100th Birthday Federal Income Tax – Don’t Mess With Taxes
It kind of was overshadowed
by yesterday's Super Bowl, but Sunday, Feb. 3, was a big day in the tax world. It marked the 100th birthday of the
modern tax code. Actually, it was the day 100 years ago that the 16th
Amendment, the one that authorized the federal income tax as we know it, was
approved by Delaware.
Rid of the Virginia Gas Tax, and Other Taxes While We're at It – Yahoo! News
COMMENTARY | Gov. Bob McDonnell of Virginia is proposing
legislation that would repeal the current gas tax and replace lost revenue with
an increase in the state's sales tax, from 5 percent to 5.8 percent. Because of
the changing way Americans use fuel, be it with alternative fuel or
fuel-efficient vehicles, the revenue associated with the fuel tax is beginning
to stagnate, according to figures from the Tax Policy Center. Revenue from this
legislation would provide much-needed funds for further construction and repair
of the state's transportation infrastructure.
short-term deficit fix mixes taxes and spending cuts – Detroit
President Barack Obama is asking Congress for a short-term
deficit-reduction package of spending cuts and tax revenue that will delay the
effective date of steeper automatic cuts scheduled to kick in March 1. Obama
said the cuts would be economically damaging and must be avoided. The president
reiterated his insistence on long-term deficit reduction that combines taxes
and cuts, a blend that faces stiff resistance from antitax Republicans in
seeks back taxes from small-business shareholders – LA Times Business
For almost two decades, California has provided a hefty tax
break for residents owning shares of small businesses that keep most of their
workers and assets in the state.
GOP still battling over taxes – USA Today
The sequester debate is yet another battle over taxes. Urging Congress to avoid the automatic series
of budget cuts, President Obama called Tuesday for a short-term debt reduction
plan that includes new tax revenues -- not higher income tax rates, but
elimination of loopholes and deductions.