Taxes | featured news

As the income gap between rich and poor widens, a majority of Americans say the growing divide is bad for the country and believe that wealthy people are not paying enough in taxes, according to a new survey. The poll released Monday by the Pew Research Center points to a particular challenge for Republican presidential candidate Mitt Romney, whose party's policies are viewed by a wide majority as favoring the rich over the middle class and poor.

Paul Ryan, the Republican candidate for vice president, says he wants to scuttle the tax breaks of America's rich, but he also proposes expanding one of the biggest breaks enjoyed by the wealthiest - the low tax rate on investment income.

When it comes to their federal taxes in the last two years, Republican presidential candidate Mitt Romney has paid a lower federal tax rate than his running mate, Rep. Paul Ryan. Ryan, R-Wis., paid an effective federal tax rate of 15.9 percent in 2010 and 20 percent in 2011, according to tax returns released by the Romney campaign Friday evening.

Republican presidential candidate Mitt Romney said Thursday that he has paid a federal income tax rate of at least 13 percent in each of the last 10 years, offering his fullest explanation to date of his tax status. “I did go back and look at my taxes and over the past 10 years I never paid less than 13 percent. I think the most recent year is 13.6 or something like that. So I paid taxes every single year,” he told reporters Thursday.

Under Paul Ryan's plan, Mitt Romney wouldn't pay any taxes for the next ten years -- or any of the years after that. Now, do I know that that's true. Yes, I'm certain. Well, maybe not quite nothing. In 2010 -- the only year we have seen a full return from him -- Romney would have paid an effective tax rate of around 0.82 percent under the Ryan plan, rather than the 13.9 percent he actually did. How would someone with more than $21 million in taxable income pay so little? Well, the vast majority of Romney's income came from capital gains, interest, and dividends. And Ryan wants to eliminate all taxes on capital gains, interest and dividends.

Ah, summer. As you clean out your garage, get back from vacation or gear up for school in the fall, you might be doing some trading. Is it taxed? You bet. Whether one-on-one or with multiple parties, the IRS says trading one product or service for another is taxable bartering. Plumbing for dental work? The IRS taxes it. You name the swap, it’s income to both sides just like cash.

Reassessment of their $12-million home, one of many reductions in San Diego County, has saved $109,000 over four years... Mitt and Ann Romney were easily able to afford a $12-million La Jolla home. But that didn't insulate them from the winds buffeting the real estate market in the months following their purchase in 2008. After paying cash for the Mediterranean-style house with 61 feet of beach frontage, they asked San Diego County for dramatic property tax relief.

“Chances are you pay a higher tax rate than him [Mitt Romney]….Mitt Romney made $20 million in 2010 but paid only 14 percent in taxes…probably less than you. Now he has a plan that would give millionaires another tax break. And raises taxes on middle class families by up to two thousand dollars a year.” We hold campaign ads to a high standard, particularly attack ads. If Romney releases the missing details, and a new analysis finds that Romney can meet the stated goals of his tax plan, then we can certainly revisit this analysis. But, until then, for the first time in this frequently nasty campaign, we award a rare Geppetto Checkmark for a campaign ad.

Republican U.S. presidential challenger Mitt Romney's proposal to slash income taxes by 20 percent across the board would boost income for the wealthiest taxpayers while reducing it for the middle class, according to a nonpartisan analysis released on Wednesday.

Senate Majority Leader Harry Reid (D-Nev.) claimed Tuesday in an interview that Republican presidential candidate Mitt Romney refuses to release additional tax returns because he didn’t pay taxes for 10 years.