YOU ARE HERE: LAT HomeCollectionsIncome Taxes

Income Taxes

November 10, 2012 | By Marc Lifsher, Los Angeles Times
SACRAMENTO - With little fanfare this week, California voters approved a plan to close a corporate tax loophole affecting out-of-state businesses, finance $2.5 billion in clean energy and energy efficiency projects and deliver another $2.5 billion to the state's beleaguered treasury over the next five years. It is a tax increase of modest proportions compared with most in California, but experts say it highlighted the politics of taxation and how some business levies engender strong passion whereas others draw little public attention or electoral opposition.
July 17, 2011 | Liz Weston, Money Talk
Dear Liz: I'm 25 and trying to maximize my tax savings and retirement contributions. I currently have two jobs: One is the typical salaried position with taxes withheld where I earn $45,000 a year, while the other is self-employed work I do on the side that grosses about $7,000 a year. Currently I have a Roth IRA that I max out and a 401(k) that gets the equivalent of 13% of my salary when combined with my employer's contribution. Given that I don't get a refund on April 15 and end up having to pony up a lot of money, is there a way for me to set aside my self-employment income into a retirement account such that I can just bypass all taxes on it, including payroll taxes?
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.
July 29, 2010 | George Skelton, Capitol Journal
An eternal optimist, state Senate leader Darrell Steinberg believes he has found a solution to this summer's annual budget standoff. It's conceivable. He calls it "a pathway." Any pathway to a balanced budget, however, still seems like a long trek. We're now four weeks into a new fiscal year without a state spending plan. "We need a greater sense of urgency," says Steinberg, a Sacramento Democrat. No kidding. Also some courage by Democrats to cut more spending and by a few Republicans to raise additional revenue to close a $19.1-billion deficit hole.
May 16, 2012 | Steve Lopez
In March, when I wrote that the tax increase proposals by Gov. Jerry Brown and civil rights attorney Molly Munger were unimaginative if not doomed, I got an email from Munger. She did not agree, at least with regard to her initiative. "Unimaginative?" she wrote, inviting me to meet with her. This week, I decided to take her up on her offer after watching Brown admit that the financial mess he told us about in January was nothing compared to the mess we're in now. Frankly, I don't know how the January estimates were so far off the mark, with a $9-billion hole turning into a $16-billion hole in less time than it takes to grow tomatoes.
August 27, 2012 | By Anthony York, Los Angeles Times
SACRAMENTO - Some of the largest corporate interests in California have poured millions of dollars into an initiative campaign this year, as they have many times before. But this time, they're not asking voters to ease industry regulations or limit government power. Instead, they want approval of an $8-billion-a-year tax hike pushed by Gov. Jerry Brown. Since taking office more than 18 months ago, the Democratic governor has held dozens of meetings with such unnatural allies as oil companies, insurers and telecommunications interests that typically stand with Republicans, taking stock of their concerns and pitching them on the need for higher taxes.
April 13, 2012 | By Kathleen Hennessey and Michael A. Memoli, Washington Bureau
WASHINGTON - As President Obama mounts an aggressive campaign on what he calls tax fairness, his own tax burden has fallen to the lowest of his time in the White House, lower than many who make far less - including his secretary. The president and first lady reported a joint adjusted gross income of $789,674 last year and paid $162,074 in federal taxes, or about 20.5%, according to the tax return released Friday by the White House. That income keeps the Obamas in the top 1% of taxpayers.
August 16, 1986 | United Press International
The author of the book "Pay No Income Taxes Without Going to Jail" was sentenced to five years in prison Friday for helping clients cheat on their income taxes. Phillip Fry, 42, former owner of the Tax Information Center, a tax and financial investment service in New Concord, had pleaded guilty to fraud.
April 9, 1988
I have just finished computing my California income taxes for 1987, and I am aghast at the results. Under the pretext of "conforming" California's income tax code to the Tax Reform Act of 1986, Gov. George Deukmejian and the California Legislature raised my income taxes by 65%! To obtain this increase, I calculated California income taxes on my 1987 income and deductions using the 1987 tax rates and rules and then a second time using the 1986 tax rates and rules. The result is an increase of $2,000 or 65%!
January 29, 1990 | United Press International
A former Bronx judge who was among the youngest elected to the state Supreme Court was sentenced today to nine months in federal prison for using cocaine and evading income taxes. William Martin, 37, pleaded guilty in September to using cocaine before becoming a judge and also admitted evading income taxes on $90,000 in fees from clients.
Los Angeles Times Articles