tax code – News Stories About tax code - Page 3

Apr 8, 2009 4:45 PM CDT

Six Weird Tax Deductions

Are you a whaling captain? Parent of a kidnapped teen? You could benefit!

(Newser) - The tax code is more than 20,000 pages long and packed with loopholes galore. Newsweek lists six deductions you've probably never heard of:

Alaskan whaling captains can deduct up to $10,000 for money spent fixing their boats or on other whaling expenses.
Parents of kidnapped children can

...

IRS Challenges AIG's Offshore Tax Deals

Mar 24, 2009 8:07 AM CDT

IRS Challenges AIG's Offshore Tax Deals

(Newser) - The IRS is challenging a series of tax-skirting deals engineered by the much-maligned AIG Financial Products unit, the Wall Street Journal reports. The deals exploited differences in international tax codes to reduce tax payments for foreign banks—many of the same banks the US government would later pay to settle...

AIG Sues US Over
Tax Payments

Mar 20, 2009 10:32 AM CDT

AIG Sues US Over Tax Payments

(Newser) - Even as Washington rails against AIG’s bonus giveaway, the insurer is quietly suing the government for $306 million in tax payments, the New York Times reports. AIG’s case hinges largely on its use of offshore tax havens, including one entity that handles executive compensation. It also says it...

Philanthropists Cry Foul Over Obama Budget

OPINION

Mar 10, 2009 9:19 AM CDT

Philanthropists Cry Foul Over Obama Budget

Higher taxes, cap on deductions may lead to $4B less in charity

(Newser) - Charity may be a virtue, but in America there's another motivation for philanthropy: generous tax deductions of as much as 35%. Barack Obama's proposed 2010 budget may change all that; not only will it raise taxes on the most wealthy to almost 40%, it will cap charitable deductions at a...

Irish Angry at U2's Tax Evasion

Mar 3, 2009 3:02 PM CST

Irish Angry at U2's Tax Evasion

Group criticized as hypocritical in light of history of activism

(Newser) - U2 is under fire for possible tax evasion as the Irish government pushes for a bigger slice of the band’s earnings, the Christian Science Monitor reports. U2 moved its publishing company to Amsterdam in 2006 after a tax bill limited artists’ tax-free earnings to $315,000. With Irish deficits...

Dems Tread Similar Paths
on Economy

Feb 15, 2008 9:57 AM CST

Dems Tread Similar Paths on Economy

Neither Clinton nor Obama venturing far into populist Edwards territory

(Newser) - With the Ohio and Pennsylvania primaries on the horizon, Hillary Clinton and Barack Obama are fine-tuning economic visions that have more similarities than differences, reports the Washington Post. Both candidates promise to ease the middle class tax burden while putting pressure on corporations that send jobs overseas, and to protect...

Texas Hits Strip Clubs
With 'Pole Tax'

Dec 22, 2007 4:32 PM CST

Texas Hits Strip Clubs With 'Pole Tax'

Smaller clubs sue over feared loss of clientele

(Newser) - Texas strip clubs are suing over a new law that will force them to collect a $5-per-person tax on clientele, the AP reports. Most of the estimated $40 million in proceeds will help rape victims, which club owners claim to support, but smaller venues fear a loss of customers. A...