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Income Taxes

March 11, 2013 | By Anthony York
The state's tax revenue is outpacing earlier projections by about $4.5 billion over the last eight months, according to new figures from the State Controller's office. The rosier-than-anticipated state revenue numbers are the result of income taxes coming in to state coffers at a higher rate than what was predicted by the governor's office last summer. Those strong income tax numbers have made up for sales and corporate taxes, which have been soft. But Controller John Chiang said in a statement Monday he was encouraged by the February numbers, which show money from both levies was higher than expected in February.
March 7, 2013 | By Shan Li
More than 25% of Americans are dipping into 401(k) retirement accounts to pay for bills. U.S. workers are tapping into nearly a quarter of the $293 billion placed into their retirement savings each year to pay for mortgages, credit cards and other debts, according to a report from financial advisory firm HelloWallet. Those in their 40s are the most frequent raiders, with about one-third using their 401(k)s to pay for current bills. Other studies bear out those results. Vanguard, an investment management group, said that Americans workers withdrawing money from 401(k)
March 1, 2013 | By Jim Puzzanghera
WASHINGTON -- Consumers spent slightly more in January than the previous month even as their income plummeted by the largest amount in 20 years because of the "fiscal cliff," the Commerce Department said Friday. People boosted their spending by saving less money as they sought to offset tax increases that took effect. The personal saving rate in January was 2.4% -- down from 6.4% in December -- marking the lowest monthly level since late 2007. Personal consumption expenditures rose 0.2% in January following a 0.1% rise in December.
March 1, 2013 | By Jerry Hirsch, Los Angeles Times
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 | By Jim Puzzanghera
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 | By Thomas V. DiBacco
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 Jon Healey
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 | By Alana Semuels, Los Angeles Times
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 | By Lisa Mascaro, Kathleen Hennessey and Michael A. Memoli
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.)
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