Topic: Taxes

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Major gay marriage cases in federal court and where they stand

Battles over same-sex marriage have been raging in the federal courts for several years. Two could reach the US Supreme Court within a year: one challenging California's ban on gay marriage under Proposition 8, and the other seeking to invalidate the federal Defense of Marriage Act (DOMA). Here are the cases to follow.
Could 'fiscal cliff' push US into recession? Five questions answered.

The nonpartisan Congressional Budget Office (CBO) warned in a report Tuesday that if Congress does not deal with a raft of fiscal measures by Dec. 31, the US could enter another recession. So what is this fiscal cliff and what is Congress doing about it?
Where gas prices are highest

Gasoline is a very visible price, and closely watched by many drivers. Petroleum prices impact many products, from food to industrial production. While the cost of crude is the major factor in gasoline price volatility, some countries levy taxes on fossil fuels. Here are ten countries where high gas prices are the norm, according to British insurance firm Staveley Head.
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.
Top 5 ways to save on your summer vacation

If you're pining for a summer vacation but worried about costs, consider how Wayne and Pat Dunlap of Del Mar, Calif., managed to tour 51 countries over two years, marvel at the Egyptian pyramids, scale a New Zealand glacier, and visit Laotian Buddhist monks all for less than $100 a day. "We often stayed at guesthouses and hostels, ate at local family restaurants, took public transportation, and in some cases, traveled on cruise ships offering reduced rates," says Mr. Dunlap, author of the travel book "Plan Your Escape." This year amid price worries and higher summer airfares, especially to Europe such ingenuity could prove essential. Here are five cost-cutting strategies that can help:

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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.
Robert Reich
How to avoid austerity but still fix the deficit

As Europe has shown us, austerity is bad for weak economies facing large budget deficits. But it can be avoided by getting growth and jobs back first, and only then tackling budget deficits.
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.
Stefan Karlsson
The case for a German value added tax

The continuing eurozone crisis has economists debating the case for a value added tax, or whether or not the German surplus be reduced without reducing (and preferably in fact increasing) German incomes.
Economist Mom
A rift over the GOP's tax pledge?

Over the past generation, the GOP's pledge to introduce no new taxes has become the essential conservative credential. But some Republicans are refusing to sign.
Tax VOX
How the debt limit delay will affect US fiscal policy

What if hitting the statutory debt limit does not happen until sometime in the first quarter of 2013? That is increasingly likely, say the folks who watch this sort of thing. And it would completely change the politics of the coming train wreck.
Major gay marriage cases in federal court and where they stand

Battles over same-sex marriage have been raging in the federal courts for several years. Two could reach the US Supreme Court within a year: one challenging California's ban on gay marriage under Proposition 8, and the other seeking to invalidate the federal Defense of Marriage Act (DOMA). Here are the cases to follow.
Curt Schilling fires staff at video-game firm

Curt Schilling fires staff of 300 in Rhode Island, which had given a $75 million loan guarantee to the video-game company. Curt Schilling fired staff with an e-mail that thanked them for dedication but claimed an 'economic downturn' had hit the company
Federal Reserve official: If Congress dawdles, economy will fall 3 percent

Congress must sort out a raft of fiscal issues before Jan. 1, or it will cost the US economy dearly, said New York Federal Reserve President William Dudley.
Tax VOX
A path forward on tax reform: 4 steps

Tax reform will be difficult, but with a four-step road map, it can be done.
Could 'fiscal cliff' push US into recession? Five questions answered.

The nonpartisan Congressional Budget Office (CBO) warned in a report Tuesday that if Congress does not deal with a raft of fiscal measures by Dec. 31, the US could enter another recession. So what is this fiscal cliff and what is Congress doing about it?
Where gas prices are highest

Gasoline is a very visible price, and closely watched by many drivers. Petroleum prices impact many products, from food to industrial production. While the cost of crude is the major factor in gasoline price volatility, some countries levy taxes on fossil fuels. Here are ten countries where high gas prices are the norm, according to British insurance firm Staveley Head.
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.' 
US Chamber to Congress on transportation bill: You're doing it wrong

The US Chamber of Commerce expressed its exasperation with lawmakers for the way Congress is attempting to fund a transportation bill crucial to highway projects and repairs.
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.
Afghanistan after the US: What's next?

Challenges in Wardak Province, west of Kabul, are a mirror of those the Afghan government will face as US and NATO pull back from reconstruction and aid funding in the next two years.
Donald Marron
How to fix flawed Medicare budgeting

Budgeting for Medicare's hospital insurance program is flawed. Here are two ways to fix it (and one way not to).
Decoder Wire
Facebook IPO: Is co-founder Saverin cheating US out of $100 million in taxes?

By renouncing his US citizenship, Facebook co-founder Eduardo Saverin could save some $100 million in taxes from Friday's Facebook IPO. Senators call it 'tax avoidance,' and aim to block it.
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.
Decoder Wire
Democrats return fire after John Boehner's opening debt-ceiling salvo (+video)

Democrats charge that John Boehner's renewed call for spending cuts as a condition to raise the debt ceiling is 'dangerous,' recalling the standoff last summer that drove consumer confidence – and Congress's approval rating – sharply down.
Will Californians trust Jerry Brown enough to vote for his tax increase?

After outlining drastic cuts Monday, Gov. Jerry Brown pleaded with California voters to approve a temporary sales-tax increase. Some experts, but not all, think he can get it through.
Decoder Wire
John Boehner fires opening shot in potential debt-ceiling showdown

In a speech Tuesday, Speaker John Boehner will lay out his expectations for how the debt ceiling will be handled in the next round. His plan harks back to the House Republicans' position last year.
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.
California facing higher $16 billion shortfall

California's budget deficit has swelled to $16 billion and will force severe cuts to schools and public safety if voters fail to approve tax increases in November, warns Gov. Jerry Brown.