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income tax
Schedule M: The 2010 Tax Credit Explained [VIDEO]
By Mary Phillips-Sandy - AOL News"M" may stand for "money." Part of the 2009 stimulus package was President Barack Obama's Making Work Pay tax credit, or Schedule M, which adjusted federal withholding tables to increase take-home pay by up to $400 for working individuals and up to $800 for working married couples. As the New York Times reported last year, this caused confusion for taxpayers, many of whom didn't know they had to complete a brand-new Schedule M IRS form in order to claim the credit on their returns. The situation got even messier for retirees who could claim the Making Work Pay credit, but only after ...
Senate Expected to Vote to Extend Tax Cuts
By not in system - AOL NewsWASHINGTON (Dec. 15) -- The Senate cleared the decks Wednesday for a final vote on a sweeping tax package that would save millions of Americans thousands of dollars in higher taxes next year while also reducing their Social Security taxes and extending jobless benefits. The package will then go to the House, where Democrats are fuming over extended tax breaks for the wealthy that President Barack Obama negotiated with Senate Republicans. House Democrats are considering possible changes, perhaps holding a vote to enact a higher estate tax than Obama negotiated. A wide range of tax cuts ...
Tax Cut Deal Advances in Senate
By not in system - AOL News
WASHINGTON (Dec. 13) -- Far-reaching legislation to avert a Jan. 1 income-tax increase for millions won overwhelming support in a Senate test vote on Monday, backed by an uneasy and unusual alliance between the White House and lawmakers in both parties. Even before the vote was complete, President Barack Obama said the show of support "proves that both parties can in fact work together to grow our economy and look out for the American people." Senate passage, expected within a day or two, would set up a final showdown in the House between Obama and liberals in his own party who want the ...
Opinion: Voters Send Mixed Messages on Budget Initiatives
By not in system - AOL News(Nov. 4) -- Anyone trying to figure out what message voters were sending this election about taxes and spending won't find easy answers in results from state-level ballot propositions. While Republicans won governorships and state legislatures across the country, voters were apparently in no mood to tell their newly elected leaders exactly how they want state budgets fixed. In Colorado, for example, voters said no to a constitutional amendment that would have prevented the state from issuing new debt and required voters to sign off on any local borrowing. They also declined cutting local ...
Opinion: Here Comes the Debate Over Letting Tax Cuts Expire
By not in system - AOL News(July 27) -- On Sunday, Treasury Secretary Tim Geithner appeared on "This Week" to discuss what The New York Times declares will be Washington's "next big battle" -- the expiration of Bush-era tax cuts. The Obama administration is leading a Democratic move to let the cuts for the upper tax brackets expire, extending the cuts only for families and individuals earning less than $250,000 and $200,000 a year, respectively. Geithner says this expiration will not hurt the struggling economy. Republicans beg to differ. Their respective arguments for and against, plus some handicapping of the ...
Opinion: Tax Bad Choices, Not Necessities
By Michael Medved - AOL News(July 12) -- With government at every level desperately seeking more revenue to cope with soaring deficits, citizens should evaluate all tax proposals according to two crucial principles: It's better to tax choices than necessities, and bad choices deserve taxation more than good choices. For one thing, these distinctions will help resolve raging debates over efforts to impose new costs on sugary soda, bottled water, candy, tanning salons and other indulgences. Of course, tea party supporters and other conservatives are right to resist all governmental attempts to spend more money, and to ...
U.K.'s Coalition Government: A Happy Marriage? (And Can It Last?)
By Delia Lloyd - Politics DailyThe United Kingdom has a coalition government for the first time in 70 years. But will this marriage of convenience last? The historic British elections, which -- after five days of intense wrangling -- finally yielded a new coalition government under the leadership of David Cameron on Tuesday night, has already unleashed a torrent of analysis and commentary. Some of it has been hopeful, some of it cautious, and some of it downright negative. ...
Readers Respond: School Lunches, Taxes and Civics
By not in system - AOL News(April 15) -- Editor's note: Below is a sampling of reader feedback we received to op-eds published on AOL News over the past week. The comments have been edited for length and clarity. What's Wrong With School Lunches? by Laura Vanderkam I just wanted to say "thank you" for your article. People love to complain about school lunches, but they don't know anything about the regulations we have to keep. I have worked in school food service for about eight years. Every year the regulations and requirements increase. It is sometimes hard to understand, so the people who don't deal with it on a ...
Tax Complexity By the Numbers
By John Merline - AOL News(April 12) -- Everyone knows paying taxes is complicated business, but getting a clear measure of just how complicated it's become in recent years is a little more difficult. Thankfully, the IRS has since 1988 attempted to calculate how long it will take the average taxpayer to fill out form 1040, and it prints the results right in the instruction book -- as part of the ironically named Paperwork Reduction Act. The IRS also keeps copies of old 1040 instruction books online at http://apps.irs.gov/pub/irs-prior/ so you can compare and contrast. What does this show? For 1988, completing the ...
Opinion: A Tax Rebellion Is Brewing
By not in system - AOL News(March 15) -- In one month, millions of Americans will be scrambling to file their federal income tax returns. Many will once again be reminded that no other public policy so reinforces a perception of self-dealing, unfairness and incompetence as the corrupted federal income tax code. Bloated beyond decipherability at 67,500 pages of regulations, the income tax system is driven by personal power, lobby profits and, through tax inducements and penalties, a changing menu of citizen and business manipulation. The tax code is so complicated that both the secretary of the treasury and the ...
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