June 6, 2012 |
Maybe it's not all silver spoons and top hats for the fat cats of America: The 400 taxpayers with the highest adjusted gross incomes in the country are seeing their earnings slide while their taxes rise. On average, each earned $202.4 million in 2009 as capital gains and interest income slumped, according to the latest data from the Internal Revenue Service. That's 25% less than the $270.5 million they made the year earlier and 45% lower than the $344.8-million peak set in 2007.
CALIFORNIA | LOCAL
January 5, 2011 |
The University of California system's two top leaders on Tuesday rejected a politically controversial demand by some of the university's most highly paid employees that they should receive larger pensions, based on a percentage of their total salaries, not on just the first $245,000. The dispute comes weeks after UC bolstered its long underfunded retirement plans by cutting benefits for all employees and raising the minimum retirement age from 50 to 55 for those hired after 2013.
January 15, 2010
Who profited most from CalPERS Top placement-fee earners paid by private investment firms for acting as go-betweens with the California Public Employees' Retirement System, as reported to CalPERS and released by the pension agency Thursday. The fees cover dealings with CalPERS over the last decade. 1. Arvco: $58,948,067 2. Tullig Inc.: $16,950,000 3. Donaldson, Lufkin & Jenrette Securities Corp. : $12,310,020 4. Credit Suisse First Boston Corp.
July 7, 1995 |
House Minority Leader Richard A. Gephardt (D-Mo.) Thursday outlined an income-tax plan that would combine the simplicity of Republican proposals with the middle-class benefits championed by Democrats. In a speech to the Center for National Policy, a Democratic-oriented think tank, Gephardt proposed cutting the income-tax rate for most Americans to 10% and abolishing all major deductions except for mortgage interest.
June 9, 1987 |
Californians will have to work harder and take on second jobs in increasing numbers to keep their incomes growing over the next eight years, according to a study released Monday. The report by the Center for Continuing Study of the California Economy, a Palo Alto research group, projects, however, that the state's median household income will be $44,480 in 1995, up from $39,370 last year.
CALIFORNIA | LOCAL
March 3, 1988 |
Sen. William Campbell (R-Hacienda Heights) collected $26,350 in speaking fees last year, the most received by any of the 13 state legislators whose districts include parts of Orange County, according to annual reports filed with the Fair Political Practices Commission. Assemblyman Robert C. Frazee (R-Carlsbad), who represents a portion of southern Orange County, reported receiving more in gifts than any other member of the county's delegation.
June 30, 1993 |
It's still possible to make a lot of money without sharing it with Uncle Sam. The Internal Revenue Service says 779 couples and individuals reported earning more than $200,000 on returns filed in 1990 and paid no federal income tax. They earned $340 million, an average of $436,000 apiece. The number of high-income non-taxpayers almost doubled from 397 a year earlier and is the highest since the IRS began publishing the reports on orders of Congress in 1977.
August 10, 1993 |
President Clinton's new budget does more than raise taxes. It also expands one of the government's most generous tax breaks to the poor: the earned income tax credit. The credit, which has been exclusively for families with young children, will be available under the Clinton plan to anyone with an income low enough to qualify, starting in 1994. You don't have to pay federal income tax to get it.