taxes

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NY Guv Seeks 'Obesity Tax' on Soft Drinks

Tax on 'liquid candy' would raise $404M

(Newser) - New Yorkers with a hankering for the “Real Thing” may be paying 15% extra if lawmakers pass Gov. David Paterson's proposal to add an “obesity tax” on non-diet soda, reports the New York Daily News. The state’s doctors said the move—which could raise $404 million—would...

As US Cracks Swiss Secrets, UBS Clients Cop to IRS

Tax evaders taking agency's amnesty deal rather than risk being caught

(Newser) - The IRS is getting an unexpected boon from a Justice Department probe of Swiss bank UBS: Some of its wealthy US clients are owning up to offshore accounts to take advantage of the agency’s amnesty offer, the Wall Street Journal reports—a blow to the secrecy that has made...

Hike Booze Tax to Save Lives: Study

Alaskan fatalities from alcohol-related diseases plunged when levy was raised

(Newser) - Higher liquor taxes may reduce deaths related to alcohol consumption, the Chicago Tribune reports. A new study examined Alaska’s alcohol tax rates over a 30-year period in conjunction with deaths from alcohol-related diseases such as cirrhosis of the liver. When taxes were raised, such deaths decreased by as much...

Paulson Slipped Banks Quiet $140B Tax Break

Reversal of 20-year-old tax law allows banks to shelter profits

(Newser) - While Congress and the nation were busy debating the $700 billion bailout package in late September, Treasury issued a five-sentence notice that could reap banks up to $140 billion in tax breaks, the Washington Post reports. The provision reverses an obscure policy written into law more than 20 years ago...

Bloomberg Calls For Plastic Bag Fee in NYC

6¢ charge pleases greenies, would help city's fiscal problems

(Newser) - After an ad campaign urging New Yorkers to use greener alternatives to plastic shopping bags, Mayor Michael Bloomberg wants to impose a 6¢-per-bag charge, the Times reports. While environmentalists approve, and the city’s coffers stand to gain, many think the measure will be unpopular with shoppers, and critics...

Obama Pushes Don't-Let-Up 'Closing Argument'

'We are one week away from changing America,' Dem says in Ohio

(Newser) - Barack Obama warned voters today against acting as if he’s already won the election, urging them not to “let up for one day, one minute, or one second in this last week,” CNN reports. Speaking in Canton, Ohio, Obama charged that 4 more years of “Bush-McCain”...

Who Are You Calling a Socialist?
Who Are You Calling a Socialist?
Oct 19, 2008 9:21 AM CDT

Who Are You Calling a Socialist?

McCain: Obama's tax cut plan is 'welfare'; Dem: Mac 'out of touch'

(Newser) - Values and socialism dominated the sharp rhetoric on the campaign trail yesterday, as the presidential candidates exchanged fire over Barack Obama’s plan for middle-class tax cuts, Politico reports. At rallies in North Carolina and Virginia, two traditionally red states where Obama has made inroads, John McCain accused him of...

Time Is Ripe to Pass Cash to Heirs
Time Is
Ripe to Pass
Cash to Heirs 
Your money
Oct 18, 2008 12:05 PM CDT

Time Is Ripe to Pass Cash to Heirs

Struggling market can help you avoid paying estate tax

(Newser) - Sinking stocks offer a window of opportunity when it comes to passing your money on to heirs without incurring huge taxes, Anne Tergesen writes in the Wall Street Journal. Transferring struggling assets to the next generation can mean a big payoff for the heirs when conditions improve—without the estate...

Poll: Obama 53%, McCain 43%

McCain too busy with attack ads; losing support among base

(Newser) - Barack Obama continues to rise in the polls just as John McCain falls, with the latest numbers giving the Democrat a 10-point lead over his opponent, reports the Washington Post. Voters also gave Obama a clear lead on taxes and leadership for the first time in the election. McCain, meanwhile,...

When Did Patriots Stop Paying Taxes?
When Did Patriots Stop Paying Taxes?
OPINION
Oct 8, 2008 12:14 PM CDT

When Did Patriots Stop Paying Taxes?

Palin dead wrong; now is time for US taxpayer to step up: Friedman

(Newser) - Sarah Palin is really asking for it, writes Thomas Friedman in the New York Times, when she blithely criticizes paying taxes as unpatriotic—especially when Uncle Sam needs the cash to pay for wars and a bailout that she supports. Does Palin "think borrowing money from China is more...

Main Street Skeptics Slam Bailout Scheme

Many doubt their tax dollars should cover Wall Street's 'greed'

(Newser) - While Wall Street stands to gain in the federal bailout, many on Main Street are deeply skeptical, the Washington Post finds in a heavily foreclosed-upon Virginia community. “I've been financially responsible with my own money. Why should I now be responsible for the fact that you were not?” wonders...

IRS Loosens Deadlines For Taxpayers Pummeled by Ike

Fall dates for filing and tax payments pushed back to Jan. in Texas, La.

(Newser) - Taxpayers in Texas counties and Louisiana parishes hit by Hurricane Ike will get until Jan. 5 to take care of tax filings and payments due this fall, the Internal Revenue Service said today. The IRS said the deadline extensions apply to 29 Texas counties and 14 Louisiana parishes declared presidential...

France's 'Picnic Tax' Making Foes Antsy

'Green' levy aims to cut down on use of plastic forks, paper plates

(Newser) - A picnic tax? “We are doing it,” France’s environment minister said today, apparently unabashed at such a villainous plan. Actually, the levy isn’t as dastardly as it sounds—it’s actually a tax on the plastic and paper plates and utensils commonly used in picnics, the...

Calif. Budget Deal Pays '08 Debt With '09 Taxes

Plan would borrow against next year's taxes to pay state debts

(Newser) - California lawmakers have finally come to an agreement on the new state budget, ending a stalemate in which Republicans refused to add new taxes and Democrats fought against cutting funding for education and health care. The compromise sees the state using next year's money to pay off its current debts,...

'Language Barrier', Not Tax Evasion: Rangel

Powerful congressman sorry for screw-up

(Newser) - Rep. Charles Rangel blamed his failure to pay taxes on his rental income from a Caribbean villa to “cultural and language barriers,” reports the New York Times. “Every time I thought I was getting somewhere, they’d start speaking Spanish,” Rangel said of his attempts to...

Rangel Denied Chance to Speak in Denver

Clinton ally sees it as snub

(Newser) - Charles Rangel won’t be speaking at the Democratic National Convention, Politico reports. Representatives made a pitch for an address by the House Ways and Means Chairman, but the Obama campaign told them that Rangel’s early support for Hillary Clinton had given him low priority—even though the congressman...

McCain Policies Oddly Short on Specifics
McCain Policies Oddly Short
on Specifics
analysis
Aug 1, 2008 12:07 PM CDT

McCain Policies Oddly Short on Specifics

Candidate offers relatively few details on domestic plans

(Newser) - John McCain’s policy cupboards are unusually bare for a presidential candidate, while his rival’s are unusually well stocked, Politico reports. McCain, for example, describes Social Security as "an absolute disgrace" but offers scant details for reforming it. "He has not offered very much in specifics that...

Obama Will Plunge US Into Recession
Obama Will Plunge US Into Recession
OPINION
Jul 29, 2008 10:15 AM CDT

Obama Will Plunge US Into Recession

Dem's plans would spell disaster, says wonk for first Bush

(Newser) - Barack Obama’s campaign promises on the economy—particularly on taxes and trade—would be a disaster for Americans at all income levels, an adviser to the first President Bush writes in the Wall Street Journal. On “tax, spending, energy, regulatory, and trade policy, if the proposals espoused by...

UBS: No More Swiss Cheese for US Clients

Bank under scrutiny for aiding tax evasion apologizes, shuts door

(Newser) - A UBS executive told a Senate probe today the bank will no longer host accounts for US clients, the Wall Street Journal reports. The Swiss bank is under investigation by the IRS for marketing tax-evasion strategies involving its offshore accounts to wealthy Americans. The Senate panel estimates that the US...

New US Tax Law Looks Heartless to Foreign Workers

Would-be tax evaders will pay, but so will wealthy green-card holders

(Newser) - A new tax law set up to help troops and veterans, offset by taxing wealthy Americans who give up citizenship to beat the IRS, hits some others in the wallet, Portfolio reports. Long-term, legal foreign workers who return home will see unrealized capital gains taxed—potentially damaging the perception of...

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