BUSINESS
April 5, 2012 | By Tiffany Hsu
You may want to sit down for this one: Americans aren't happy with the U.S. tax system (though 12% of them think it's actually the best one in the world). More than six in 10 Americans say the way the country levies taxes is less than perfect, according to a survey from Rasmussen Reports . More than a quarter aren't sure how they feel. Nearly half think that the average American currently pays out at least 30% of their income in taxes, when most believe the ceiling should be more like 20%. California Gov. Jerry Brown hopes to land a measure on the November ballot that would increase the sales tax and raise the rate for higher earners, with revenue going to schools and to balance the state's budget.
CALIFORNIA | LOCAL
April 3, 2012 | By Lee Romney, Joe Mozingo and John Hoeffel, Los Angeles Times
OAKLAND — Federal agents struck at the heart of California's medical marijuana movement, raiding the nation's first pot trade school and a popular dispensary, both run by one of the state's most prominent and provocative activists, Richard Lee. The raids in Oakland by the Internal Revenue Service and Drug Enforcement Administration sent a shudder through the medical cannabis trade and angered the plant's devotees, who believe the federal government...
BUSINESS
March 24, 2012 | By Tiffany Hsu, Los Angeles Times
Attention multimillionaires, the watchful eye of the Internal Revenue Service is trained on you. During last year's tax season, 30% of taxpayers making an adjusted gross annual income of $10 million or more were audited, the agency said, up from 18% in 2010. Overall, just 1.1% of individual income tax returns were checked. Nearly 21% of Americans making between $5 million and $10 million annually had their returns inspected, the IRS said; 12% of millionaires making less underwent the same process.
BUSINESS
March 23, 2012 | By Tiffany Hsu
Attention, millionaires, the watchful eye of the Internal Revenue Service is trained on you. During last year's tax season, 30% of multimillionaires were audited, the agency said. Overall, just 1.1% of individual income tax returns were checked. Taxpayers making an adjusted gross annual income of $10 million or more are increasingly on the IRS' radar -- in 2010, just 18% of them faced audits, according to a report from the agency . Nearly 21% of Americans making between $5 and $10 million had their returns inspected, the IRS said; 12% of millionaires making less underwent the same process.
NATIONAL
March 23, 2012 | By David Zucchino, Los Angeles Times
Reporting from Washington, N.C. For a while, Tim Pigford had money and a small measure of fame. He was a struggling black tenant farmer when he sued the federal government in 1997 and won the largest civil rights settlement in history. He testified before Congress and chatted with President Clinton in the White House. His name was enshrined in legal history: Pigford vs. Glickman, the landmark class-action discrimination lawsuit. The government has paid $1.01 billion to 15,600 black farmers denied farm loans or other benefits because of their race.
BUSINESS
March 20, 2012
A former Internal Revenue Service agent was sentenced to nearly three years in federal prison after pleading guilty to charges related to an investment scheme that caused victims to lose more than $8 million. George Tannous pleaded guilty in 2008 to charges of conspiracy and filing a false tax return for his role in a scheme that defrauded hundreds of investors in Bidbay.com, which was developing an online auction website. Tannous was Bidbay's president. U.S. District Judge Dean D. Pregerson sentenced Tannous on Monday to 33 months in prison and ordered him to repay $8.8 million to 218 investors.