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Obama Says GOP ‘Fever’ on Taxes May Break in a Second Term

Obama Says GOP ‘Fever’ on Taxes May Break in a Second Term

Richard Ellis/Getty Images(MINNEAPOLIS) — President Obama said Friday that if he wins a second term the GOP “fever” of opposition to tax hikes for deficit reduction may break.He said the Republican Party would, in effect, be forced to embr…

How Did 21,000 Wealthy Americans Avoid Paying Income Tax?

How Did 21,000 Wealthy Americans Avoid Paying Income Tax?

Ryan McVay/Thinkstock(NEW YORK) — The richest woman in Wisconsin, Diane Hendricks, is worth an estimated $2.8 billion, but she did not pay a dime in state income tax in 2010, the Milwaukee Journal-Sentinel first reported.Because of a change in how her…

Tax Brawl Brewing on Capitol Hill

Tax Brawl Brewing on Capitol Hill

iStockPhoto/Thinkstock(WASHINGTON) — The reality of “Taxmageddon” — a heavy load of tax code provisions expiring at the end of the year — is that lawmakers probably won’t come together on a comprehensive agreement until after the e…

Italy Cracking Down on Tax Evaders, Targeting People by Their Cars

Italy Cracking Down on Tax Evaders, Targeting People by Their Cars

iStockphoto/Thinkstock(NEW YORK) — Across Italy, police are cracking down on tax evaders, and are able to find them by the car they drive. Drivers of Lamborghinis and Ferraris are being pulled over and are asked for their licenses, registrations and t…

Senators to Unveil ‘Ex-Patriot Act’ in Response to Tax ‘Scheme’

Senators to Unveil ‘Ex-Patriot Act’ in Response to Tax ‘Scheme’

Win McNamee/Getty Images(WASHINGTON) — Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.In Septembe…

Apple Uses Legal Strategies to Avoid Paying Millions in Taxes

Apple Uses Legal Strategies to Avoid Paying Millions in Taxes

Photo by Kevork Djansezian/Getty Images(NEW YORK) — Apple, the most lucrative technology company in the world, has used legal strategies to avoid paying millions of dollars in taxes in California and 20 other states, The New York Times reports. Althou…

House Passes Small Business Tax Cut

House Passes Small Business Tax Cut

iStockphoto/Thinkstock(WASHINGTON) — The House of Representatives voted Thursday to pass a $46 billion small business tax cut that Republicans hope will lead to economic growth by enabling entrepreneurs to deduct 20 percent of their income. Democrats …

Tax Return Theft: How to Safeguard Your Refund

Tax Return Theft: How to Safeguard Your Refund

iStockphoto/Thinkstock(NEW YORK) — It is a day dreaded by most Americans, the day taxes are due, but for hundreds of thousands of taxpayers it’s just the beginning of a nightmare where they discover Social Security numbers have been stolen and f…

IRS Tax Day 2012: A Lonelier Post Office

IRS Tax Day 2012: A Lonelier Post Office

Where did all the people go? This post office in NYC used to be packed with last minute filers on tax day. Not so much any more. ABC News(NEW YORK) — For the United States Postal Service, tax deadline day is hardly as fun as it used to be.“In …

Romney on Tax Day: File Your Taxes…Or Your Extension

Romney on Tax Day: File Your Taxes…Or Your Extension

Ryan McVay/Thinkstock(PITTSBURGH) — Sitting down with eight families Tuesday at a picnic table filled with pitchers of lemonade and bowls of potato chips, Mitt Romney offered advice this Tax Day: “File your taxes or your extension.”“…

Michigan Lotto Winner Arrested for Welfare Fraud

Michigan Lotto Winner Arrested for Welfare Fraud

ABC News(LANSING, Mich.) — Amanda Clayton, who admitted to receiving public food assistance after winning $1 million in the state lotto, was arrested Monday evening in Michigan on two felony counts of welfare fraud. Clayton, of Lincoln Park, Mich.,…

Tax Day: Still Haven’t Filed Your Returns? Opt for an Extension

Tax Day: Still Haven’t Filed Your Returns? Opt for an Extension

iStockphoto/Thinkstock(NEW YORK) — Are you freaking out because you haven’t filed your taxes yet?Relax, says New York tax accountant Janice Hayman.  “Do yourself a favor and file the extension and then you can file your return once yo…

Buffett Rule Fails in Senate Test Vote

Buffett Rule Fails in Senate Test Vote

Architect of the Capitol(WASHINGTON) — As expected, the Buffett rule failed to move forward after a test vote in the Senate Monday. The vote was 51-45, with one Democrat voting against the rule (Sen. Mark Pryor, D-Ark.) and one Republican voting for t…

Seven Tax Deductions That Set Off Alarms

Seven Tax Deductions That Set Off Alarms

Comstock/Thinkstock(NEW YORK) — With only one day before the Internal Revenue Service’s April 17 deadline, here’s a look at a range of common and uncommon tax loopholes that, depending on your career, border on gray to you, but to auditors can come ac…

Obama’s Secretary Paid Higher Tax Rate Than He Did

Obama’s Secretary Paid Higher Tax Rate Than He Did

Ryan McVay/Thinkstock(WASHINGTON) — President Obama on Friday released his 2011 federal income tax, with he and his wife reporting an adjusted gross income of $789,674. The Obamas paid $162,074 in total tax – an effective federal income tax rate…

Obama’s Secretary Paid Higher Tax Rate Than He Did

Obama’s Secretary Paid Higher Tax Rate Than He Did

Ryan McVay/Thinkstock(WASHINGTON) — President Obama on Friday released his 2011 federal income tax, with he and his wife reporting an adjusted gross income of $789,674. The Obamas paid $162,074 in total tax – an effective federal income tax rate…

Artist Cuts Up Cash for Tax Deduction

Artist Cuts Up Cash for Tax Deduction

Chad Person(LOS ANGELES) — When it comes to paying federal taxes, artist Chad Person takes penny pinching to a whole new level.The California-based designer is cutting up dollar bills — actual, paper dollars — to create collages of military weaponry…

Report: Lionel Richie Owes Money to the IRS

Report: Lionel Richie Owes Money to the IRS

ABC/Rick Powell(LOS ANGELES) — With a new hit record and a net worth said to be in the hundreds of millions, Lionel Richie probably won’t be staying up all night long about an unpaid tax bill of just over a million bucks.TMZ reports the IRS has filed …

Biden Unloads on Romney’s Tax Plan, Personal Wealth

Biden Unloads on Romney’s Tax Plan, Personal Wealth

Joe Raedle/Getty Images(EXETER, N.H.) — Vice President Joe Biden unloaded on Mitt Romney in New Hampshire Thursday, accusing him of trying to “sucker” voters into believing that tax cuts for the rich would spur economic growth and slamming…

26 US Companies Not Paying Federal Income Tax, Report Finds

26 US Companies Not Paying Federal Income Tax, Report Finds

SEBASTIEN BOZON/AFP/Getty Images(WASHINGTON) — In November, the liberal lobbying group Citizens for Tax Justice stirred controversy with a report citing 280 so-called corporate tax-dodgers, highlighting companies they said were paying under the 35 per…

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