federal income tax

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Tax Revenue Takes Biggest Dive Since Great Depression

(Newser) - US tax revenue is set to shrink 18% from last fiscal year to the current one, ending in October—the largest falloff since 1932, the AP reports. Individual income-tax receipts are off 22%, and corporate revenues have sunk an astounding 57%. “Our tax system is already inadequate to support...

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...

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...

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...

What's Your Salary? In Sweden, It's No Secret

In Scandanavia, everyone's pay is made public

(Newser) - In America, tax information is kept private by law. In Sweden, "you can see what your brother-in-law made, your neighbor made," says one Justice Ministry official. Like its Scandinavian counterparts Norway and Finland, Sweden makes all tax returns public every year—and no one seems to care, reports...

Feds Probe Al for $1.5M in Back Taxes

Sharpton dismissed move as a 'try to intimidate us'

(Newser) - Washington is investigating Al Sharpton and his companies for nearly $1.5 million in back taxes and penalties, the AP reports. Sharpton, who has been negotiating the size of his federal debt, brushed off the government's latest move today. “Whatever retaliation they do on me, we never stop,"...

Obama Earns $3.9M in Royalties
 Obama Earns $3.9M in Royalties 
Apr 16, 2008 10:08 PM CDT

Obama Earns $3.9M in Royalties

His book sales continue to soar

(Newser) - Barack and Michelle Obama earned $4.2 million last year, mostly from royalties from Obama's two books, Dreams From My Father and the Audacity of Hope. The Obamas' newly released returns for 2007 show they paid $1.4 million in federal taxes and gave $240,370 to charity, USA Today...

Top 10 Beers for a Tax(ing) Day
 Top 10 Beers for a Tax(ing) Day 
Apr 15, 2008 1:10 PM CDT

Top 10 Beers for a Tax(ing) Day

Best brews to drown post-tax woes

(Newser) - What better time to drown your woes in beer than tax day? Whether you're mourning the death of your bank account or dropping some of that refund, SF Weekly put its spin on Draft magazine's top booze for the occasion:
  1. Abita Turbodog tastes far better than TurboTax
  2. Nothing's more patriotic
...

Huckabee Woos Voters With 23% Sales Tax

'Fair tax' would abolish IRS, and be a windfall for the rich

(Newser) - Supporting a 23% sales tax ought to be political suicide, but Mike Huckabee is making it work, the Los Angeles Times reports. Huckabee has championed the so-called “fair tax,” a radical proposal that would abolish the federal income tax and tax spending instead. The plan favors the rich,...

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