November 6, 2013 |
WASHINGTON -- Two senators introduced legislation Wednesday to outlaw tax deductions by companies for penalties paid as part of government settlements, responding to concerns that JPMorgan Chase & Co. could end up with a huge write-off if it settles civil investigations with the Justice Department over mortgage bonds. Sens. Jack Reed (D-R.I.) and Charles E. Grassley (R-Iowa) said they wanted to close a loophole that allows companies to "reap tax benefits" for payments made to settle allegations of "illegal corporate behavior.
February 6, 2013 |
Would you support a tax reform measure that could help reduce the federal deficit, remove a needless distortion in the economy and make the system fairer? Me too, which is why I'm taking aim at a sacred cow: the home mortgage interest deduction. That's right, the mortgage interest deduction that every homeowner, including me, loves. If you listen to home builders and real estate agents, they'll tell you that the mortgage interest deduction is what makes homeownership possible for millions of Americans.
December 19, 2012 |
You may be unaware of the local ramifications of one of the proposals currently at play in the danse macabre that passes for fiscal negotiations in Washington. This is the plan to cap federal tax deductions at either a set figure or a percentage of income. Either way, it would strike deepest and hardest mostly at residents of California, as well as other populous states with high levels of government services, high state and local taxes, and relatively expensive housing. The mortgage interest and state and local tax deductions are among the most important tax breaks that would be capped under this sort of proposal.
November 2, 2012 |
For voters who think the presidential candidates' agendas for the arts are worth considering along with what they propose for the economy, healthcare, taxes and all the rest, Americans for the Arts Action Fund, the political wing of a national service organization for the nonprofit arts, has issued a checklist based on its "newly compiled analysis of the presidential candidates' arts policy positions. " It's a list of seven yes or no questions, mainly pertaining to funding of various grant-making agencies and initiatives that support arts education and arts volunteering.
October 24, 2012 |
The do-gooding spirit is thriving in the U.S., with 81% of Americans planning to maintain or boost their donations this year, according to a new report. That's nine percentage points higher than 2011 and 18 points above 2010, according to Fidelity Charitable, which offers programs to boost altruism. The average American plans to give $2,400, up from $2,100 last year. Three-quarters of the 571 respondents said they don't donate in order to benefit from tax deductions. Seven in 10 are influenced by their experiences with illness or death, while two-thirds say it's a holiday tradition to give.
October 16, 2012 |
It's an especially touchy subject when consumers are sick of pinching pennies after years of a down economy, and the question of taxes and spending caused a storm of bickering at Tuesday night's presidential debate. When a woman named Mary asked Mitt Romney his positions on various tax deductions - including the mortgage deduction, the child tax credit and the education tax credit - the former Massachusetts governor said he wanted to simplify the tax code and lower taxes for the middle class.