NEWS
May 1, 1988 | CARL INGRAM, Times Staff Writer
Senate leader David A. Roberti indicated Saturday that he would oppose increasing income taxes, even if a newly enacted tax reform law is found to be the cause of a surprise budget shortfall of as much as $1 billion. In a radio speech, the Los Angeles Democrat pinned the blame on last October's stock market crash, and charged that Deukmejian Administration tax officials failed to take it into account and make corrective adjustments.
BUSINESS
November 4, 2011 | By Tiffany Hsu, Los Angeles Times
Many of the nation's most profitable companies are paying far less than the government's 35% corporate income tax rate, with dozens paying no taxes at all, according to a controversial new report. Left-leaning advocacy and research groups Citizens for Tax Justice and the Institute on Taxation and Economic Policy examined 280 companies and concluded that they paid an average rate of 18.5% from 2008 through 2010 — about half the official rate. Several firms mentioned in the report lashed out at the findings.
NEWS
December 12, 1986 | United Press International
China will introduce an income tax next year in a bid to narrow the rapidly widening gap between rich and poor in this Communist nation, the official New China News Agency said Thursday. The "Provisions on Individual Income Regulation Tax," issued by the State Council, will apply to all Chinese citizens with residence and income in China, the agency said. The tax, to take effect Jan.
BUSINESS
September 19, 2012 | Michael Hiltzik
By now, most Americans who take their civic responsibilities seriously have no doubt seen, or at least heard about, Mitt Romney's peculiar approach to broad-based voter outreach. We're referring, of course, to his videotaped fundraising speech in Florida, in which he characterizes 47% of the American public as people who are "dependent on the government," who "pay no income tax" and who can't be convinced to "take personal responsibility and care for their lives. " Voters can decide for themselves whether Romney's words, taken at face value, bespeak a hopelessly crabbed approach to government's role in our lives or a principled stand for private enterprise and economic freedom.
BUSINESS
August 12, 2012 | By Kenneth R. Harney
WASHINGTON — Here's some encouraging news for financially stressed homeowners across the country: The Senate Finance Committee has approved a bipartisan bill that would extend the Mortgage Forgiveness Debt Relief Act through 2013. Why is this important? Several reasons: The debt relief law spares homeowners who receive principal reductions on their mortgages from being hit with hefty federal income taxes on the amounts forgiven. Without it, millions of owners who go through foreclosure or leave their homes following short sales would experience even more financial stress.
CALIFORNIA | LOCAL
October 4, 1996
Evelyn Jenkins, 61, who joined her husband, radio talk show host Bill Jenkins, in arguing that income taxes were unconstitutional. In 1986, Jenkins and her husband were ordered to perform 200 hours of community service and to pay back taxes for 1979, 1980 and 1981. They charged that federal and state income taxes are unconstitutional on the grounds the 16th Amendment providing for taxes was never properly ratified.