July 6, 2013 |
WASHINGTON - Credit unions have been snatching customers from banks amid consumer frustration over rising fees and outrage over Wall Street's role in the financial crisis. Now banks are fighting back by trying to take away something vital to credit unions - their federal tax exemption. With fast-growing credit unions posing more formidable competition to banks, industry trade groups are pressing the White House and Congress to end a tax break that dates to the Great Depression.
May 20, 2013 |
WASHINGTON - Apple Inc., one of the most successful and valuable companies on the planet, will be tested Tuesday when Chief Executive Tim Cook testifies about the company's controversial tax practices before a hostile Senate subcommittee. Should the company, as Apple and Cook argue, be applauded for creating hundreds of thousands of jobs and paying $6 billion in federal taxes last year, among the most of any U.S. corporation? Or should Apple be reviled for stashing a hoard of cash overseas so it could legally skirt an additional $15 billion in taxes over four years, making it potentially one of the country's biggest tax avoiders?
April 12, 2013 |
WASHINGTON -- President Obama's income continued its recent creep downward in 2012, along with his effective federal income tax rate, according to the tax returns released Friday by the White House. The president and first lady reported a joint adjusted gross income of $608,611, down from almost $790,000 in 2011. The Obamas paid $112,214 in federal taxes in 2012, for an 18.4% effective income tax rate. In recent years, the president's income has slipped as sale of his books appear to have tapered off. On a form noting his profession as “author,” the president reported $273,000 in income from book sales, a 40% drop since last year.
March 19, 2013 |
Hiking, camping, hunting and fishing, among other outdoor activities, help generate $85.4 billion in annual spending in California, more than any other state in the country, according to a new study. Spending on outdoor recreation in the state also helps support 732,000 jobs and generates $6.7 billion in state and local taxes, according to the study by the Outdoor Industry Assn., the trade group for outdoor retailers, manufacturers and others. The report represents the first time that the organization has broken out the spending by individual state.
March 7, 2013 |
Americans hit the stores in February - but with only the barest of enthusiasm as they worried about bad weather, delayed tax refunds and the federal mix of tax increases and spending cuts known as sequestration. Three separate measures of sales at stores open at least a year showed revenue dampened by economic factors such as higher gas prices, stubbornly high unemployment and a payroll tax boost. Pasadena student Elisa Jimenez, 21, said her paycheck as a sales associate mostly went for school and fuel last month.
January 15, 2013 |
WASHINGTON -- President Obama's limousine will display the District of Columbia license plate reading "Taxation without Representation" during inauguration activities and through the remainder of his term to call attention to the district's lack of voting power in Congress. The decision, announced by a White House aide, comes in response to a resolution unanimously passed by the D.C. Council calling on Obama to display the slogan during the inaugural ride down Pennsylvania Avenue to highlight what the resolution calls the "fundamentally unfair and undemocratic condition of district residents.