Americans are paying the smallest share of their income for taxes since 1958, a reflection of tax cuts and a weak economy, a USA TODAY analysis finds. The total tax burden — for all federal, state and local taxes — dropped to 23.6% of income in the first quarter, according to Bureau of Economic Analysis data. [...]
Two new polls suggest there is broad support for raising taxes on households making more than $250,000 a year, and all in the name of deficit reduction. A full 72% of adults approve of increasing federal taxes on households making more than $250,000 starting in 2013, according to the latest New York Times/CBS News poll. Fifty-five [...]
You’ve done your paperwork—now it’s time to celebrate. National chains and local shops throughout the country are giving away food, massages, and even HBO on April 18, this year’s tax deadline. Here’s your guide to the best tax day deals: Snacks: MaggieMoo’s: The ice cream chain is offering free mini ice cream sundaes between 3 [...]
If your palms are sweaty, you’ve got heart palpitations and you can’t concentrate, it means one of two things: You’re in love, or you owe money to the IRS. Those who fall into the latter category have about two weeks to come up with the cash. Failure to pay by the deadline could trigger a [...]
We all know that Dec.31 is the deadline for completing certain fiscal errands, such as depleting flexible spending accounts and making charitable contributions. April15 — actually, April18 this year — is the deadline for filing your federal income taxes. But April1? That’s a day associated with whoopee cushions and snakes-in-a-can, not financial responsibilities. For the [...]
Americans are earning and spending more, but a lot of the extra money is going down their gas tanks. Gas prices have drained more than half the extra cash Americans are getting this year from a cut in Social Security taxes. Unlike some other kinds of spending, paying more for gas doesn’t help the economy [...]
For the first time in three years, Mayor Nutter yesterday delivered a budget message to City Council without asking for major tax hikes or spending reductions, but the feat required the mayor to turn a near-blind eye to the near-certainty of major cuts in state and federal aid. Nutter’s proposed $3.45 billion spending plan assumes [...]
The IRS announced Thursday that it’s significantly reducing the number of liens it will place on property owned by delinquent taxpayers and will make it easier for taxpayers to get existing liens withdrawn. The use of tax liens has soared more than 60% since the start of the recession, according to IRS Taxpayer Advocate Nina [...]
New Jersey residents had the highest state and local tax burden in the United States for the third straight year in fiscal 2009, according to a new study. They paid 12.2 percent of their incomes in state and local levies, the Tax Foundation in Washington said Wednesday. New York was next at 12.1 percent and [...]
Spending money wisely, from home repair to shopping
