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Federal Taxes

April 13, 1989
"Americans are no better off now than they were in 1981 despite economic growth, cuts in income tax rates and repeated claims that government spending has been cut to the bone," the Tax Foundation said today. An average American will have to labor 124 days this year just to pay federal, state and local taxes, reaching Tax Freedom Day on May 4, the foundation said. That is the same number of days of work required to meet tax obligations in the last two years and the same as in 1981 when across-the-board cuts in federal taxes were enacted.
February 17, 1990 | From United Press International
The District of Columbia's only member of Congress, Walter Fauntroy, urged city residents Friday to join him in withholding their federal income taxes to pressure Congress to make the city the 51st state.
January 19, 2012 | By Paul West
Republican presidential candidate Newt Gingrich and his wife, Callista, paid $994,708 in federal taxes on gross income of $3,142,066 in 2010, according to copies of the couple's joint tax return that his campaign released at the start of Thursday night's GOP debate. The 31.5% tax rate paid by the Gingriches is roughly double the amount that rival Mitt Romney said this week he pays on his own, much larger income. Romney said in Thursday night's debate that he would make his 2011 returns public, and perhaps some from earlier years, when the latest return is completed later this year.
April 13, 2012 | By Seema Mehta
Presumptive GOP presidential nominee Mitt Romney asked for an extension Friday to file his 2011 tax return. The former Massachusetts governor and his wife, Ann, expect not to owe any further taxes, having estimated $3.2 million in liability and made $3.4 million in payments, according to the documents filed. Romney will file his return prior to the November election, according to a spokeswoman. Romney's taxes have been a continual cause of controversy in the 2012 presidential campaign because of his reluctance to release details.
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.
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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