April 19, 2014
Re "A tax break worth saving," Editorial, April 16 There is no tax break worth saving. All the breaks do is make our tax code a laughingstock. Once we start protecting the "good" breaks, all of them will remain. Arthur Armstrong Manhattan Beach ALSO: Wrapping up the Bell scandal Teachers, seniority and students Tax havens prove alluring to China
CALIFORNIA | LOCAL
April 30, 1991
If our Sacramento legislators are writing bills to give tax breaks to special interests (April 21), perhaps we taxpayers should rejoice that we do not receive all the government we pay for. MARGARET W. ROMANI, Los Angeles
April 12, 2013 |
President Obama's budget proposal included a number of proposals to increase tax revenue not by raising rates but by cutting back on tax breaks. The Wall Street Journal's editorial board singled out one such measure for ridicule Friday: a cap on an individual's tax-sheltered retirement accounts at "an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013. " The board's members seem to think that people won't save for retirement unless they're given a tax break to do so. Perhaps they're right about that; the savings rate in this country is abysmal , and about three-quarters of the people nearing retirement age have less than $27,000 saved for their dotage, according to a 2010 study . But think about that statistic for a moment.
December 30, 2013 |
As 2013 comes to a close, so will dozens of tax breaks that save companies billions of dollars in tax liability. Congress has allowed 55 tax breaks to expire but will likely restore many of them, retroactively, in the coming months, the Associated Press reported. In years past, the breaks have expired only to be restored in the months to come. “It's a totally ridiculous way to run our tax system,” Rachelle Bernstein, vice president of the National Retail Federation, told the AP. “It's impossible to plan when every year this happens, but yet business has gotten used to that.” PHOTOS: Most affordable zip codes for home buyers Some of the tax breaks are big, including billions in credits for research and development, generous exemptions for banks that operate overseas and several that allow businesses to write off capital investments faster.
May 29, 2013 |
WASHINGTON - Federal income tax breaks disproportionately benefit wealthier households, according to a report issued Wednesday that is certain to become ammunition in the budget battles as Congress debates the best ways to reduce Washington's deficits. The nonpartisan Congressional Budget Office found that the top 10 major tax breaks "are distributed unevenly across the income scale," with the top 1% of households - those who make more than $450,000 a year - receiving more than 17% of the savings in 2013.
May 29, 2013 |
A new Congressional Budget Office report on the cost and beneficiaries of 10 of the largest federal tax breaks includes one surprising factoid that could make it harder for lawmakers to simplify the tax code by winnowing the thicket of credits, deductions and exemptions. The report published Wednesday estimates that these 10 breaks add up to $900 billion annually, or roughly two-thirds of the value of the more than 200 "tax expenditures" in the code. (Interesting side note: The CBO cautioned lawmakers not to assume that canceling these breaks would bring in $900 billion in revenue.