Buffett backs estate tax, decries wealth gap

Billionaire Warren Buffett on Wednesday endorsed the estate tax as a check on wealth accumulation, while two senior U.S. senators said they want the tax repealed.

Revisiting a long-standing debate over the controversial tax, the Senate Finance Committee held a hearing where Chairman Max Baucus said he supports ending the estate tax, although he said he did not expect this to happen any time soon.

Published in: on November 14, 2007 at 7:02 pm  Leave a Comment  

Tax Loopholes Sweeten a Deal for Blackstone

The Blackstone Group, the big buyout firm, has devised a way for its partners to effectively avoid paying taxes on $3.7 billion, the bulk of what it raised last month from selling shares to the public.

Published in: on July 15, 2007 at 12:12 am  Leave a Comment  

Democratic-linked groups mount ad offensive

IRS status provides anonymity for donors and unlimited contributions

WASHINGTON – 501(c)(4) ­ it’s the most potent little algorithm in politics right now.

A 501(c)(4) is the Internal Revenue Service term for a tax-exempt organization “primarily engaged in promoting in some way the common good and general welfare of the community.”

Published in: on May 13, 2007 at 1:25 pm  Leave a Comment  

The Millions Left Out

May 12, 2007
Op-Ed Columnist
By BOB HERBERT

The United States may be the richest country in the world, but there are many millions — tens of millions — who are not sharing in that prosperity.
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Published in: on May 11, 2007 at 11:07 pm  Comments (1)  

Gilded Once More

April 27, 2007
Op-Ed Columnist
By PAUL KRUGMAN

One of the distinctive features of the modern American right has been nostalgia for the late 19th century, with its minimal taxation, absence of regulation and reliance on faith-based charity rather than government social programs. Conservatives from Milton Friedman to Grover Norquist have portrayed the Gilded Age as a golden age, dismissing talk of the era’s injustice and cruelty as a left-wing myth.
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Published in: on April 26, 2007 at 11:17 pm  Leave a Comment  

A Feminist Tea Party?

Few of us realize that the income tax code has always favored men over women—especially those with stay-at-home wives.

Published in: on April 17, 2007 at 11:35 pm  Leave a Comment  

One April Day

April 12, 2007, 9:44 pm

I got my tax bill this week.

Many of you probably did.

But then, some of you probably got it weeks or even months ago. Your checks are now neatly paper-clipped to your tax returns. Or maybe you’re not sending any checks; maybe you’re actually getting refunds.

If so, I fear, this column will be of no interest to you. But if you’re like anybody I know, well … read on. (more…)

Published in: on April 13, 2007 at 9:27 pm  Leave a Comment  

Grassley Reminds Iowans to Claim Telephone Tax Refund

[It’s not just for Iowans…]

Sen. Chuck Grassley, ranking member of the Committee on Finance, today urged taxpayers who have not yet filed their federal income taxes this year to claim their telephone tax refund.

“I was surprised to hear that a lot of taxpayers haven’t claimed the telephone tax refund so far,” Grassley said. “Taxpayers are entitled to it, and they should consider claiming it.” (more…)

Published in: on April 5, 2007 at 1:42 am  Leave a Comment  

Hang Up on War

If you are upset that Congress won’t defund the war in Iraq, there’s something you can do: Stop paying a tax. Legally.

By Amy Goodman

The Internal Revenue Service is giving a rebate this year on a telephone war tax. This is one of those line items at the bottom of your phone bill. The tax was instituted in 1898 to help the United States pay for the Spanish-American War. Individuals and businesses have one chance to obtain a refund on this telephone war tax, by asking for it in their 2006 income tax returns.

Published in: on April 5, 2007 at 1:40 am  Leave a Comment  

The Estate Tax: A Recycling Program in Disguise

Last November, Washington state voters recognized the value of their state’s inheritance tax and voted to preserve it.

Published in: on April 5, 2007 at 1:30 am  Leave a Comment  

The Great Wealth Transfer

It’s the biggest untold economic story of our time: more of the nation’s bounty held in fewer and fewer hands. And Bush’s tax cuts are only making the problem worse

PAUL KRUGMAN

[Thx MC]

Published in: on April 2, 2007 at 10:32 pm  Leave a Comment  

Income Gap Is Widening, Data Shows

Income inequality grew significantly in 2005, with the top 1 percent of Americans — those with incomes that year of more than $348,000 — receiving their largest share of national income since 1928, analysis of newly released tax data shows.

Published in: on March 29, 2007 at 11:11 pm  Leave a Comment  

Ebay fights plan to shop users to IRS

Ebay is fiercely resisting a Bush administration plan it says will force it to snitch on customers who are not paying tax on billions earned on the popular online auction site.

Published in: on February 19, 2007 at 9:10 pm  Comments (1)  

War tax sought as Congress debates Bush budget

“YES WE ARE COMPLETELY OUT OF TOUCH”

Published in: on February 6, 2007 at 10:50 pm  Leave a Comment  

Democrats Seek Unpaid Taxes, Setting Up Clash

Congressional Democrats, hoping to finance an ambitious agenda without raising taxes, are on a collision course with the Bush administration about pursuing the potentially vast amount of money that people hide from the Internal Revenue Service.

Published in: on February 5, 2007 at 11:53 am  Leave a Comment  

Gold-Plated Indifference

January 22, 2007
Op-Ed Columnist
By PAUL KRUGMAN

President Bush’s Saturday radio address was devoted to health care, and officials have put out the word that the subject will be a major theme in tomorrow’s State of the Union address. Mr. Bush’s proposal won’t go anywhere. But it’s still worth looking at his remarks, because of what they say about him and his advisers.
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Published in: on January 21, 2007 at 10:28 pm  Comments (2)