tax breaks

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Oil Industry Executive Defend Profits, Tax Breaks on Capitol Hill
 Big Oil Defends Profits 
May 12, 2011 1:15 PM CDT

Big Oil Defends Profits

Industry executives say Congress shouldn't end tax breaks

(Newser) - Oil executives had to march up to Capitol Hill today amid $4 gas prices and huge profits to argue why their industry deserved to keep tax subsidies. In response to Democrats' criticism, the execs said ending their tax breaks would do nothing to bring down gas prices, hurt R&D,...

Texas Plan: Offer Tax Breaks on Expensive Yachts

Controversial measure already passed in committee

(Newser) - Good news for Texas millionaires debating whether to buy a fancy yacht: The state House of Representatives is considering a tax break for people like you. The measure, which was approved by the House Ways and Means Committee last week, would cap the maximum sales tax Texas could collect on...

'Gang of Six:' $3 in Cuts for Every $1 Raised

There's something for everyone to hate

(Newser) - The budget plan the bipartisan Gang of Six ultimately devises will include $3 of spending cuts for every dollar it raises in additional tax revenues, Mark Warner tells Bloomberg , promising cuts in health care, defense, agriculture, and other domestic programs, along with changes to Medicare, Medicaid, and Social Security. The...

Super Rich Tax Rate Plummets

 Super Rich's 
 Tax Rate Plummets 
Nearly half of US pays no tax
Apr 18, 2011 4:12 AM CDT

Super Rich's Tax Rate Plummets

Average rate for richies plunges to 17% from 26%

(Newser) - Some Tax Day trivia: The super rich are paying a far lower tax rate than they did 20 years ago, and nearly half of all US households—including both rich and poor—pay no taxes at all. People with the 400 highest adjusted gross incomes paid nearly $345 million in...

Stewart: No Taxes for GE? I Give Up

Worse, President Obama doesn't seem to care, he notes

(Newser) - The GOP often argues that "we're making it harder and harder for good, honest corporate citizens to create jobs here" thanks to a stiff corporate tax rate, Jon Stewart noted last night . "Can you blame a company like GE for not wanting to do business in America when...

GE 2010 Profits: $14.2B GE Tax Bill: $0

In fact, it earned a tax benefit of $3.2B

(Newser) - General Electric is America’s biggest firm, but it’s not paying a dime in US taxes this year—instead, it has claimed a $3.2 billion tax benefit, the New York Times reports. Though it made a $14.2 billion profit in 2010, $5.1 billion of which was...

Federal Taxes at Lowest Level Since 1950

But rates will increase in the coming years

(Newser) - Griping about high taxes? Not so fast: Federal tax bills are at historic lows this year, and for the third consecutive year, families and businesses will pay less than they did under George W Bush. The government’s take—as a share of the national economy—is its lowest since...

Noah's Ark Park Inches Closer to Getting Taxpayer Funding

Creationist attraction gets preliminary OK from Kentucky

(Newser) - “Ark Encounter,” the proposed creationist-themed amusement park where kids will be able to explore a 500-foot model of Noah’s Ark, moved a step closer to getting state funding this week, when the Kentucky Tourism Development Finance Authority approved up to $37 million in tax incentives. Those incentives,...

Sink the $40M Tax Break for Noah's Ark Park
Sink the $40M Tax Break
for Noah's Ark Park
OPINION
Dec 8, 2010 3:03 AM CST

Sink the $40M Tax Break for Noah's Ark Park

Much more exciting: A Scientology galactic park at taxpayer expense

(Newser) - Kentucky's plan to grant a $40 million tax break to a Noah's Ark theme park is roiling waters as far away as Los Angeles. The $150 million "Ark Encounter" park, featuring a three-story-high ship, is being conceived by a Christian ministry that believes humans co-existed with dinosaurs and that...

Warren Buffett: Rich Sons Not Coming Home in Body Bags

He continues crusade for higher taxes

(Newser) - Warren Buffett continued his plea that the rich be taxed more—but he went a bit further today than he did last week . “There's no sacrifice among the rich,” he told ABC’s This Week, according to Politico . “There's plenty of sacrifice going on now. I mean,...

Buffett: Rich Never Had It So Good

Make us pay, says billionaire

(Newser) - Pot-stirring billionaire Warren Buffett is complaining that the "rich never had it so good," and again demanded that politicians make the wealthy pay their fair share to the public coffers. "People at the high end—people like myself—should be paying a lot more in taxes,"...

GM Doesn't Have to Pay Taxes

Little-noticed ruling costs government $45.4 billion

(Newser) - General Motors won’t be government-owned for much longer, but it’s getting a parting gift from Uncle Sam: a $45.4 billion tax exemption that could leave it tax-free for years. GM will be able to shield its future profits using past losses using so-called “tax-loss carry-forwards,”...

Fed Handout Foe Carl Paladino Wants His $1.4M Tax Break Back

NY Tea Party candidate fights for government break

(Newser) - Remember Carl Paladino, racist-email sender and, perhaps, the next governor of New York ? The Buffalo businessman and anti-big government crusader is back in the spotlight, this time battling for a $1.4 million tax break for himself. One of Paladino's firms, J-P Group LLC., received the subsidy in 2002....

US Nonprofits Fund Israeli Settlements in West Bank

Obama administration simultaneously fights construction

(Newser) - When President Obama meets with Benjamin Netanyahu at the White House today, he’ll probably pressure the Israeli PM to stop illegal construction in the West Bank. But even as the administration fights those settlements, the US government is giving millions in tax breaks to groups that help build them,...

Senate Passes $18B Jobs Bill
 Senate Passes $18B Jobs Bill 
Mar 17, 2010 1:24 PM CDT

Senate Passes $18B Jobs Bill

Proponents hope measure will create 250K jobs

(Newser) - US companies that hire unemployed workers will get a temporary payroll tax holiday under a bill that easily won final congressional approval today. The 68-29 Senate vote sends the legislation to the White House, where President Obama has promised to sign it into law. Optimistic estimates predict the tax break...

House Passes $15B Jobs Bill

Measure offers tax breaks for making new hires

(Newser) - The House today passed a $15 billion jobs bill that gives tax breaks to companies that make new hires. The scaled-down measure passed 217-201 on a mostly party-line vote and now heads back to the Senate. The bill also includes $20 billion for road and bridge construction.

Senate Passes Jobs Bill 70-28
 Senate Passes Jobs Bill 70-28 
Tax Breaks for New Hires
Feb 24, 2010 10:16 AM CST

Senate Passes Jobs Bill 70-28

Bill to create 250K jobs wins bipartisan support

(Newser) - The Senate has passed a bill aimed at boosting job growth by giving tax breaks to businesses that hire the unemployed. Economists say the tax breaks could create perhaps 250,000 jobs. The jobs legislation would also extend highway and mass transit programs through the end of the year and...

House to Probe 'Outrageous' Citi Tax Break

Kucinich calls IRS ruling 'a farce'

(Newser) - Citigroup is receiving an "outrageous" $38 billion tax exemption because the government hasn't got a clue how to juggle its dual roles of shareholder and tax collector, Democratic Rep. Dennis Kucinich charged yesterday. He vowed that his domestic policy subcommittee of the House oversight committee will demand answers from...

Citi Wins Massive Tax Break
 Citi Wins Massive Tax Break 
UPDATED
Dec 16, 2009 5:45 AM CST

Citi Wins Massive Tax Break

Firm will use dodged fed taxes to repay fed bailout bucks

(Newser) - The government will be collecting billions of dollars less in taxes from Citigroup as part of Citigroup's deal to pay back federal bailout money. The IRS has granted an exemption from tax rules relating to Citigroup and other companies partially owned by the government. The future taxes being forfeited will...

Fido, Fetch My Tax Break!
Fido, Fetch
My Tax Break!
Oct 13, 2009 1:52 PM CDT

Fido, Fetch My Tax Break!

Longshot GOP bill wants to make pet expenses deductible to boost economy

(Newser) - A bill with appealing benefits for pet owners and advocates alike is crawling through Congress, though it’ll probably be put down without ceremony. The HAPPY Act proposes pet expenses be tax deductible up to $3,500 a year, as a way to stimulate the economy and, of course, encourage...

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