(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
New York (CNNMoney) – Thanks to the government's spending cuts, you may have a smaller chance of being audited this year.
The cuts, known as the sequester, will wipe $600 million from the IRS's budget this year, forcing the agency's nearly 100,000 employees to be furloughed without pay for up to seven days.
(CNN) – Two-thirds of Americans would oppose a law in their state that would increase the gas tax to help pay for road and bridge repairs, according to a new national poll.
A Gallup survey released Monday indicates that 66% of the public would vote against a state law that would increase the gas tax by up to 20 cents per gallon, with the revenue going towards improving roads, bridges, and building more mass transit. Just under one in three said they would vote for such a measure.
(CNN) - Monday is tax day, and in case you're wondering where your money went last year, President Barack Obama is eager to let you know. He's giving you a detailed receipt.
For the third year, taxpayers can visit the White House website for the nitty-gritty on how the government spends tax dollars from American households.FULL STORY
Washington (CNNMoney) - President Obama and the first family saw their income drop slightly in 2012, according to tax returns released by the White House on Friday.
The returns show the president and First Lady Michelle Obama earned $608,611 last year, and paid $112,214 in taxes. Sales from his best-selling books slowed even further in 2012, bringing his overall gross adjusted income down 30% compared to 2011.FULL STORY
Washington (CNN) – Despite a ballyhooed charm offensive by President Barack Obama, political leaders continued talking past each other on Tuesday in proposing partisan ideas on taxes and spending that have zero chance of winning congressional approval.
Obama met with Senate Democrats in the first of three visits to Capitol Hill this week for face time with legislators from both parties.FULL STORY
New York (CNNMoney) – Many people think that the rich are able to weasel their way out of taxes, but they actually pay an overwhelming majority of the taxes in the United States.
What's more, their share of the tax burden is increasing.FULL STORY
(CNN) - Senate Democrats are working on a temporary measure, which includes new tax measures, to avoid steep automatic spending cuts looming on March 1, CNN has learned.
While a source familiar with the plan did not specify any cuts that would be part of the package, he did outline three areas for possible revenue increases to be proposed "in the next couple of weeks."