Taxes | featured news

Mitt Romney's budget plan would significantly raise income taxes for many families making between $100,000 and $200,000, analyses by leading Republican economists cited by the Romney campaign show.

The Internal Revenue Service has awarded an ex-banker $104 million for providing information about overseas tax cheats -- the largest amount ever awarded by the agency, lawyers for the whistleblower announced Tuesday.

Low interest rates let governments keep their borrowing costs low, helping them live within their budgets without having to raise taxes or cut spending.

Romney insists his plans would help the middle class; Obama criticizes his rival's lack of specifics. After a week in which Democrats repeatedly attacked his economic plan as beneficial to the rich and devastating to the poor, Republican nominee Mitt Romney insisted Sunday that his tax and budget proposals would help rebuild the middle class in America.

When lawmakers return to Washington on Monday, they face big issues, including taxes, spending cuts and the prospect of a debilitating "fiscal cliff" in January. Yet Congress is expected to do what it often does best: punt problems to the future....

Nude lap dances aren't likely to be confused with "Swan Lake." But a New York strip club says they are an art form, too, and should be exempt from state taxes....

Facebook Inc promised not to sell stock to cover a nearly $2 billion tax bill and said it will allow employees to cash in their stock weeks ahead of schedule, moving to soothe nervous investors and its own staff as its share price spirals downward.

In a recent paper, we showed that any revenue-neutral tax reform that included Governor Romney’s specific tax cuts and that met his stated goal of not raising taxes on saving and investment would cut taxes for households with income above $200,000 and would therefore necessarily have to raise taxes on taxpayers below $200,000. This was true even when we considered an unrealistically progressive way of financing the specified tax reductions, and even when we accounted for economic growth and revenue feedback.

The official spoke on the condition of anonymity because of the sensitivity of the probe. It is examining whether the firms used a tax strategy to avoid paying hundreds of millions of dollars in taxes. The practice involved converting some fees collected for managing accounts into fund investments, resulting in a lower tax rate.

The California tax man cometh, and he's headed for the Internet. State tax collectors are preparing to crack down on renegade Internet merchants who don't collect sales taxes, and nearly 100 new state auditors, lawyers and other specialists are being hired to help over the next three years.