Barack Obama, Taxes | featured news

President Obama, Governor Schwarzenegger and other esteemed politicos may routinely distance themselves from the potential windfall that would accompany legalizing and taxing cannabis, but amid California's latest and deepest financial crisis the state Board of Equalization has tagged a whopping revenue figure to such a notion.

Lawmakers and administration officials on Sunday distanced themselves from the idea of taxing health benefits to help pay President ...

They say the president's proposal would unfairly penalize U.S. companies that are trying to compete in global markets.

Officials say measures to shut down offshore tax havens would bring the government $210 billion over the next decade in otherwise lost tax revenue.

It's tax day at the White House and both President Obama and Vice President Biden have filed their tax returns.

There will be no tea-dumping in the Potomac River -- that's illegal -- but organizers of the national tea party tax protests say they plan to dump a million tea bags in Lafayette Square today to demonstrate displeasure at government spending and tax policies.

Protesters plan to place the tea bags on tarps and clean up afterward, an organizer said.

The tea, which will be delivered by truck, has been purchased online by people upset over recent government policy, said John Gauger, a spokesman for the grass-roots conservative group Reagan.org.

The White House announced this afternoon that President Obama is nominating Helen Elizabeth Garrett as assistant secretary of Treasury for tax policy.

Many Americans applauded the spending plans and tax breaks set out in President Barack Obama's record budget, while others questioned the yawning deficit it would entail.

The 10-year budget outline that the White House will release officially Thursday aims to pay for universal health care coverage in part by collecting more in taxes from wealthy Americans.

Ambitious budget seeks to cut deficit in half in 4 years, largely by raising taxes on businesses, the wealthy, cutting spending in Iraq, Afghanistan.