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Federal Taxes

NATIONAL
January 15, 2013 | Richard Simon
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.
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NATIONAL
December 21, 2012 | By David Horsey
The richest Americans might find lumps of coal in their stockings on Christmas morning and, if not that, then they can definitely anticipate big hangovers on New Year's Day. The metaphorical coal lumps and hangovers will be thanks to President Obama and Speaker of the House John Boehner, who are either going to strike a deal in the next few days to allow taxes to go up for the wealthy or let it happen automatically when the George W. Bush-era tax...
BUSINESS
December 19, 2012 | Michael Hiltzik
You may be unaware of the local ramifications of one of the proposals currently at play in the danse macabre that passes for fiscal negotiations in Washington. This is the plan to cap federal tax deductions at either a set figure or a percentage of income. Either way, it would strike deepest and hardest mostly at residents of California, as well as other populous states with high levels of government services, high state and local taxes, and relatively expensive housing. The mortgage interest and state and local tax deductions are among the most important tax breaks that would be capped under this sort of proposal.
OPINION
December 5, 2012 | Doyle McManus
Are we about to go over a fiscal cliff? It's looking more likely, but it may not be as alarming as it sounds. Here are three things you need to know about the impending crisis over the so-called fiscal cliff, the combination of tax increases and automatic spending cuts due to kick in at the turn of the year: First, it's not really a cliff; it's merely a steep, scary slope. If Congress doesn't act, federal taxes will increase by more than $500 billion next year and federal spending will be cut by about $200 billion.
BUSINESS
November 28, 2012 | By Jim Puzzanghera
WASHINGTON -- Six in 10 Americans support a tax increase on annual income of more than $250,000, according to a nationwide poll released Wednesday. Such a hike is the centerpiece of President Obama's efforts to avoid the large automatic tax increases and spending cuts, collectively known as the fiscal cliff, that are coming at the start of next year. The Washington Post/ABC News poll showed 73% of Democrats and 63% of independents back raising taxes on incomes over $250,000, while just 39% of Republicans support it.  The poll results show the divide in Washington between Democrats and Republicans over reaching a major deficit-reduction package that would avoid the fiscal cliff.
CALIFORNIA | LOCAL
November 5, 2012 | By Angel Jennings, Los Angeles Times
The Rev. J. Edgar Boyd delivered his inaugural sermon Sunday as the new pastor of First African Methodist Episcopal Church in L.A., seeking to unite and heal a congregation that had become fractured over the troubles of its former leader. Addressing worshipers, a seemingly nervous Boyd used parables to talk about forgiveness. But to the thousands in the packed room, the message was clear: A new leader was at the helm to restore the image of the oldest black pulpit in Los Angeles.
CALIFORNIA | LOCAL
November 2, 2012 | By Teresa Watanabe and Angel Jennings, Los Angeles Times
The pastor of First African Methodist Episcopal Church, the oldest black pulpit in Los Angeles, has been reassigned after a controversial eight years that included a sexual harassment lawsuit, a federal tax investigation and questionable use of church credit cards. Pastor John J. Hunter was moved to Bethel AME San Francisco by Bishop T. Larry Kirkland. Neither Kirkland nor Hunter could be reached for comment Friday. Kirkland appointed the San Francisco church's pastor, the Rev. J. Edgar Boyd, to take the helm in Los Angeles.
ENTERTAINMENT
October 4, 2012 | By Richard Verrier, Los Angeles Times
The American Humane Assn., the century-old charity charged with overseeing the welfare of animals on films and television shows, paid nearly a quarter of a million dollars to the business partner of the board's chairman, Eric Bruner, a federal tax filing shows. The AHA paid $233,863 to Gregory Dew to provide unspecified consulting services to the nonprofit organization, making him the highest-paid "independent contractor" for the AHA in the fiscal year that ended June 30, 2011, according to a document the charity filed with the IRS. Dew is Bruner's business partner in Spectrum Consulting Group, a limited-liability company in Austin, Texas, that describes itself as "an association of management consultant experts.
NEWS
September 25, 2012 | By Seema Mehta, This post has been updated. See below for details
VANDALIA, Ohio - Mitt Romney said Tuesday that President Obama did not raise taxes during his first term, contradicting a constant attack he has leveled on Obama - that his healthcare plan was a tax increase. “I admit this, he has one thing he did not do in his first four years - he's said he's going to do in the next four years - which is to raise taxes. And is there anyone who thinks raising taxes will help grow the economy? No!” Romney told thousands gathered at a chilly tarmac rally.
NATIONAL
September 21, 2012 | By Ralph Vartabedian and Mark Z. Barabak
Mitt Romney paid $1.9 million in federal taxes in 2011 on income of $13.7 million, an effective rate of 14.1% that reflects the Republican presidential candidate's dividends, capital gains and other returns that are assessed at some of the lowest tax rates. Romney's tax return, which he released Friday, showed that he boosted his effective tax rate by not declaring all of the $4 million in charitable contributions that he made during 2011, instead only reporting $2.3 million. By doing so he stayed consistent with an earlier public statement that his tax rate for the year would not drop below 13%. The return does little to fundamentally change the perception of Romney's finances.
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