September 13, 2002 |
The Internal Revenue Service on Thursday announced plans to focus more attention on high-income individuals and those involved in tax avoidance schemes. The intent is to uncover those who avoid taxes and hide income, instead of just checking returns for mistakes or simple omissions. IRS Commissioner Charles Rossotti said the aim is to free up auditors to focus on such areas as tax shelters, offshore credit cards used to hide income and wealthy people who fail to file returns.
May 3, 2013
Re "A split of haves and have mores," April 28 The Laguna Beach Unified School District has an inequitable funding problem similar to the one faced by the Santa Monica-Malibu Unified School District, which seeks to distribute money donated by wealthier parents to less well-off campuses. Enthusiastic parents in my district collect millions for our already incredibly wealthy school district. I routinely propose sharing our funds with our much less wealthy neighbors in Santa Ana, but this suggestion is met with either blank stares or nervous laughter.
April 17, 2012 |
Our Republican friends have once again made it clear: Rich people shouldn't pay more taxes. The so-called Buffett rule collapsed in the Senate as Democrats failed to convince enough of their GOP colleagues to cross the aisle and end a filibuster. Only one Republican, Susan Collins of Maine, voted in favor of bringing the legislation to a vote. It would have required people making more than $1 million a year to pay a tax rate of at least 30%. The rule is named for billionaire Warren Buffett, who has repeatedly pointed out that his secretary pays a higher tax rate than he does.
April 1, 1998 |
Talk about putting your money where your mouth is. A group of wealthy people said Tuesday that they are so offended by the lack of fairness in last year's tax law that they will donate proceeds from their capital-gains tax cut to charity or to the federal government. "As beneficiaries of numerous policies that are tilted in our favor, we felt a responsibility to take action to create a more fair system," said Mike Lapham, project director for a group called Responsible Wealth.
March 25, 1987 |
The number of rich Americans able to avoid all federal income tax has dropped significantly, but 13 of every 1,000 still pay a smaller percentage than an average middle-income family, a new government study shows. The study by the Treasury Department, on returns filed in 1985, indicates that 325 couples and individuals with incomes of more than $200,000 paid zero tax. That was one of every 1,000 people at that income level.
August 23, 1990 |
Nearly 28.5% of America's personal wealth is in the hands of 3.3 million people whose holdings exceed the entire gross national product, the Internal Revenue Service reports. The IRS says the richest 1.6% of U.S. adults--those with assets of $500,000 or more--had total holdings of $4.3 trillion and a combined net worth of $3.8 trillion in 1986, the latest year for which figures are available.
June 11, 2006 |
To live in California is to pay the highest state income tax rate in the nation, if you're wealthy enough. Last week, voters had a chance to raise that tax rate to new heights by approving Proposition 82. They declined. Did they figure that the Golden State's rich were already thoroughly soaked -- or did 82, which would have funded universal preschool for 4-year-olds, just not present a convincing enough case?
CALIFORNIA | LOCAL
September 19, 1998 |
Eighty-six-year-old self-made millionaire Harry Krupnick said he discovered the key to success and happiness in the free-thinking, self-exploratory movements of the 1960s. "I learned that you've got to peel away the armor and show your true self to people even if it means revealing things you don't want to reveal," he said. "When you get to the core of your being you find a whole new world opens up to you. It's possible for people to grow through self-knowledge at any age."
January 28, 1990 |
Beverly Hills is a small town really, just five square miles of wide streets and tall trees and, it seems, a jewelry store on every corner. Beauty shops outnumber booksellers 534 to eight. It is easier to find a psychiatrist than a gas station. Nearly 34,000 people call Beverly Hills home and, for the most part, they do so with pride. A good number are film stars, corporate executives or millionaire immigrants.
May 5, 1992 |
One of the underreported stories of last week's catastrophic unrest was what took place in the seaside neighborhood of Oakwood, an area of about 9,200 residents in the middle of Venice. Unlike other parts of the city where businesses were the primary targets, in Oakwood, dozens of homes were attacked. One of the worst episodes occurred Wednesday night, when a mob of about 25 people came crashing through the gates of Alan and Caren Smith's rented two-story home on Indiana Avenue.