Taxes | featured news

A typical middle-income family making $40,000 to $64,000 a year could see its taxes go up by $2,000 next year if lawmakers fail to renew a lengthy roster of tax cuts set to expire in December, according to a new report Monday.

President Francois Hollande's Socialist government unveiled sharp tax hikes on business and the rich on Friday in a 2013 budget aimed at showing France has the fiscal rigour to remain at the core of the euro zone.

Which is the more redistributionist of our two parties? In recent decades, as Republicans have devoted themselves with laser-like intensity to redistributing America’s wealth and income upward, the evidence suggests the answer is the GOP.

Mitt Romney said Tuesday that President Obama did not raise taxes during his first term, contradicting a constant attack he has leveled on Obama — that his healthcare plan was a tax increase.

Now, at least, there can be no doubt about who is waging class warfare in this presidential campaign. Mitt Romney would pit the winners against the “victims,” the smug-and-rich against the down-on-their-luck, the wealthy tax avoiders against those too poor to owe income tax. He sees nearly half of all Americans as chumps who sit around waiting for a handout.

Technology giants Microsoft Corp and Hewlett-Packard Co used offshore units to shield billions of dollars from U.S. taxes by taking advantage of loopholes and stretching the limits of the tax code, a U.S. Senate panel said on Thursday.

Will those paying no federal income tax "vote for the president no matter what"? Probably not. A lot don't vote, and of those who do, many vote Republican.

The new tax is expected to be formally announced in the government's first budget on 28 September, but that does not mean there is a sense of panic in France. This new tax will only hit very rich individuals and only for a year or two, to help bring down the government deficit.

...He dismissed these Americans as freeloaders who pay no taxes, who don't assume responsibility for their lives, and who think government should take care of them.

Ronald Reagan wearing cowboy hat at Rancho del Cielo. (Photo credit: Wikipedia) Since the arrival of President Ronald Wilson Reagan, it has become a matter of conservative orthodoxy that tax cuts for the rich will, inevitably, lead to economic prosperity.