taxes

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Trump Tax Plan Cuts Top Tax Rate to 35%

It would also reduce number of brackets from 7 to 3

(Newser) - The White House on Wednesday began laying out President Trump's tax plan, which calls for sharp cuts for businesses and individuals. The administration says the cuts will spur economic growth and bring jobs and prosperity to America's middle class, though lawmakers were worried about ballooning federal deficits. Much...

Trump Plans Big Increase in Standard Tax Deduction

'Border adjustment tax' is history, sources say

(Newser) - Another detail of President Trump's tax overhaul plan has surfaced ahead of the expected Wednesday announcement, and it will be probably be a popular one: Sources tell the Washington Post that Trump plans a hefty increase in the standard deduction people can claim on their tax returns. White House...

Trump Pushes Huge Tax Cut, but There&#39;s One Big Problem
Trump Pushes Huge Tax Cut,
but There's One Big Problem
the rundown
Apr 25, 2017 10:35 AM CDT

Trump Pushes Huge Tax Cut, but There's One Big Problem

GOP lawmakers worried about the deficit may not play along

(Newser) - President Trump promises to outline his tax proposals on Wednesday, and the big headline in advance is that he wants to cut the corporate tax rate dramatically from 35% to 15% even if that raises the national debt. Here's a look at the ramifications, along with other aspects of...

Steve Ballmer's Secret $10M Site on Gov't Spending Debuts

Ex-Microsoft CEO has been compiling monster database for 3 years

(Newser) - Ask Steve Ballmer about the project he's been quietly working on since he retired as CEO of Microsoft , and he starts gushing with the "excitement of a child showing off a new toy," per the New York Times . That three-year project is USAFacts.org , a "first...

Americans Don't Seem to Know Much About Taxes They Pay

This year's deadline is Tuesday, April 18

(Newser) - The deadline to file federal taxes this year is Tuesday, April 18, and procrastinators have Abraham Lincoln to thank for the extra time, explains MarketWatch . Tax Day is normally April 15, but not so this year because it fell on a weekend. Typically, that would mean it gets pushed to...

House GOP Blocks New Effort to Obtain Trump's Taxes

Democrats' 3rd, 4th attempts were voted down

(Newser) - House Republicans on Tuesday blocked more attempts by Democrats to obtain President Trump's tax returns from the IRS. House Democrats tried for a third and a fourth time to use procedural votes to pry loose Trump's returns. Republicans blocked both efforts, one on the House floor and the...

Arizona Student's Post About Her Taxes Goes Viral

Belen Sisa, an undocumented immigrant, was trying to make a point

(Newser) - An Arizona State University junior found herself in the crosshairs of internet commenters over the weekend after posting a photo of herself holding her tax return to Facebook. AZCentral reports that Belen Sisa, an undocumented immigrant who came to the US with her parents from Argentina at age 6 and...

Leaked Trump Tax Return Reveals $38M Bill

2005 document was leaked to Rachel Maddow

(Newser) - It was probably only a matter of time: Part of one of the tax returns that President Trump has refused to release has been leaked, revealing that he paid millions of dollars under a tax law he plans to abolish. The two pages from the 2005 return were unveiled by...

FBI Honored Program, Didn't Realize Pot Sales Funded It

Agency was apparently unaware of group's funding

(Newser) - The Denver FBI honored a youth dropout prevention group Thursday, apparently without realizing it's partially funded with taxes from the marijuana industry. The US Justice Department, the FBI's parent agency, considers the voter-approved marijuana industry operating in Colorado and other states illegal, and Attorney General Jeff Sessions has...

House GOP Votes Against Getting Trump's Tax Returns

Democrats were outvoted 23-15

(Newser) - House Republicans on Tuesday blocked an attempt by Democrats to use an obscure law to obtain President Trump's tax returns from the IRS, the AP reports. Democrats on the House Ways and Means Committee tried to frame the issue as a matter of national security. They questioned whether Trump...

Proposed Bill May Give Coffee Lovers the Jitters

Gasp: Oregon is weighing a coffee tax

(Newser) - Nearly 250 years after the Boston Tea Party , we could have a Salem Coffee Party on our hands. The Oregon Legislature is weighing a tax of 5 cents per pound on wholesale coffee, including coffee beans and ground coffee. KOIN reports that no revenue projection was given in House Bill...

GM Doesn't Take Trump's Tweet Sitting Down

Trump threatened to slap tax on automaker for importing Cruzes

(Newser) - After swinging at China Tuesday morning on Twitter, President-elect Donald Trump set his sights on this continent, tweeting , "General Motors is sending Mexican made model of Chevy Cruze to U.S. car dealers-tax free across border. Make in U.S.A.or pay big border tax!" Politico reports...

First Friction Emerges Between Trump, House Republicans

They want him to focus on tax reform

(Newser) - Donald Trump isn't going to have a honeymoon period with House Republicans, if the frosty response to his call for a 35% tariff on companies leaving the US is anything to go by. House Majority Leader Kevin McCarthy was among those pushing back against the policies Trump called for...

Trump 'Used Dubious Loophole to Avoid Tax'

'NYT' says Trump's own lawyers warned him about it

(Newser) - Donald Trump didn't merely use loopholes to avoid tens of millions of dollars in federal taxes—he stretched them beyond recognition when he was strapped for cash in the early 1990s, tax experts tell the New York Times , which says it has uncovered some dubious dealings amid paperwork from...

Buffett to Trump: You're Wrong About My Taxes

'I have paid federal income tax every year since 1944, when I was 13'

(Newser) - Donald Trump defended his avoidance of taxes during Sunday night's debate and said that many of Hillary Clinton's big donors—including Warren Buffett—used the same technique. On Monday, however, Buffett fired back that Trump doesn't know what he's talking about. "I have paid federal...

There Was No Chicanery in Trump&#39;s Taxes
There Was
No Chicanery
in Trump's Taxes
Opinion
Oct 4, 2016 6:26 PM CDT

There Was No Chicanery in Trump's Taxes

Opinion: Trump's massive loss far exceeded his tax benefits

(Newser) - If you have a bad year financially, you should see some of your tax burden lifted. That's just good tax policy, argues Megan McArdle at Bloomberg . But very few of us will ever have a year as bad as Donald Trump's year in 1995 , when leaked tax records...

Trump Responds to NYT Tax Allegations

Candidate claims his use of tax laws to protect his wealth in a tough economic environment was a smart play

(Newser) - At a rally in Colorado Monday, Donald Trump responded to the New York Times story alleging that he took advantage of the tax code to possibly avoid paying taxes for as many as 18 years. While not confirming or denying the veracity of the leaked tax returns—he called them...

The Genius Way People Are Paying Nelly's $2.6M Tax Bill

By streaming 'Hot in Herre' and other Nelly hits about 287.2M times

(Newser) - Cornell Iral Haynes Jr. is in trouble with the taxman, but you may be able to help. You also might be more inclined to lend a hand if you recognize Mr. Haynes by his stage name, Nelly, and realize that it would take just a few minutes on Spotify to...

Apple CEO on EU's $14.5B Tax Bill: 'Maddening'

EU's countries starting to speak out, and they're not agreeing with Cook

(Newser) - To the European Union, a $14.5 billion bill for back taxes it handed Apple Tuesday is a valid request for recompense. To Apple CEO Tim Cook, it's "maddening" and nothing more than "total political crap"—and Washington seems inclined to agree, with US Treasury Secretary...

Phelps Will Owe $55K in Taxes on Rio Medals

IRS wants its cut

(Newser) - Michael Phelps is taking home five golds and one silver from the Rio Games, along with a hefty tax bill. The US Olympic Committee awards $25,000 for each gold medal, $15,000 for silver, and $10,000 for bronze—and the IRS then takes its cut. Depending on their...

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