March 1, 2013 |
After months of big gains, the U.S. auto industry dropped into a lower gear last month with sales slowing to single digit gains for most of the big car companies. Still, car shoppers appear to be shrugging off economic factors such as higher payroll and income taxes as well as the ongoing budget debates and spending reductions in Washington. February auto sales in the U.S. grew 3.7% year over year to about 1.2 million vehicles. The gain came even though February had one fewer day than in the previous, leap year.
February 27, 2013 |
WASHINGTON -- Economic times are tough, but more Americans -- nearly 9 in 10 -- say it is "not at all acceptable" for people to cheat on their income taxes, according to a 2012 survey by the Internal Revenue Service. The 87% figure was up 3 percentage points from the 2011 Taxpayer Attitude Survey, conducted by the IRS Oversight Board, an independent panel that tries to help the agency better serve the public. Just 11% of respondents said it was acceptable to cheat on their income taxes, either "a little here and there" or "as much as possible.
February 24, 2013
Re “The new generation gap,” Opinion, Feb. 22 Great column. Ronald Brownstein only left out two points: The Republicans really do want to reform entitlements, including Social Security and Medicare - apparently President Obama does not; and the young and their families are going to be paying for our out-of-control spending with higher taxes for Social Security, for Medicare and their regular federal income taxes as well as their state income...
February 3, 2013 |
This month marks the 100th anniversary of the ratification of the 16th Amendment, which gave Congress the power to tax American incomes. Unlike the contentious congressional drama in passing the American Taxpayer Relief Act to avert going over the "fiscal cliff," the 16th Amendment was accorded little emotion when it received a thumbs-up from both houses in 1909. That was because most congressmen backed the amendment for the wrong reason - they firmly believed that no such taxing proposal would ever be ratified by the requisite three-fourths of the states.
January 22, 2013 |
By complaining that state and federal tax hikes are forcing him to make "drastic changes," Phil Mickelson quickly became the poster boy for conservatives and liberals alike. The former said Mickelson epitomizes what happens when lawmakers try to fix their budget problems by soaking the rich. The latter said Mickelson should stop whining and hire a better accountant . I'm with Deadspin on this issue -- it's hard to imagine someone having trouble adjusting to $24 million in after-tax income.
January 3, 2013 |
Robert Briones weathered the downturn in the economy well, working more than he needed, going on a vacation to Norway with his family and eating out at lunch from time to time. But even the 48-year-old psychologist can't escape the latest blow to consumers' finances: a tax increase that will affect an estimated 160 million workers. As part of the deal on the so-called fiscal cliff, Congress extended tax breaks for middle-income families but did not extend a payroll tax cut that was set to expire this year.
January 1, 2013 |
WASHINGTON -- Even as he claimed victory and praised leaders for walking back from the edge of economic danger, President Obama looked ahead to his next round of sparring with Republicans in Congress over deficits, taxes and government spending. Speaking to reporters in the White House moments after the House passed a deal averting the so-called fiscal cliff, Obama declared his intention to keep chipping away at deficit reduction efforts. "I think we all recognize that this law is just one step in the broader effort to strengthen our economy and broaden opportunity for everybody," Obama said late Tuesday night.
January 1, 2013 |
WASHINGTON - The Senate voted overwhelmingly early Tuesday to approve legislation to halt a tax increase for all but the wealthiest Americans while postponing for two months deep spending cuts. The vote came just hours after the accord was reached between the White House and congressional leaders. After a rare holiday session that lasted through the New Year's Eve celebration and two hours into New Year's Day, senators voted 89-8 to approve the proposal. Three Democrats and five Republicans dissented, most prominently Sen. Marco Rubio (R-Fla.)
December 28, 2012 |
WASHINGTON - If the nation goes over the "fiscal cliff," some Americans will wake up Tuesday with financial headaches to rival a New Year's Eve hangover. More than 2 million long-term jobless would receive their final unemployment benefit check within days. Millions of taxpayers would be unable to file their returns early, resulting in delayed refunds. Taxes would rise immediately on workers across the board. And although some of those increases may eventually be reversed, the first paychecks of the year would be smaller until any legislative fixes kick in. Even if the crisis is resolved quickly after the new year as pressure mounts on President Obama and lawmakers, it poses a short-term administrative nightmare for businesses.
December 27, 2012 |
WASHINGTON - Their deadline rushing closer, President Obama and the top four congressional leaders announced plans to meet Friday to try to pick up the pieces of the shattered budget talks, even as they spent Thursday positioning themselves to dodge the blame for failure. Expectations for a breakthrough at the White House huddle were low, but it was clear the president and the lawmakers felt obligated to at least appear to be pushing for a solution right up to the Dec. 31 deadline, when all taxpayers will see their income taxes rise if a deal is not reached.