Wealthy socialite and Grammy-nominated songwriter Denise Rich has renounced her U.S. citizenship and resides in London, her spokeswoman Judy Smith said Tuesday.
Tuesday is tax day, and the only thing more frustrating than paying taxes is Washington's refusal to fix the tax code.
Last week we learned that Barack and Michelle Obama's effective tax rate for 2011 was 20.5%. They had adjusted gross income of $789,674. We also learned that their tax rate was slightly lower than President Obama's secretary, who had about $95,000 of income.
It turns out that Richard Nixon was a hippie.
The Buffett Rule makes for great stump speeches in an election year. But as tax policy it leaves much to be desired.
After more than a year in the making, the Obama administration on Wednesday released its plan to overhaul the corporate tax code.
President Obama this week defined what he believes should be the minimum "fair share" for millionaires and billionaires to pay in taxes. His answer: At least 30% of their income.
Every Republican presidential hopeful has a plan to cut taxes.
The debate in Congress this week about whether to pay for extending the payroll tax cut by imposing a new tax on millionaires will have nothing to do with solving our nation's economic challenges and everything to do with election-year politics. Senate Democratic leaders have already signaled they will use the debate as a purely partisan exercise designed to embarrass Republicans into opposing tax cuts for the poor while defending tax cuts for the rich.
No one ever said tax reform would be easy. But the failure of the super committee points up just how hard it will be in the next year.
It's been a big bone of contention from Day 1 on the congressional debt committee. Will Republicans accept any kind of revenue dedicated to debt reduction, and if so what kind and how much?
The corporate tax rate is 35%. But an examination of 280 of the nation's largest corporations suggests that many aren't paying anything close to that.
Rick Perry has said he wants to scrap the tax code and make taxes simpler.
Rick Perry is calling for a flat tax to stop his campaign from flatlining. But it might be just what he needs to revive his presidential ambitions. Because a flat tax is not just a big idea; it could prove to be both good politics and good policy.
For many in Washington, it's an article of faith: Tax reform = economic growth.
Everyone agrees -- fixing the tax code is imperative.
Legislators finally approved an eleventh-hour plan to raise the debt ceiling on Tuesday, but one part of the debate was left out of the final draft -- tax reform.
Another influential Republican senator on Sunday backed increasing tax revenue as part of a deficit reduction deal, going against a fundamental stance of fiscal conservatives.
Are you afraid of an audit? Well, just be glad you aren't running a giant oil company.
For years, President Obama has been clear about his preferred tax policy: Tax the rich more and protect households that make less than $250,000 from higher taxes.
The Obama administration has been talking about corporate tax reform a lot lately. And so it was on Friday -- but not through prepared bullet points.
What do your 2010 online holiday shopping purchases have to do with the budget gaps many states are struggling to fill right now? In the eyes of some state and federal legislators, the sales tax that is not being collected by many online merchants is revenue that could help stem the bleeding of state treasuries.
First lady Michelle Obama found herself at the center of an unlikely breast-feeding debate this week when three prominent conservative women criticized her for encouraging the creation of a "nanny state."
CNN's John King holds a discussion on the IRS decision that breast-feeding is a medical expense.
There's the sweet deal for companies that make Puerto Rican rum. Or the tax break intended to promote U.S. manufacturing but that's so broad it can include the making of hamburgers.
April 15 could be a lot easier for most American taxpayers if economists get their way.
Want to lower your tax rates, help the economy and make April 15 less of a chore? Tax reform is probably the way to go.
So much to love. So much to hate.
A former Chicago, Illinois, attorney has admitted that he helped create, push and hide fraudulent tax shelters that ended up costing the federal government billions of dollars in tax revenue, the U.S. attorney for the Southern District of New York said.
Most policymakers in Washington agree the economy needs help.
President Obama's tax reform task force will deliver its long-overdue report on Friday offering a list of ways to improve the federal tax code.
The British government Tuesday created the Office for Tax Simplification, designed to cut through the 11,000 pages that currently make up the country's tax code.
Tax reform. For years, economists, tax experts and lawmakers have pushed for it, to no avail.
President Obama has now added tax reform to his to-do list.
The Internal Revenue Service should take steps to ease the burden on taxpayers hit by the recession, according to National Taxpayer Advocate Nina Olson.
Delayed tax returns and late tax code changes are among the most serious problems facing taxpayers today, according to taxpayer advocate Nina Olson in an annual report to Congress Wednesday.
No one actually expects lawmakers to overhaul the tax code this year, but House Ways and Means Chairman Charles Rangel (D-NY) planted his flag Thursday morning by unveiling a bill that he calls the "mother of all tax reforms."
Sen. Barack Obama unveils a new tax plan that includes $80 billion in tax cuts and expedited filing of returns.
Take your tax breaks and mind-boggling incentives - give us a low rate.
At first glance, private equity and venture capital are kissing cousins - same partnership structure, same investment pool, same pedigreed MBAs. But ever since the Senate Finance Committee this spr...
Under the Alternative Minimum Tax (AMT), you're not allowed to take a lot of the income tax breaks you might otherwise enjoy under the regular income tax code. But there is one that's preserved: The reduced 15 percent rate on capital gains and dividends.
Prosecutors in the KPMG tax fraud case suffered another blow as a 2004 document from the IRS showed that KPMG may not have been required to register certain questionable tax shelters with the agency, The New York Times reports.
The IRS has a surprising new enemy in the battle against abusive tax shelters: the U.S. Patent and Trademark Office. In recent years the Patent Office has begun granting patents to people who claim...
The Internal Revenue Service has a surprising new enemy in the battle against abusive tax shelters: The United States Patent and Trademark Office.
Republican Sen. Charles Grassley of Iowa is hoping to stamp out the sex trade by taxing pimps and prostitutes, then jailing them when they don't pay.
NEW YORK (CNNMoney.com) - Permanent repeal of the estate tax this year is looking highly unlikely given that the Senate defeated a motion to consider the legislation last week. But the chances for compromise weren't snuffed out, and estate tax reform legislation may still see the light of day.
President Bush on Wednesday afternoon signed into law another landmark piece of tax legislation.
Around this time of year, Sen. Ron Wyden wants you to go skiing with your kids, read a novel, plant a garden--anything but do taxes. The Oregon Democrat has dreamed up a tax code so simple it shrin...
(FORTUNE Small Business) - Imagine for a moment that your local police set out to trap a few wily burglars but wound up clumsily ensnaring you and others -- the town's shopkeepers, factory owners, ...
Charles Rossotti ran the Internal Revenue Service from 1997 through 2002. His recent book, Many Unhappy Returns, chronicles his experiences collecting your money, and this year he sat on a presiden...
Remember "political capital"? A year ago, George W. Bush had a hugely ambitious economic agenda. He'd already won deep tax cuts. Now he promised to fix the Social Security system once and for all a...
Charles Rossotti ran the Internal Revenue Service from 1997 through 2002.
NEW YORK (CNN/Money) - It's understandable if you have your hackles up about recent proposals to nix the federal deduction for state and local taxes and to downsize the mortgage-interest tax break.
NEW YORK (CNN/Money) - Charged with proposing ways to make the federal tax code simpler, fairer and more growth-oriented, President Bush's bipartisan tax advisory panel put forth a Simplified Income Tax Plan with many changes that could alter individuals' tax bills.
NEW YORK (CNN/Money) - There's been ample criticism of President Bush's bipartisan tax-reform panel for the recommendation that lawmakers downsize the mortgage tax break for homeowners.
The president's tax-reform advisory panel submitted two final proposals Tuesday morning to the Treasury Department, both of which offer significant changes to the tax breaks people have come to expect -- as well as to the complexity and costs of filing that many have come to detest.
NEW YORK (CNN/Money) - The Presidential Tax Reform Panel agreed on Tuesday to recommend two plans that would reform the U.S. federal tax code, according to published reports.
If you don't care much for talk radio, or you don't live in the South, the name Neal Boortz might not ring a bell. But pay attention: Around 4 million people nationwide catch his radio show. It's N...
The heyday for tax shelters may be coming to an end as the government widens its investigation into tax shelter fraud that costs taxpayers billions of dollars.
In a case described as the largest tax-evasion scheme in U.S. history, eight former executives of major accounting firm KPMG were charged Monday with conspiracy in a scheme to sell fraudulent tax shelters that shorted the IRS at least $2.5 billion, the Justice Department announced Monday.
In a case described as the largest tax evasion scheme in U.S. history, eight former executives of the major accounting firm KPMG were charged Monday with conspiracy in a scheme to sell fraudulent tax shelters that shorted the IRS at least $2.5 billion dollars, the Justice Department announced Monday.
KPMG may avoid criminal charges in a probe of its roles in questionable tax shelters, but the leading accounting firm could be faced with hundreds of millions in fines, according to a published report.
There's no end to the analogies used to describe just how broken the federal tax system is. It's been likened it to an overbuilt house that's crumbling, a floor littered with too much garbage, and a blackboard with no space left to write.
Two months isn't a long time, but President Bush's decision to delay tax reform until the fall, at the earliest, may be a sign that his second-term economic agenda is in trouble.
In a move intended to keep the focus on Social Security and other pressing legislative issues, President Bush has extended until the end of September a deadline for a panel to submit recommendations for reforming the federal income tax code.
For the first time in a decade, the House committee that plays a key role in crafting the nation's tax laws delved into the politically charged question of radical income tax reform.
Even as Congress remained riven over judicial nominations, legislators on Monday took up another impassioned issue and one that seems like a political no-brainer: tax reform for the middle class.
Finished with taxes and feeling the urge to vent?
PRESIDENT BUSH HAS PROPOSED reforming both the Social Security system and the tax code over the next two years. His strategy is to deal with each issue separately--Social Security first, followed b...
A bipartisan presidential panel gets to work Wednesday on the colossal task of finding ways to make April 15 a kinder, gentler day for federal income taxpayers.
President Bush in his budget for fiscal 2006 renewed his pledge to make permanent the massive tax cuts of his first term -- but a large and growing number of Americans aren't cheering.
A senior government official charged with representing taxpayer interests came out in favor Tuesday of a tax overhaul -- one of the President Bush's top legislative goals heading into his second term.
President Bush has two big ideas about your tax bill.
Vice President Dick Cheney kicked off a White House conference on the economy Wednesday by saying it plans to take a close look at topics such as lawsuit abuse, affordable health care, the future of Social Security and the federal tax code.
PRESIDENT BUSH HAS PUSHED THROUGH SOME DELIGHTFUL changes in the tax code over the past four years: lower income tax rates, rebates, and increased business depreciation allowances, to name a few. I...
Outlining his agenda for the next four years, President Bush said reforming the tax system is one of the main goals of his second term. But by offering few details, Bush has raised speculation that his administration might be considering radical changes, such as replacing the current progressive system with a flat tax on income or a national sales tax.
"... if I am President, we're going to scour that tax code and make it simple and fair once and for all." -- John Kerry, September 2003
It's too early to gas up Air Force One for Sen. John Kerry or pick out drapes for the Naval Observatory for Sen. John Edwards, but it's not too early to think about how the Democratic party's likely nominees for president and vice president would manage the world's largest economy.
Pledging to create 10 million new jobs in four years, presumptive Democratic Party presidential nominee Sen. John Kerry on Friday will begin to roll out his economic plan for the country in a series of three speeches, his campaign said.
This year it may pay to procrastinate on your tax returns.
There will probably come a time in the next few weeks when you'll look at your paycheck, notice that the take-home dollar amount is a little bit higher and the "federal withholding" amount is a lit...
The economy is sputtering. A Republican President vows to cut taxes to get it moving again. Critics say the proposed cuts will leave the rich richer, federal deficits bigger, and the economy worse ...
On a snowy Friday in February, dozens of men and women shuffled through Arthur Andersen's spacious Midtown Manhattan office. The place hadn't seen this much activity in months. But it wasn't a sign...
Treasury Secretary Paul O'Neill has a knack for colorful, sometimes hyperbolic phrasemaking. But when he called the tax code an "abomination" recently, he wasn't mouthing off. The Treasury Departme...
Perhaps the most overlooked winners under last year's tax reform are small business owners. Consider 45-year-old attorney Michael Marsalese, a sole practitioner in Bloomfield Hills, Mich. For the p...
It's no small thing to face down a 1040 and a blizzard of documents, from canceled checks and restaurant receipts to 1099 dividend slips. And just when you think you've nailed down a strategy, the ...
Every December you hear the same message: It's time to get your financial house in order, to start thinking about taxes, to start selling investments (or conversely to not even think about selling ...
We understand if the only plans you want to make now revolve around reunions with friends and family at the holidays. But there's another date that you should be preparing for: April 15, 2002. If y...
By now you've likely been flooded with news about the $1.35 trillion tax cut signed into law on June 7, the deepest in two decades. The 2001 tax reform slashes rates, does away with the estate tax ...
Over the years Americans have taken a variety of tacks--dipping, dodging, hedging, and kvetching--when it comes to taxes. But there's one thing we all have in common: Everyone hates them. Hey, isn'...
From outside the Beltway, the nation's capital looks like a maze run by hobbits who speak a strange language and indulge in strange rituals. What's scary is how much power they have to help or hind...
Not all tax mistakes are created equal. There are, for example, the kind that drive the IRS crazy. The revenuers say that nearly eight million 1998 tax returns contained at least one error, some of...
As year-end rituals go, tax planning doesn't rank with uncorking the New Year's Eve champagne. But since most of the new breaks from the 1997 tax law just became available this year, you may have s...
House Republican leaders have backed off their grandiose plan for a $700 billion tax cut. But lawmakers in both parties are hitting the campaign trail with vows to remedy the so-called marriage pen...
Next to beating earnings estimates, nothing arouses feelings of self-worth in a chief financial officer more than cutting costs. All the better if those costs are taxes. Better still if the way it'...
First the bad news: The hours are ticking away, and there's little you can do to lower your April 15 bill. Now the good news: The 1997 Tax Act is chock full of tax breaks for the new year--and it's...
January's "Why Middle-Class Kids Are Losing Out" prompted several readers to question our story's emphasis on what we as a nation are, or aren't, investing in day care and early childhood education...
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