A major IRS and Justice Department crackdown on identity theft shows how widespread and common it has become. Tuesday the tax collector announced that a national sweep had led to 69 indictments, targeting 105 people in 23 states, including cases where people are alleged to have impersonated the dead, the mentally disabled and citizens of Puerto Rico in order to get their hands on millions in fraudulent tax refunds.
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.
In his Saturday column in the New York Times, Pulitzer-prize winning reporter James B. Stewart tallied up his tax rate and found it to be a shocking 74 percent of taxable income. Is he possibly the most taxed man in America, he wonders?
Tuesday, January 31
1. Senate Finance Committee Chairman Max Baucus to convene a hearing to discuss the 50-plus tax provisions that expire annually or biannually, termed “tax extenders.” The Joint Committee on Taxation has estimated that a one-year extension of all would cost $37 billion over the next decade. Witnesses will be:
Republican presidential hopeful Mitt Romney released his 2010 tax returns to the public, shedding some light on what puts him among America’s top income earners. This chart on CNNMoney has been making the rounds all week, showing tax breakdowns for Mitt Romney, Newt Gingrich and President Obama.
President Barack Obama spent a lot of time during his State of the Union speech last week talking about taxes – from Warren Buffett secretary’s high tax rate to a call to give tax breaks for manufacturers and promote ‘in-sourcing’ of U.S. jobs.
Mitt Romney’s presidential campaign acknowledged to Reuters and others that his campaign is revising his federal ethics forms. They will now report more than a half-dozen offshore holdings, including income from a multimillion-dollar Swiss bank account, that was not disclosed last year.
Market parties are jockeying ahead of a sale of the London Metal Exchange (LME), a deal that could radically alter the sway that banks and brokers hold over the world’s largest metals market.
Reuters Tax Columnist David Cay Johnston appeared on CNN earlier this week to discuss some of the interesting details in Mitt Romney’s tax returns.
Gene sequencing company Illumina unveiled a “poison pill” defense strategy against a hostile bid from Swiss drugmaker Roche, saying it would trigger a rights agreement if any party bought 15 percent of its stock. Roche is offering $5.7 billion in cash for Illumina.