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income taxes
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 ...
Opinion: Enough Already With the Temporary Tax Fixes
By Marty Robins - AOL News(Dec. 17) -- The swift passage of the $858 billion tax deal for a temporary extension of current rates hammered out by President Barack Obama and the Republican leadership is being advertised as refreshing evidence of how both sides can work together to find common ground. But what it really shows is the widening division between our political class -- on both sides of the aisle -- and everyone else, especially the business community. Clearly, a deal to prevent a huge tax increase on just about every American family in a time of terrible economic uncertainty was needed. But the idea of ...
Taxes and the Elections: What You Need to Know
By Patricia Murphy - Politics DailyThe Basics The big debate is over the fate of the massive packages of tax cuts Congress passed under President George W. Bush, starting in 2001. Most Republicans, who traditionally support lower taxes, say that letting the tax cuts expire would amount to a tax increase -- not what the country needs during a recession. Most Democrats counter that with the record-high federal deficit, the U.S. cannot afford to take more money out of the treasury, especially to finance lower taxes for the richest Americans. The issue's fate likely resides center-spectrum, where conservative Democrats have said ...
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 ...
Do the Rich Pay Their Fair Share of Taxes?
By John Merline - AOL News(Feb. 3) – The Obama administration says its proposed budget would repeal Bush-era tax cuts on wealthy families and offer tax cuts to working families, as part of its effort "to restore balance to the tax code." While the tax code certainly is out of balance, it's not in the way most people probably think. Today, the richest 1 percent in America account for 23 percent of all the income in the country. But they pay an eye-popping 40.4 percent of all federal income taxes. If you go down the scale a bit, you find that the richest 10 percent earn slightly less than half of all the income in ...
Obama Tax Hike Hits the Poor Hardest
By Mark Impomeni - Politics DailyAn increase in the federal tax on cigarettes went into effect yesterday, raising the levy to $1.01 per pack. The increase was sought by President Obama and Congressional Democrats to help finance an expansion in SCHIP, the federally funded children's health care program. Leaving aside the obvious irony in relying on smokers – on whom the government spends money on programs designed to help them break their habit – to finace a health care program, the tax increase violates an oft-stated pledge made by both Obama and Vice President Joe Biden on the campaign trail.As candidates, Obama ...
Emanuel's Rent-Free Apartment Another Potential Tax Headache for Obama Administration
By Mark Impomeni - Politics DailyWhite House Chief of Staff Rahm Emanuel lived rent-free for five years in a Capitol Hill apartment owned by fellow representative Rose DeLauro (D-CT), he stated last week. While the arrangement apparently does not run afoul of House ethics rules, questions are being raised about whether either Emanuel or DeLauro, who is married to Democratic pollster Stanley Greenburg, reported the arrangement to Congress. In addition, Emanuel may not have reported the imputed imputed income he received in the form of the free lodging on his personal income taxes..In his defense, Emanuel stated that House ...
Obama Apology Rings Hollow with Geithner Still at Treasury
By Mark Impomeni - Politics DailyPresident Barack Obama is receiving praise from his supporters and the mainstream press for the apology tour he conducted last night in various television interviews. Obama was apologizing for the selection of former Senate Majority Leader Tom Daschle (D-SD) to be Secretary of Health and Human Services. Daschle withdrew his name from consideration yesterday amidst a scandal involving non-payment of his personal income taxes. Obama acknowledged that it was a mistake to nominate Daschle, but stopped short of mentioning another prominent member of his Administration with potentially more serious ...
In Senate, Tom Daschle Railed Against 'Tax Cheaters'
By Mark Impomeni - Politics DailySpeaking from the floor of the United States Senate on May 7, 1998,, then Senate Majority Leader Tom Daschle (D-SD) had some pointed comments about people who do not pay their taxes; or "tax cheaters," as he called them."Make no mistake, tax cheaters cheat us all and the IRS should enforce our laws to the letter."Now that Daschle is an admitted tax cheater himself, he may want to revise and extend those remarks. And while Daschle likely will not be going to jail, he will not be the Secretary of Health and Human Development, which may actually be a greater punishment for a creature of official ...
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