President Barack Obama said it would be “irresponsible” for Congress to extend tax cuts for the wealthiest Americans and voiced support for Treasury Secretary Tim Geithner and National Economic Council Chairman Lawrence Summers.
Bill marks first attempt to update law since 1986; would likely lead to fewer amended returns
Study reveals which locales will end up with highest total marginal tax rates; Hawaiian punch
The Tax Foundation, a Washington research group that advocates for lower taxes, said state, local and federal levies would result in a tax rates of nearly 50% in some states' top earners.
In two cases involving the hedging of appreciated stock positions, the U.S. Tax Court recently ruled that the investors who took the cases to court should be taxed as if they had sold their stock at the time that they entered into the hedging transactions.
Landmark criminal case against UBS exposed thousands of wealthy tax cheats; end of secret Swiss accounts
Seven former UBS AG clients, including two who pleaded guilty, were accused of tax crimes as the U.S. Justice Department extends its crackdown on offshore tax evasion.
UBS AG of Switzerland said Monday that authorities in Britain, Canada and Australia are investigating the bank's offshore business in the wake of revelations that it helped U.S. customers evade their taxes for years.
President Barack Obama signed legislation that will cut taxes and provide credit help for small businesses, calling it an essential step for job growth in a slow economy.
President Barack Obama will call on Congress to pass new tax breaks that would allow businesses to write off 100 percent of their new capital investments through 2011, the latest in a series of proposals the White House is rolling out in hopes of showing action on the economy ahead of the November elections.
The Consumer Financial Protection Bureau, a creation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, is designed to remedy the situation by protecting consumers. But what if something could be done to make the public less like prey and thus less susceptible to financial predators?
The tax impact on carriers will encompass about 1% to 2% of their total earnings, assuming an annual tax of about 4 basis points.
Wealthy pocket savings, research finds; stock market biggest factor in affluent's spending habits
There is plenty of uncertainty surrounding the estate tax. The only sure thing is that Congress will punt the issue to next month — or perhaps beyond the fall elections. Nevertheless, a rough picture of what will happen is starting to emerge.
For years, wealthy retirees from high-tax states in the Northeast and Midwest have been streaming to sunny, low-tax Florida. That stream is now turning into a flood.
As Congress heads toward its summer recess, it looks unlikely that legislators will make progress any time soon on the estate tax. That leaves financial planners and their clients in the lurch.
