Topic: Income Taxes

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Playing the IRS card: Six presidents who used the IRS to bash political foes

Since the advent of the federal income tax about a century ago, several presidents – or their zealous underlings – have directed the IRS to use its formidable police powers to harass or punish enemies, political rivals, and administration critics. Here are six infamous episodes.
Income taxes: Five changes for 2012

Here are new income tax provisions to watch for as you work through your 1040 form:
What does the federal government do with your money? Take our taxes quiz.

It seems there’s no end of taxes – and of debate about what the federal government does with all the money it collects. Test your knowledge of America’s fiscal behavior!
6 ways to make tax reform happen

Here are six ideas that can guide Congress to a tax reform-deal that both parties should be able to live with – a deal that will raise necessary revenue and help pay down the debt.
Briefing
Fiscal deal will cost you: 8 tax changes

Here are eight tax changes under the 'fiscal cliff' deal that may hit your pocketbook.

All Content

What does it mean to be 'middle class?'

President Obama and Mitt Romney have different definitions on what it means to be middle class. What does the term really mean?
Can Romney ride out the storm over his unreleased tax returns?

Romney can't release any more tax returns now without looking weak, but in the long run, political strategists say, he can't resist the pressure to follow tradition. Perhaps a quiet Friday in August.
Will Romney release more tax returns? (+video)

Republican Presidential Candidate and former Massachusetts Governor Mitt Romney is 'not enthusiastic' about releasing more of his tax documents. He expressed concern that the facts would be distorted by the Obama campaign. Meanwhile, Romney may be nearing a decision on his choice of running mate.
Decoder Wire Mitt Romney: Republican 'friendly fire' grows over tax returns

Romney's refusal to release more tax returns is drawing sharper barbs from members of his own party. Could the vice presidential pick stem the criticism?
The elusive truth about Mitt Romney's time at Bain Capital

Mitt Romney's time running Bain Capital has become the focus of charge and counter-charge, raising questions about campaign dishonesty and the candidates' own character as well as calls for apologies.
Before Stockton: five other big financial crises for US municipalities

Here's a look at some of the most notable financial collapses and near-collapses for US municipalities over the years.
Tax VOX Keeping perspective: Taxes do not always drive the economy

The presidential campaign would like Americans to think the very fate of the country rests on what happens to the Bush tax cuts. But the Congressional Budget Office reminds us there is actually a lot more going on in the economy besides taxes.
Tax VOX Trimming tax breaks to cut rates is a lot harder than it looks

It's not impossible for pay for individual tax rate reductions by cutting tax expenditures. But it is very hard. Congress could fix that huge distribution problem by raising tax rates on capital gains and dividends — but it is a very unpopular platform.
Robert Reich Read my lips: Obama not trying to spark 'class warfare'

The media and regressive Republicans seem to want Americans to believe that President Obama is proposing a tax increase on wealthy Americans. But Robert Reich disagrees, saying in fact under the plan everyone is treated exactly the same.
Obama tax proposal: Who makes more than $250k, and are they rich? (+video)

President Obama has proposed extending the Bush-era tax cuts for households making less than $250,000 a year. Here's a look at who would end up paying higher taxes.
The Reformed Broker July 4th: Celebrate Independence Day with some tax facts

July 4th is upon us, complete with fireworks and celebratory picnics in honor of America's independence. Also in honor of American independence, the Reformed Broker has forwarded along some lovely tax facts. Enjoy!
Has Puerto Rico found a solution to the US housing crisis?

A set of incentives for home buyers in Puerto Rico has helped stimulate the housing market there, and some experts think they could help on the mainland, too.
Student loans: 5 steps to pay down your debt

Student loans aren't far from your mind if you've graduated. Now comes the hard part: paying for the education that you’ve just completed. Where to begin? Collect all your loan paperwork and then follow these five smart steps to paying off your student loans.
If elected, Romney millions will go in blind trust

The candidate's estimated 250 million dollars will be administered by federal officials on his behalf if he becomes President.
Tax VOX A better way? The case for a new kind of tax reform

There is nothing inevitable about the glum estimate set forth in the Congressional Budget Office's latest fiscal policy snapshot. What if Congress retained the level of taxation set by current law, while collecting the money in a much smarter way?
Consumer Energy Report Oil subsidies: Surprise! Liberals are fans, too.

When asked if the federal government should eliminate subsidies for oil companies, most would respond with a resounding 'yes.' But such a policy would have unwelcome unintended consequences, and not just for billionaire oil tycoons.
Tax VOX New online tool to help families maximize tax, transfer benefits

State taxes and transfers can be an important, albeit complicated form of assistance for low-income families. A new interactive calculator aims to help guide families through the process, including the options when family income increases.
Decoder Wire Is Congress broken? Startup Act shows what can work.

The Startup Act is a modest piece of pro-business legislation unveiled Tuesday. It won't change the world, but that's why it may pass. In a partisan Congress, 'good' may be better than 'perfect.'
Robert Reich Mitt Romney's skewed praise of Bill Clinton

Mitt Romney has been praising Bill Clinton even as he heaps scorn on Obama, trying to associate himself with someone more popular and court the white male vote. It might backfire.
Opinion: Your employer may be pocketing your state income tax

Sixteen states now allow corporations to withhold state income taxes from employees and keep the money as an incentive for a business to locate to or remain in a state. That means that, in effect, employees pay personal income tax to their company rather than their state government.
Facebook stock: 6 intriguing investors

Facebook stock will make many people suddenly wealthy when it begins trading this Friday. The company is expected to be valued somewhere around $100 billion, with stock expected to sell anywhere between $34 and $38 per share. Here are six of the more unexpected people set to make a killing with initial public offering of Facebook stock, including a rock star, a graffiti artist, and pair of Mark Zuckerberg’s enemies.
Economist Mom How to make the Bush tax cuts work

The expiring Bush tax cuts would be worth more than $2.8 trillion over 10 years Instead of complaining about the size of the cuts and not doing anything constructive about it, policymakers ought to commit to using that size in a positive way.
Seven retirement questions you need to answer

Retirement planning isn't easy. Nearly half of Americans don't feel financially prepared to live to age 75, according to a survey from Northwestern Mutual. But the process is a lot less burdensome if you break the task down into simpler parts. Here are seven questions to ask as you plan for your long-term financial security in retirement.
Tax VOX Five challenges for the IRS's new capital gains reporting rules

The new rules for reporting capital gains is a laudable aim, but the IRS faces a number of challenges to make this initiative work.
Tax VOX Why do Obama and Romney pay the taxes they pay?

Romney pays a much higher rate than the President, even though he makes far more money. Here's why.