Payroll tax hike prompts spending cuts
May 15th, 2013
09:27 AM ET
11 months ago

Payroll tax hike prompts spending cuts

(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.

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Filed under: Taxes
May 6th, 2013
07:10 PM ET
12 months ago

Senate approves Internet sales tax proposal

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.

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Filed under: Senate • Taxes
Senate to vote on proposed Internet sales tax law
May 6th, 2013
07:28 AM ET
12 months ago

Senate to vote on proposed Internet sales tax law

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.

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Filed under: CNNMoney.com • Senate • Taxes
Spending cut bright spot: Fewer IRS audits
April 29th, 2013
07:23 AM ET
12 months ago

Spending cut bright spot: Fewer IRS audits

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.


Filed under: Budget • Taxes
Poll: Americans not revved up over increased gas taxes
April 22nd, 2013
08:34 AM ET
12 months ago

Poll: Americans not revved up over increased gas taxes

(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.
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Filed under: gas prices • Polls • Taxes
Tax day: Where did the money go in 2012?
April 15th, 2013
07:03 AM ET
1 year ago

Tax day: Where did the money go in 2012?

(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.

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Filed under: Taxes
Obama's tax returns: Income drops
April 12th, 2013
02:48 PM ET
1 year ago

Obama's tax returns: Income drops

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.

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Filed under: President Obama • Taxes
Parties still talking past each other on taxes and spending
March 12th, 2013
04:40 PM ET
1 year ago

Parties still talking past each other on taxes and spending

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.

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Filed under: Budget • Congress • Taxes
The rich pay majority of U.S. income taxes
March 12th, 2013
07:39 AM ET
1 year ago

The rich pay majority of U.S. income taxes

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.

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Filed under: CNNMoney.com • Taxes
Democrats Talk Tax Hikes, Part II
February 7th, 2013
06:51 PM ET
1 year ago

Democrats Talk Tax Hikes, Part II

(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."
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Filed under: Democrats • Senate • Taxes
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