September 21, 1987 |
Parliament enacted a law Saturday that will eliminate the tax exemption for interest paid on savings accounts, a move long advocated by American economists and government officials as a way to encourage consumption and spur demand for imports in Japan. All the opposition parties voted against the measure, but the upper house completed action on the measure just before the end of a special session. The lower house had earlier adopted the same measure.
July 11, 2013 |
A Michigan-based charity organization known as the Law Enforcement Education Program has spent a shockingly small amount of its money on programming over the last three years - 2.7% to be exact - and a shockingly large amount on fundraising and management. California's Shiloh International Ministries did not do much better, spending only 3.2% on programs. The same can be said for the American Medical Research Organization in Florida, which spent just 4.2%. Statistics like these, compiled by the Oregon Department of Justice, were the impetus for a new law making Oregon the first state to eliminate tax exemptions for charities that spend more than 70% on non-programming costs.
October 13, 1993 |
After decades of feuding, the Internal Revenue Service has granted the Church of Scientology and more than 150 of its corporate entities tax-exempt status, ruling that they are charitable, religious organizations entitled to be free from federal income taxes. Marty Rathbun, president of one of the Scientology organizations that received the tax exemptions, said the government sent 30 exemption letters to Scientology groups earlier this month.
May 14, 2013 |
WASHINGTON -- The growing scandal at the IRS stemmed from a confused staff and lax oversight, according to an eagerly awaited inspector general's report released Tuesday shortly after federal authorities began a criminal investigation into overzealous scrutiny of conservative groups that had applied for tax exemptions. The improper activities “were not influenced by any individual or organization outside the IRS,” auditors said they were told by IRS officials. Instead, the report painted a picture of an IRS unit based in Cincinnati, the main office for handling tax-exempt organizations, that adopted “inappropriate criteria” for deciding which applications to examine, without any review by senior managers.
September 13, 2009 |
Dismal college savings statistics among middle-income families have the Obama administration pushing for a series of changes to so-called 529 plans, the cornerstone of tax-favored higher education savings accounts. But industry experts gave the proposed changes mixed reviews, saying they were more positive about the potential than the particulars. Some said the proposals from a vice presidential task force went too far; others said they didn't go far enough. "The real goal of the task force is to increase awareness of 529s," said Peter Mazareas, vice chairman of the College Savings Foundation.
CALIFORNIA | LOCAL
March 23, 1995 |
Eager to maintain the city's increasingly tenuous hold on the entertainment industry, the Los Angeles City Council took the first step Wednesday toward offering a major tax concession that could save multimedia companies tens of thousands of dollars. The near-unanimous decision signaled the council's growing wish to be more business-friendly and its sensitivity to the city's slipping profile as the movie and entertainment capital of the world.
January 29, 1992 |
President Bush on Tuesday embraced a range of issues dear to family and children's advocates, including creation of a Commission on America's Urban Families and new tax exemptions for dependent children. In his State of the Union address, Bush said the nation must "strengthen the family--because it is the family that has the greatest bearing on our future."
November 28, 2002
Gov. Gray Davis is one of the most incompetent governors we've had in scores of years and, unfortunately, we are stuck with him for another four years ("Legislators Letting Davis Lead on Budget," Nov. 24). He took a state budget awash in surplus and, with lack of foresight and proven incompetence, reduced the surplus to a $21-billion deficit. And our elected legislators are going to leave it to this same man to solve the problem? How hard will that be for him to accomplish? He'll cut costs by $5 billion and increase taxes and fees by $16 billion.
CALIFORNIA | LOCAL
July 2, 2003 |
The Orange County Board of Supervisors voted Tuesday to give significant tax breaks to developers of low-cost rental housing, an incentive that came under scrutiny because of concerns about the county budget. In an effort to encourage construction of housing for the working poor, Orange County for years has offered to make developers of such projects exempt from property taxes.
CALIFORNIA | LOCAL
May 16, 2000 |
When the Earth was threatened by an asteroid in the movie "Armageddon" a couple of years ago, the U.S. government asked a team of crack oil drillers to plant explosives in the asteroid to knock it off course. When asked what reward the drillers sought for accepting the risky job to save the world, their leader, played by Bruce Willis, made a quick reply: "They don't want to pay taxes again. Ever!"