taxes

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Feds' Crackdown on Tax Dodges Kills $160B Pfizer Merger

New Treasury rules on tax 'inversions' squashed deal with Allergan

(Newser) - Allergan and Pfizer are calling off a record $160 billion merger after the Treasury issued new rules to make tax "inversions" less lucrative, the AP reports. The aggressive changes to US tax laws announced this week helped kill the deal, handing what Reuters calls a "major victory" to...

Facebook to Pay Each UK Worker $1.1M Bonus

Not for purely altruistic reasons, though—it's to save big on its tax bill overseas

(Newser) - Facebook has found a creative way to drastically bring down its tax bill in the UK: Pay each employee who works there a million bucks, NBC News reports. As first noted in the Sunday Times , the company will pay out nearly $397 million in bonuses to UK staffers, which comes...

Romney Thinks There May Be 'Bombshell' in Trump's Taxes

Maybe he's not so rich, or isn't paying the taxes we'd expect, speculates Romney

(Newser) - In a bit of an ironic twist, former presidential candidate Mitt Romney is publicly calling on Donald Trump to release his tax information and speculating on what the Republican frontrunner might be hiding, CNN reports. "We have good reason to believe that there's a bombshell in Donald Trump'...

Ikea Accused of Funneling Money, Evading $1B in Taxes

'Profit shifting' apparently common in Europe

(Newser) - How do you say "large-scale tax avoidance" in Swedish? That's what a new report from the European Parliament's Greens/European Free Alliance group is accusing Ikea of, to the tune of $1.1 billion, per CNNMoney . The report alleges that the retail giant funneled money from its stores...

5 States With Highest, Lowest Property Taxes

From New Jersey to Hawaii

(Newser) - You could likely tick off many, many differences between Hawaii and New Jersey, but 24/7 WallSt has identified perhaps the wonkiest of them all: property taxes. The site crunched the numbers on what people pay in each state as a percentage of home value and found that Jersey residents pay...

April 15 Comes on April 18 This Year

Little-known holiday gets taxpayers a grace period

(Newser) - Taxpayers nationwide will get a few days' grace this year to file their returns thanks to a little-known holiday in the nation's capital. And the head of the IRS promises 1,000 more customer services representatives will be available to ease waiting times on information lines. IRS Commissioner John...

Calif. Pols Push 'Tampons for All' to Fix 'Gender Injustice'

Legislators want to get rid of state sales taxes on feminine hygiene products

(Newser) - Health products like walkers and Viagra are exempt from California state sales tax, and if two assembly members have their way, feminine hygiene products will soon enjoy the same status. Cristina Garcia and Ling Ling Chang introduced a measure Monday maintaining that tampons, sanitary napkins, and similar products are a...

Tax Dodgers: Feds Could Soon Snatch Your Passport

If measure passes, 'seriously delinquent' taxes could mean no passport

(Newser) - If lawmakers push a provision through in December, US citizens who owe back taxes will have more to worry about than accumulating debt. As part of a transit and highway funding bill currently being negotiated in Congress, the provision would allow the feds to revoke, deny, or limit a person'...

New Pot Tax Will Fund College Scholarships

Voters approved this one by 60% to 40% margin

(Newser) - Pot lovers in one Colorado county will soon be getting high for higher education. With a 60% majority, voters in Pueblo County voted on Tuesday to phase in a tax on marijuana growers that will support college scholarships and other endeavors, WTKR reports. The tax will begin in 2017, hit...

Romney's 47% Needs a Revise

Percentage not paying income tax has risen to 45.3% from 2013: Tax Policy Center

(Newser) - Just when you thought Mitt Romney's "47%" comment , which he said was the percentage of Americans dependent on the government and not paying income tax, had made way for a new election cycle's gaffes, that number now needs another revision. Per the Tax Policy Center, the percentage...

The Donald's Tax Plan Has Arrived

Promises to simplify tax code, cut income taxes to zero for lowest earners

(Newser) - Slowly but surely, Donald Trump is bulking up the position statements on his website. His immigration and gun rights platforms have now been joined by his new tax plan , which he announced Monday in a press conference from NYC's Trump Tower, CNBC reports. "Too few Americans are working,...

Today's Tax-Free Pot Day in Colorado

Tokers can thank quirky state tax law for their good fortune

(Newser) - They knew this day was coming , and now it's here. It's tax-free cannabis day in Colorado, where due to a quirk in the state's tax law, buyers of recreational marijuana will be relieved of most taxes on their purchase, the AP reports. The one-day "holiday" means...

Streaming Customers Sue Over 'Netflix Tax'

Chicagoans claims tax violates federal law

(Newser) - Angry streaming customers in Chicago are fighting back against the so-called "Netflix tax," filing a lawsuit against the city last Wednesday that could have national implications, the Daily Dot reports. The plaintiffs—including Netflix, Hulu, and Spotify customers—allege the 9% tax on streaming services (an extension of...

IRS: We No Longer Accept Checks Over $99,999,999

Super-rich will just have to pay electronically

(Newser) - Owe the tax man $100 million or more? Your check is no good at the IRS. Starting next year, the IRS says it will reject all checks for more than $99,999,999. That's because check-processing equipment at the nation's Federal Reserve banks can't handle checks that...

Colorado's Pot to Be Much Cheaper for One Day

Quirky state law is cutting out most taxes on marijuana on Sept. 16

(Newser) - Think of it as a back-to-school sales tax break, but for stoners. Colorado's unusual tax law is forcing the state to suspend taxes on recreational marijuana for one day—Sept. 16—during which a 10% sales tax and 15% excise tax won't be collected. The sales-tax break would...

Let's Consider Taxing Elite Colleges' Huge Endowments

Harvard, Yale, et al. are getting richer while state schools scramble: Slate writer

(Newser) - As the student-loan struggle continues and presidential candidates try to come up with ways to help middle-class and disadvantaged students attend college, there are stockpiles of money that are benefiting the most affluent, unfettered by government taxation: the endowments of elite colleges, Jordan Weissmann writes for Slate . And that's...

Tax Day Argument: Let the IRS Do Our Taxes
Tax Day Argument: Let the IRS Do Our Taxes
OPINION
Apr 15, 2015 1:36 PM CDT

Tax Day Argument: Let the IRS Do Our Taxes

Advocates push 'return-free filing' as a way to simplify a painful process

(Newser) - With "tax day" upon us, critics of the current filing system are staking out their usual ground and calling for reform. One of the big alternatives being pushed is "return-free filing," which, advocates say, would simplify a system that's needlessly painful and complicated. As Farhad Manjoo...

Ferguson Judge Behind Fines Scheme Owes $170K

Ronald Brockmeyer, 70, is also accused of fixing tickets

(Newser) - A Ferguson, Missouri judge first got in hot water when the Justice Dept. accused him of fixing traffic tickets and unfairly punishing residents over unpaid fees. But 70-year-old Ronald Brockmeyer has another problem: more than $170,000 in outstanding taxes, the Guardian reports. According to tax liens filed by the...

London Mayor Hit With Huge US Tax Bill

New York-born mayor agrees to pay up before US visit

(Newser) - Many Londoners might not know their mayor has an American passport as well as a British one—but Uncle Sam is certainly aware of it. Boris Johnson was born in New York, and as an American citizen, he's liable to pay American taxes, which he has reluctantly agreed to...

No Health Insurance by Feb. 15? Face Wrath of Taxman

Miss that date, get a 2015 ObamaCare penalty in addition to 2014's

(Newser) - With tax time fast approaching, there's a new hoop to jump through: Those without health insurance may be facing ObamaCare penalties for 2014—and for 2015 if they don't nail down coverage by Feb. 15, NPR reports. Those who were uninsured in 2014 may face a tax penalty...

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