popular talking points being thrown around is that 47% of households owe no income tax in 2009, writes David Leonhardt. It's usually followed by an argument that the wealthy pay an unfair proportion of taxes while many Americans skate free. "Neither one of those ideas is...

Top Tax-Procrastination Cities
 Top Tax-Procrastination Cities 
Mar 22, 2010 10:03 PM CDT

Top Tax-Procrastination Cities

Houston takes over No. 1 spot, TurboTax says

(Newser) - Your taxes are due April 15, and TurboTa x says it has a pretty good idea of who’s going to file late. Herewith, its list of US cities most likely to procrastinate:
  1. Houston (up from No. 2)
  2. Chicago (up from 4)
  3. New York (holding steady)
  4. Austin (a big jump,
...

Tax the Rich. It Won't Hurt (Them, or the Economy)
 Tax the Rich. It Won't Hurt 
 (Them, or the Economy) 
Eliot Spitzer
Feb 24, 2010 10:51 AM CST

Tax the Rich. It Won't Hurt (Them, or the Economy)

Marginal tax rates have nothing to do with GDP

(Newser) - Why doesn’t anyone argue for increased taxes on the rich anymore? Only a generation ago, American politicians had no problem calling for high marginal tax rates, but no one’s had the nerve to do it since Ronald Reagan argued that they penalized the rich for working hard—which...

Obama Moves Forward on Debt Commission

Names Simpson, Bowles co-chairs in spite of GOP protests

(Newser) - Ignoring GOP resistance, President Obama is moving ahead with plans for a commission to bring down the federal debt. Obama will tomorrow name Clinton White House vet Erskine Bowles and former Republican Senate Whip Alan Simpson to co-chair the panel, which will seek to knock the federal debt down from...

Economists Demand 'Robin Hood' Tax on Speculators

Fee would go to fight poverty, climate change

(Newser) - Hundreds of the world's leading economists want banks to pay for the mess they've made—with an international " Robin Hood tax " that would raise funds to fight climate change and global poverty. Some 350 economists from 35 countries, including two Nobel prizewinners, have written to G20 leaders urging...

Obama Says He's 'Agnostic' on Middle-Class Tax Hike

Wants all options on the table to cut deficit

(Newser) - President Obama said Tuesday that he is "agnostic" about tax hikes for households making less than $250,000 a year, because he needs to consider all possible options for reducing the deficit. “What I can’t do is to set the thing up where a whole bunch of...

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