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Federal Taxes

February 22, 1987
The article by John Betz Willmann, "Move-up Housing Cashes in on Tax Law" (Jan. 11), is grossly misleading. It was not what Mr. Willmann said; what he left unsaid that misled. The cost of obtaining $75,000 of cash for which the interest is deductible must be compared to the value of the interest deduction. For most of us, selling our home requires that we list it with a realtor. And there are significant loan initiation costs when obtaining a mortgage either on a purchase or on a refinance.
February 10, 2003
Arianna Huffington's twin obsessions with SUVs and CEOs are both wearing thin. In "Once Again, We're Being Railroaded" (Commentary, Feb. 6), she goes off the deep end with her latest hyperbolic broadside against CEOs. This time her villain is John Snow, the new Treasury secretary, in a column that is remarkable both for its vitriol and complete lack of substance. For example, she attacks Snow because his company, CSX, attempted to increase its profits by reducing unnecessary expenses such as out-of-control health-care benefits and life insurance benefits (since when is a company required to provide life insurance to all of its employees?
May 16, 2012 | By Deborah Netburn
How much will Eduardo Saverin save by ditching his U.S. citizenship? At least a cool $67 million in federal taxes according to analysis by Bloomberg. The financial news service came to that number by comparing the value of the Facebook shares Saverin had when he renounced his citizenship sometime around September ($2.44 billion) with the value of those same shares now (an estimated $2.89 billion). Then they applied the 15% capital gains rate to the approximate $448 million spread between the two numbers and voila -- $67 million.
May 17, 2012 | By Deborah Netburn
Facebook co-founder Eduardo Saverin has made enemies in Washington. Earlier this week it came to light that the 30-year-old Facebook co-founder had renounced his U.S. citizenship, a move that could save him an estimated $67 million in federal taxes, according to Bloomberg. Now, Sens. Charles Schumer (D-N.Y.) and Robert Casey (D-Penn) are calling Saverin's actions "despicable" and have introduced the aptly named Ex-PATRIOT Act to punish him and others who leave the country in order to avoid big tax bills.
April 13, 2012 | By Michael A. Memoli
The White House's proposed "Buffett Rule" looks like a political winner, at least for now. A new Gallup poll finds that six in 10 Americans support the idea of a law that would require households that earn $1 million or more a year to pay a minimum 30% tax rate, as President Obama has called for. Thirty-seven percent are opposed. Three out of four Democrats favor the plan, while Republicans are split 43% for and 54% against. Among independent voters, 63% back the idea, while 33% oppose it. Last September, Obama called for tax reform that would, in part, ensure that the middle class did not have a higher tax burden than "millionaires and billionaires.
January 17, 2012 | By Maeve Reston and Mark Z. Barabak, Los Angeles Times
Mitt Romney has made his successful business career a centerpiece of his presidential campaign, saying his hands-on experience in corporate America is precisely what the country needs. But when it comes to showing sensitivity to the economic anxiety many Americans are feeling, he has proven to have a less-than-deft touch. A fresh example came Tuesday as Romney campaigned across South Carolina for the state's Saturday primary and discussed his personal income and the possibility, under pressure, of releasing his 2011 tax return for public examination.
August 20, 1986 | John Needham
Orange Mayor James H. Beam, who is running against Anaheim Mayor Donald R. Roth for the 4th District seat on the Board of Supervisors, released his tax returns--as Roth did last week--at a press conference Tuesday in Santa Ana. Beam's federal return for 1985 showed wages of more than $120,000, interest income of $3,314, capital gains of $3,974 and business losses of $27,608. Beam and his wife, filing jointly, paid $16,160 in federal taxes.
May 24, 1986
It is suggested that a similar article be addressed to big business, and the rich, to forgo the many tax goodies and tax shelters which enable them to pay nothing or very little in federal taxes. Also ask the speculators in securities, commodities, real estate and other items to subject their capital gains at regular income tax rates as applied to wages and salaries. Ask those who sell their homes to forgo the $125,000 exclusion from income taxes and pay regular taxes on the gain.
April 20, 1997
In "CPI Squabble Diverts Attention From Real Issues" (View From Washington, March 30), Robert Rosenblatt claims that your "typical" 65-year-old widow would lose $3,900 in Social Security benefits by 2005 and that a middle-income family with two children would pay $1,400 more in federal taxes. Those figures have to be based upon some assumptions of inflation rates over the next eight years, something even the most astute economist hasn't been able to do or even predict. How can a meaningful discussion on balancing the budget take place until we correct the inaccuracies that have a direct effect on balancing the budget?
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