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
Washington (CNN) - President Barack Obama's closest advisers may have secretly considered replacing Vice President Joe Biden with Hillary Clinton on the 2012 ticket, but White House spokesman Jay Carney said Friday that it was never a remote possibility.
"Campaigns test everything," Carney said on CNN's "New Day." "When it comes to this particular issue, do campaigns test everything? Yes."
While he said the idea was "tested," Carney insisted that it wasn't going to happen.FULL STORY
(CNN) - After calls from his Democratic opponent to release his personal income tax returns, former New York Gov. Eliot Spitzer – currently making a political comeback bid for New York City comptroller – disclosed his income and taxes paid for the past two years.
Spitzer, who stopped short of releasing his full tax returns, said he made an adjusted gross income of $4.268 million in 2012 and paid $2.094 million in federal, state and city taxes, a rate of 49%.
New York (CNNMoney) - After notching a major civil rights victory this week, some same-sex couples need to brace for a less exciting outcome: a tax hit known as the marriage penalty.
On Wednesday the Supreme Court shot down the Defense of Marriage Act, making it possible for same-sex couples who are married at the state level to access more than 1,000 federal benefits that were previously reserved for opposite-sex couples - including the ability to file their federal taxes jointly or "married filing separately."FULL STORY
Washington (CNN) - A Tennessee man was indicted Wednesday, accused of making a false claim that he had obtained tax returns for then-Republican presidential candidate Mitt Romney and then trying to extort money for them, federal prosecutors said.
Michael Mancil Brown, 34, of Franklin is charged with six counts of wire fraud and six counts of extortion. It was not immediately clear Wednesday whether Brown had an attorney.FULL STORY
(CNN) - After questioning Apple CEO Tim Cook in a congressional hearing Tuesday, Sen. John McCain ran out of time and didn't get to ask one pressing question on his mind.
"What I really wanted to ask is why the hell I have to keep updating the apps on my iPhone all the time and why you don't fix that," McCain, an active Tweeter, said–prompting some laughs in the room.
(CNNMoney) - Most Americans plan to cut spending to make up for income lost from the payroll tax hike, according to a New York Federal Reserve study released Wednesday.
The payroll tax cut, which was in effect in 2011 and 2012, reduced the amount withheld from workers' paychecks to 4.2%, down from 6.2%. That put an additional $1,000 a year in the pocket of the average household earning $50,000 a year. The provision was not renewed in January's fiscal cliff deal.FULL STORY
New York (CNNMoney) - The Senate approved a long-anticipated Internet sales tax proposal on Monday, moving the legislation one step closer to enactment and paving the way for shoppers to pay sales tax on the majority of online purchases.
The so-called Marketplace Fairness Act would allow the 45 states (and the District of Columbia) that currently charge sales taxes to require large online retailers to collect tax on purchases made by their residents. The law would only apply to online sellers that have sales of at least $1 million in states where they don't have physical operations, like a store or a warehouse.FULL STORY
New York (CNNMoney) - The U.S. Senate is expected to vote on a long-debated Internet sales tax law Monday, paving the way for millions of consumers to start paying sales tax on online purchases.
The legislation would allow the 45 states (and the District of Columbia) that currently charge sales taxes to require large online retailers to collect tax on purchases made by their residents. The law would only apply to online sellers that have sales of at least $1 million in states where they don't have physical operations, like a store or a warehouse.FULL STORY