Los Angeles (CNN) - Ramping up his populist economic message as midterm elections near, President Barack Obama on Thursday singled out large companies that maneuver through legal loopholes to avoid paying U.S. taxes as “corporate deserters.”
Those firms have effectively renounced any allegiance to their home country, Obama claimed during remarks at a community college here.
(CNN) - It is a rare, strange day when Senate Republicans vote to block billions in tax cuts. But that's what happened Thursday when they chose to freeze a massive tax credit package in order to protest how Democrats are running the chamber.
By a vote of 53-40, the EXPIRE Act, which would extend $85 billion in tax credits, failed to get the 60 votes needed to overcome a filibuster.
Washington (CNN) – In Washington, Republican Rep. Todd Young helps write the nation’s tax laws, but back home in Indiana he violated state tax law, claiming a property tax deduction for a house he didn’t live in.
In 2012, Young, a member of the tax-writing House Ways and Means Committee, claimed a house in Bloomington was his primary residence and deducted more than $200,000 from his property taxes - saving himself almost $5,000. Turns out, Young was renting the property, not living in it, according to documents obtained by CNN.
Washington (CNN) – Republicans want to cut the deficit. And Republicans want to cut taxes. Tuesday, those two sweeping goals collided as a GOP-controlled House committee voted to advance hundreds of billions in tax cuts at the cost of adding those billions to the deficit.
The House Ways and Means Committee voted almost entirely along party lines to make six tax breaks permanent at a cost of $310 billion over the next 10 years.
(CNN) – The Republican National Committee announced Tuesday, the day Americans file their taxes, it's suing the Internal Revenue Service over withholding records involved in the agency's targeting of conservative and other groups.
House Oversight Committee Chairman Darrell Issa (R-California) has spent nearly a year investigating why the agency used conservative political terms like "Tea Party" and "patriot" to flag some applications for tax-exempt status.
(CNN) – Just under half of all Americans (49%) believe the middle class pays too much in taxes, according to a new Gallup survey released Tuesday, the deadline for income earners to file their tax returns.
That level is up from 42% last year and marks the highest number since 1999, when 59% felt the middle class was dishing out more cash to the government than needed.
New York (CNNMoney) – Your tax preparation software may tell you how much you owe in federal income taxes for 2013, but it won't tell you how your money is spent by the federal government.
No worries. The National Priorities Project did the math for you, based on actual federal spending in 2013.
Washington (CNN) – Republicans, who have spent years clamoring for tax reform, were much less enthusiastic Wednesday when faced with a sweeping tax overhaul plan in an election year, reticent to discuss whether the proposal from House Ways and Means Chairman Dave Camp, R-Michigan, should even get a vote.
Camp's "Tax Reform Act of 2014" would lower tax rates for most Americans, but presents conservatives with an uncomfortable tradeoff: It raises the tax bill for large banks and the wealthy.
"This is the beginning of the conversation," House Speaker John Boehner told reporters. When asked about the tax increases in the draft, he dismissed the question, answering, "Blah, blah, blah, blah."
New York (CNNMoney) – Eager for your 2013 tax refund? Well, if you like to file your federal return at the start of every tax season, you may have to wait a little longer for your check.
The IRS said Wednesday that it would not start processing 2013 tax returns until January 31 next year - 10 days later than originally scheduled.FULL STORY