The president's budget details his ambitious (and costly) plans to invest in infrastructure and the social safety net — the likes of which the country hasn't seen in decades.
"All taxpayers and businesses will have this additional time to file and make payments without interest or penalties," Treasury Secretary Steven Mnuchin said Friday.
Many people wait until the end of the year to make contributions to their favorite charities and churches. But this year, those donations are unlikely to be deductible, as a result of the new tax law.
"Read my lips" succeeded at countering Bush's image problem. But if it improved his chances of being elected in 1988, it may have ruined his chances of being re-elected in 1992.
Democrats say the new tax law unfairly targets blue states. New York Gov. Andrew Cuomo says he will file a lawsuit, while confusion reigns for Americans who tried to prepay property taxes.
Big-money donors can already donate anonymously through social welfare groups. If Congress keeps a provision in the House tax bill, it would allow charitable organizations to play politics.
States have long argued that they are losing millions of dollars in uncollected taxes from online sales. Massachusetts is now trying a very Internet answer to this Internet problem.
The tobacco giant is supporting its first cigarette tax — 60 cents more per pack. But some health groups oppose Missouri's ballot measure, as do some education groups that would benefit from the tax.
A letter from 370 economists, including eight Nobel Prize winners, says the Republican presidential candidate has misled the country about trade, jobs and growth.
The department has revised rules first issued in April, aimed at so-called tax inversions and earnings stripping. They involve companies moving their legal addresses and tax bills abroad.
The Democrat wants to double the credit for parents of children 4 and under. It would be paid for by a tax on Wall Street, the wealthy, corporations. Trump's tax plan would most benefit the wealthy.
The EU competition commissioner says Ireland gave the tech giant tax breaks that are illegal under European law. Now Ireland must recover that money, with interest, the commissioner says.
This tax season marks the first time that every married couple in the U.S. can file both state and federal taxes together, after the Supreme Court legalized same-sex unions across the land last year.
His proposed "speculation tax" — a small levy on every stock, bond or derivative sold in the U.S. — would fund higher education. Estimates of how much revenue it might raise vary greatly.
In the 1990s, then-Assemblyman Jim Gibbons, R-Reno, led a push to amend the Nevada Constitution to require a two-thirds majority for any tax increase. And that seemed to work fine until a majority wanted a tax increase but could not get two-thirds of legislators to agree.
And we're back there again but this time some Democrats are talking about using a little-known provision of the Gibbons Tax Restraint Initiative, which allows the Legislature to turn to the question of a tax increase to voters at the next election. That means, Nevada voters could have to choose in 2012 whether to increase taxes. And it's restructuring the whole debate in Carson City.
There's only eight days before the tax filing deadline. Many Southern
Nevadans are facing new issues - mortgages resets and modifications,
unemployment benefits and re-training allowances.
Well, it's not quite April 15 but there are tax benefits in the stimulus package and the largest of all - the first time home buyer credit- has less than two months to run. IRS spokesman Raphael Tulino joins us to answer tax
questions.
