close Video IRS calls news reports on reduction in tax refunds 'misleading' Some folks claim the new Trump tax code has them paying more to the IRS. Hey, Uncle Sam, what happened to my refund? Under the new tax overhaul signed into law by President Trump, many taxpayers accustomed to getting a hefty check from the government instead find themselves owing money this year. The uncertainty of not knowing whether the tax man will give or take only adds stress to an already stressful time. “I don’t know what kind of refund I’m going to get this year with the new tax law though, but we’ll see,” one man told us. Believe it or not, that money may have already ended up in your bank account, in tiny installments. Experts say withholdings from paychecks were smaller than in previous years because of updated withholding tables implemented under the new tax law. “You kept more in your pocket during the year. The problem is that $1,000 … [Read more...] about Some claim the new Trump tax code has them paying more to the IRS
Democrats in Congress are hoping to remove “gendered language” from the U.S. tax code to make it more palatable for the gay lobby, according to reports. In a Valentine’s Day announcement about the Equal Dignity for Married Taxpayers Act, Democrat Reps. Judy Chu (D-CA) and Andy Levin (D-MI) espoused the need to “update the U.S. tax code.” The change would be “in celebration of love on Valentine’s Day … and [to] affirm the dignity of LGBTQ married couples.”“Tax filing is often difficult enough already without also making LGBTQ families feel prejudiced against,” Chu added in the press release. “This is a simple and common-sense fix that acknowledges LGBTQ couples as equals. The Supreme Court has recognized that love is love, no matter your gender identity. It’s time our tax code does the same.” “Marriage equality became the law of the land four years ago, and it is past time for our laws to … [Read more...] about Democrats Seek to ‘Affirm the Dignity’ of LGBTQ by Ridding Tax Code of ‘Gendered Language’
Christopher Ingraham, The Washington Post Published 9:39 pm PST, Monday, February 11, 2019 When we debate income tax policy in the United States, we typically focus on the top marginal tax rate from 1913 to the present day. In discussions of a proposal from Rep. Alexandria Ocasio-Cortez, D-N.Y., to impose a 70 percent tax on incomes over $10 million, for instance, these numbers are useful for illustrating that a 70 percent top rate is in line with historic precedent. But we rarely look at the numbers on the other side of the tax equation: not the top rates, but rather the levels of income at which they kick in. This is an extremely important distinction, particularly at the top of the income distribution. There's very little difference between families at the 50th and 51st percentiles of the income spectrum, for instance. But the difference in income between the top 1 percent and the top 0.1 percent - or 0.01 percent - is massive. In 2014, for instance, you needed to … [Read more...] about Tax code treats all 1 percenters the same, but it wasn’t always this way.
Breaking News Emails Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings. SUBSCRIBE Feb. 8, 2019, 4:41 PM GMT By Martha C. White With filing season officially under way, a growing number of taxpayers are realizing that the Tax Cuts and Jobs Act might be a double-edged sword. The White House said in October 2017 that the average family “would get a $4,000 raise” when it was pushing for passage of the law. Now that the new filing season has begun, some taxpayers are finding out that the tax man giveth — but also taketh away, especially as it pertains to their annual refund. “Americans are obsessed with their refunds. What really matters is whether your taxes went up or down, not whether your refund went down,” said Howard Gleckman, senior fellow at the Urban Brookings Tax Policy Center. “It’s really important that people don’t confuse their refund with the taxes they … [Read more...] about Tax code changes leave Americans asking, ‘What happened to my refund?’
POLITICS 06/12/2018 07:43 pm ET City politicians were up against a corporate-funded opposition effort. So they caved. By Michael Hobbes SEATTLE ― In a 7-2 vote, the Seattle City Council voted to repeal a tax on large corporations to fund affordable housing and homeless services. The council had voted unanimously to pass the tax just over a month ago. Amid boos, cheers and chanting, three councilmembers who’d voted for the tax ― then voted to repeal it ― told a packed City Hall audience that they had no other option. Since the Employee Hours Tax passed in May, a coalition of companies led by Amazon and Starbucks have collected more than 40,000 signatures to repeal it. If the City Council hadn’t reversed its decision, a referendum to nullify the tax would have appeared on the ballot in November. Councilmember Lisa Herbold said she had seen polls indicating that the “vast majority” of Seattleites would support repealing the tax. … [Read more...] about Facing Pressure From Amazon, Seattle Repeals ‘Head Tax’