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NATIONAL
January 23, 2012 | Staff and wire reports
Republican presidential candidate Mitt Romney reportedly paid about $3 million in federal income taxes in 2010 on income of $21.7 million. Romney's tax returns show most of his income came from investments. He also gave nearly $3 million combined to charitable causes and the Mormon Church, helping reduce his effective tax rate to less than 14%. The former Massachusetts governor agreed to make public his 2010 federal tax returns, and his estimates for 2011, after opponents on both the left and right charged that he was hiding his income and assets.
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BUSINESS
April 13, 2014 | By Kenneth R. Harney
WASHINGTON - Renewal of important expired federal tax benefits for homeowners took a major step forward recently, but the route to final congressional approval is beginning to look longer - and potentially bumpier - than previously expected. Here's why. The Senate Finance Committee overwhelmingly approved a package of tax code goodies that includes a two-year reauthorization of the Mortgage Forgiveness Debt Relief Act, plus similar extensions for deductions of mortgage insurance premiums and energy-saving improvements to homes.
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CALIFORNIA | LOCAL
April 25, 1997
Re "GOP Inherits Momentum to Reduce Federal Estate Tax," April 19: For those readers who have the attitude of "soak the rich," I have some news for you. The rich employ gardeners, maids, throw parties, take cruises, buy cars and boats, donate to charities, eat at restaurants, etc., and keep their businesses running. Their dollars create jobs. Through their lavish lifestyle, they buy goods and services and benefit the rest of the "working stiffs." For those working in family-owned businesses, your working days are numbered.
NEWS
April 11, 2014 | By Kathleen Hennessey
WASHINGTON-- President Obama and First Lady Michelle Obama watched their income fall and their federal tax rate go up in 2013, according to IRS returns released Friday by the White House. In a joint filing, the couple reported an adjusted gross income of $481,098, down $127,500 from 2012. The Obamas have seen a steady drop in income during their White House years, largely a result of slowing book sales for the couple. Both have published best-sellers. The Obamas paid $98,169 in federal taxes, down from $112,214 in 2012.
BUSINESS
October 6, 1993 | From the Associated Press
Money and property transferred during a lifetime or after death are subject to federal taxes under an estate and gift-tax system. But there are exceptions. All assets left to a surviving spouse are exempt from the tax. Individuals can give anyone else up to $600,000 in gifts and bequests tax-free, or $1.2 million per married couple. The tax rates for transfers exceeding $600,000 range from 37% to 55%. Some states also levy taxes, though often on amounts smaller than $600,000.
NEWS
April 16, 1995 | from Associated Press
President Clinton and his wife, Hillary, paid $55,313 in federal taxes on an adjusted gross income of $263,900 during his second White House year, according to tax returns released Friday. The tax represented 21% of the couple's combined income. The return shows that because of overpayments, the Clintons are due a refund of $14,418. They have elected to apply $7,500 of the overpayment to their 1995 income taxes and will accept an actual refund of $6,918.
BUSINESS
April 20, 2011 | By Jim Puzzanghera, Los Angeles Times
U.S. corporations have enjoyed a two-year bull run on Wall Street. They are sitting on a record amount of cash and are back to paying bonuses that are the envy of executives around the world. And the icing on the cake for many of them might be just around the corner: a tax cut that has bipartisan support in Congress. As part of their budget plan passed last week, House Republicans want to cut the corporate tax rate to 25% from 35%. The Obama administration and many Democrats also are looking to slice the current rate, but not as much.
CALIFORNIA | LOCAL
March 8, 2011 | By Kate Linthicum, Los Angeles Times
Los Angeles City Council candidate Stephen Box did not pay thousands of dollars in taxes on time in 1994, 1995 and 1999, according to liens filed against him with the L.A. County registrar-recorder. According to the liens, Box failed to pay a total of $11,813 in federal taxes in 1994 and 1995, and $2,691 in state taxes in 1999, some of which may have been subsequently paid. Another lien was filed against him in 2008 in connection with a small-claims-court case over an alleged nonpayment of $2,618 to Capital One bank.
NATIONAL
April 16, 2010 | By Peter Nicholas
Brisk book sales lifted President Obama's income to $5.5 million in his first year in office, an amount that dwarfs that of his recent predecessors while in power and reflects the public's continued willingness to pay to read his writings. On tax day, the White House released 2009 returns showing that the Obamas' income more than doubled from the year before. They collected $2.7 million in 2008, and $4.2 million in 2007. Obama paid nearly $1.8 million in federal taxes and $163,000 in Illinois state taxes.
BUSINESS
January 25, 2010 | Michael Hiltzik
Our political leaders trot out new and more creative excuses for their failure to get the state's fiscal house in order every day, but one hardy perennial was recently aired again by Gov. Arnold Schwarzenegger. This is the notion that California is running a budget deficit because we pay more in federal taxes than we get back in federal spending. Schwarzenegger and the legislative leaders made a pilgrimage to Washington on this theme last week. The governor's claim was that the state receives only 78 cents back for every dollar of federal tax we generate, so somehow we're "subsidizing" the states that get more and incurring red ink in Sacramento in the process.
NATIONAL
March 28, 2014 | By Paresh Dave
Gay rights advocates in Michigan cheered Atty. Gen. Eric H. Holder Jr.'s announcement Friday that the federal government will recognize about 300 same-sex marriages hastily performed March 22. But the small victory translates to more complications for some newlyweds. After a federal judge struck down the state's gay marriage ban March 21, Deborah Dolney, 28, and her fiancee, Jessie-Mae Secord, 33, seized the opportunity to get married. Four counties opened their offices the next day to issue marriage licenses, and Dolney and Secord were among those in line.
CALIFORNIA | LOCAL
January 13, 2014 | By Jeff Gottlieb
Former Bell City Administrator Robert Rizzo is expected in court Monday and is expected to plead guilty to filing false tax returns. From 2005 through 2010, the year he was ousted from his job after his salary was revealed, Rizzo claimed more than $770,000 in phantom losses on his tax returns, further inflating his take-home pay. He is already facing 10 to 12 years in prison for his role in a corruption scandal, but agreed to plead guilty to...
BUSINESS
October 1, 2013 | By David Lazarus
As pre-enrollment begins for Obamacare, Albert is exploring his options. He wants to know more about health savings accounts. Good idea. Health savings accounts, or HSAs, can be a good fit for some, but not for all. Basically, a health savings account is like an IRA for healthcare. Money you put into it isn't subject to federal taxes. It can also roll over from one year to the next if unspent. ASK LAZ: Smart answers to consumer questions If you withdraw money from an HSA for non-medical purposes, there are penalties.
BUSINESS
July 6, 2013 | By Jim Puzzanghera
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.
BUSINESS
May 20, 2013 | By Jim Puzzanghera and Chris O'Brien, Los Angeles Times
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?
NEWS
April 12, 2013 | By Kathleen Hennessey
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.
NATIONAL
April 13, 2012 | By Kathleen Hennessey and Michael A. Memoli, Washington Bureau
WASHINGTON - As President Obama mounts an aggressive campaign on what he calls tax fairness, his own tax burden has fallen to the lowest of his time in the White House, lower than many who make far less - including his secretary. The president and first lady reported a joint adjusted gross income of $789,674 last year and paid $162,074 in federal taxes, or about 20.5%, according to the tax return released Friday by the White House. That income keeps the Obamas in the top 1% of taxpayers.
NEWS
April 13, 1990 | From Times Staff and Wire Reports
Mayor Marion Barry and the Rev. Jesse Jackson asked the city's congressional delegate to introduce legislation in Congress to exempt city residents and corporations from paying federal income taxes. Barry and Jackson claimed that because city residents have no voting representation in Congress, they should be treated as other U.S. territories, which are exempt from federal taxes. The delegate, Walter E.
BUSINESS
March 19, 2013 | By Hugo Martin
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.
BUSINESS
March 7, 2013 | By Tiffany Hsu, Los Angeles Times
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.
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