Kevin's Feed
Jan 31, 2012
via Tax Break

Taxes not just certain, they’re right thing to do-survey

Photo

Internal Revenue Service office near Times Square in New York.

Most Americans believe strongly that it’s a civic duty to pay their “fair share” in taxes, that cheating on taxes is wrong and that cheaters should be held accountable, said a survey from the U.S. Internal Revenue Service’s Oversight Board released on Monday.

Created by Congress in 1998 to keep an eye on the IRS, the oversight board does its survey annually. This year’s is consistent with past results showing strong support for the tax obligations of citizenship and low tolerance for those who shirk it.

Jan 19, 2012

Factbox: What’s behind Romney’s 15-percent tax comment

By Kevin Drawbaugh

(Reuters) – Does Mitt Romney pay a lower effective federal income tax rate than a lot of Americans who, unlike him, work for a paycheck?

The short answer: yes.

But the fabulously wealthy Republican presidential candidate almost certainly pays a higher effective rate than most Americans, almost half of whom pay no federal income tax at all.

Jan 19, 2012

Analysis: Romney’s 15-percent tax rate fuels “fair share” debate

WASHINGTON (Reuters) – The fairness of the tax code is a raw nerve for many Americans and Mitt Romney hit it on Tuesday when he pegged his effective personal tax rate at close to 15 percent.

Considering the Republican presidential candidate’s vast fortune, estimated at up to $270 million, his 15 percent estimate to some seemed low, especially compared to the tax rates that many Americans presume they pay, with the ordinary income tax rate topping out at 35 percent.

Jan 19, 2012

Romney’s 15-pct tax rate fuels ‘fair share’ debate

WASHINGTON (Reuters) – The fairness of the U.S. tax code is a raw nerve for many Americans and Mitt Romney hit it on Tuesday when he pegged his effective personal tax rate at close to 15 percent.

Considering the Republican presidential candidate’s vast fortune, estimated at up to $270 million, his 15 percent estimate to some seemed low, especially compared to the tax rates that many Americans presume they pay, with the ordinary income tax rate topping out at 35 percent.

Jan 17, 2012

Corrected: Business group contests Obama labor appointments

By David Ingram and Kevin Drawbaugh

(Reuters) – In the first legal challenge to last week’s recess appointments by the Obama administration, a U.S. lobbying group for small businesses said on Friday it is contesting the naming of three members to the U.S. National Labor Relations Board.

Alleging that the appointments violated the Constitution, the National Federation of Independent Business is seeking to add the appointments challenge onto an earlier legal action it already had pending against the NLRB over a different issue.

Jan 13, 2012

Business group contests Obama labor appointments

By David Ingram and Kevin Drawbaugh

(Reuters) – In the first legal challenge to last week’s recess appointments by the Obama administration, a lobbying group for small businesses said on Friday it is contesting the naming of three members to the National Labor Relations Board.

Alleging that the appointments violated the Constitution, the National Federation of Independent Business is seeking to add the appointments challenge onto an earlier legal action it already had pending against the NLRB over a different issue.

Jan 6, 2012

Romney tax plan would balloon deficit: report

WASHINGTON (Reuters) – Presidential hopeful Mitt Romney’s tax plan would cut revenues and increase the government’s budget deficit, while benefiting wealthy taxpayers more than others, said a report from a non-partisan think tank released on Thursday.

Romney’s plan offers a middle-of-the-road tax package – not as daring as the radical flat-tax proposals offered by some of his competitors, but conservative enough to please Republican voters, tax analysts said on Thursday.

Nov 22, 2011

Payroll tax cut, jobless aid deal likely: aides

WASHINGTON (Reuters) – After another fiscal fight next month, U.S. lawmakers are likely to agree to extend payroll tax cuts and emergency unemployment assistance, senior congressional aides said on Tuesday.

Stunts designed to score political points may intercede, but in the end, the direct hit to Americans’ wallets and risks to the economy posed by lapses in either program make an agreement probable, aides said.

Nov 21, 2011

Scenarios: Expiring tax breaks loom beyond “super panel”

WASHINGTON (Reuters) – Whatever happens to the Congress’ deficit-fighting “super committee,” world markets are increasingly concerned about several temporary tax breaks vital to the economy that are set to expire at year-end.

One is the Obama administration’s payroll tax cut. Another is a “patch” to prevent the alternative minimum tax (AMT) from hitting middle-class taxpayers. Still others include deductions for state and local sales tax and for college tuition.

Nov 20, 2011

Expiring US tax breaks loom beyond ‘super panel’

WASHINGTON, Nov 20 (Reuters) – Whatever happens to the U.S.
Congress’ deficit-fighting “super committee,” world markets are
increasingly concerned about several temporary tax breaks vital
to the economy that are set to expire at year-end.

One is the Obama administration’s payroll tax cut. Another
is a “patch” to prevent the alternative minimum tax (AMT) from
hitting middle-class taxpayers. Still others include deductions
for state and local sales tax and for college tuition.