October 6, 1993 |
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.
April 16, 1995 |
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.
April 20, 2011 |
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 |
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.
April 16, 2010 |
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.
January 25, 2010 |
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.