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Federal Taxes

NEWS
January 25, 2012
By Colin McNickle Between 87 percent and 97 percent of American taxpayers have an effective tax rate that is lower than the 15 percent Mitt Romney says he falls under. But let's not let the facts get in the way of a good ol' class-warfare smear. Democrats and others hoping to capitalize on public ignorance made much of Romney's statement that his effective tax rate is about 15 percent. They bloviated along the lines of "Here's yet another rich bastard taxed at nearly half the rate of most working Americans!"
NEWS
January 20, 2012 | By Thomas Fitzgerald, Inquirer Politics Writer
NORTH CHARLESTON, S.C. - The rowdy Republican presidential race, after it seemed the party's disparate factions were about to unite behind Mitt Romney's steady candidacy, was roiled Thursday by developments that detonated like bombs - just as the South Carolina primary headed into its final hours. The talk revolved around an ex-wife's allegations, Cayman Island tax shelters, and missing ballots in Iowa on perhaps the most chaotic and dramatic day of the Republican campaign so far. Newt Gingrich's second wife, Marianne, gave ABC News an interview in which she described his asking her for an "open marriage" while conducting an affair with the woman who later became his third wife; a certification of the Iowa caucus results found that Rick Santorum actually got more votes than Romney, who had initially been declared the winner; and Rick Perry abruptly quit the race, endorsing Gingrich on his way out. Romney, facing sharp questions about the wealth he earned as chief executive of Bain Capital, an investment firm that specialized in corporate buyouts, continued Thursday to ignore calls to release his income-tax returns immediately - even from allies such as Gov. Christie.
NEWS
January 19, 2012 | By Thomas Fitzgerald, INQUIRER POLITICS WRITER
NORTH CHARLESTON, S.C. - The rowdy Republican presidential race, after it seemed the party's disparate factions were about to unite behind Mitt Romney's steady candidacy, was roiled Thursday by developments that detonated like bombs - just as the South Carolina primary headed into its final hours. The talk revolved around an ex-wife's allegations, Cayman Island tax shelters, and missing ballots in Iowa on perhaps the most chaotic and dramatic day of the Republican campaign so far. Newt Gingrich's second wife, Marianne, gave ABC News an interview in which she described his asking her for an "open marriage" while conducting an affair with the woman who later became his third wife; a certification of the Iowa caucus results found that Rick Santorum actually got more votes than Romney, who had initially been declared the winner; and Rick Perry abruptly quit the race, endorsing Gingrich on his way. Romney, facing sharp questions about the wealth he earned as chief executive of Bain Capital, an investment bank that specialized in corporate buyouts, continued Thursday to ignore calls to release his income-tax returns immediately - even from allies such as Gov. Christie.
BUSINESS
January 1, 2012 | By Joseph N. DiStefano, Inquirer Staff Writer
Larry McCarthy used to work for credit-card lender MBNA Corp. , one of the big Philadelphia-area service companies that thrived in the years of Presidents Ronald Reagan , Bill Clinton , and George W. Bush , the debt-fueled, seemingly endless Indian summer of the long, now-lamented U.S. economic boom. MBNA's bosses saw the writing on the wall. In 2005 they sold the company to bigger, dumber Bank of America , which thought it could still make money if it cut costs.
NEWS
October 26, 2011
AT "OCCUPY" encampments here and around the globe, many in the bottom "99 percent" are portraying the top "1 percent" as the scum of the earth. Some call it class warfare; others call it crass envy. How do the members of the "1 percent" feel? I asked three - Renee Amoore, Tom Knox and George Bochetto - each a local, unapologetic, self-made millionaire. They believe they already pay their "fair share" in federal taxes. "I don't only pay the 35 percent," says Center City lawyer Bochetto, who was raised in an orphanage.
NEWS
September 21, 2011 | By Stephen Ohlemacher, Associated Press
WASHINGTON - President Obama says he wants to make sure millionaires are taxed at higher rates than their secretaries. The data say they already are. "Warren Buffett's secretary shouldn't pay a higher tax rate than Warren Buffett. There is no justification for it," Obama said as he announced his deficit-reduction plan this week. "It is wrong that in the United States of America, a teacher or a nurse or a construction worker who earns $50,000 should pay higher tax rates than somebody pulling in $50 million.
BUSINESS
July 24, 2011 | By Gail MarksJarvis, Chicago Tribune
Question: I'm 29 and have been with my current company for six years. I've accepted a new job, and I want to take money out of my old cash-balance (pension) plan and use it for a down payment on a home. We are renting. If I do this, my old employer will withhold 20 percent for federal taxes and 10 percent as a penalty for withdrawing money before retiring. How can I avoid those losses? - MWH Answer: Try to accumulate your down payment another way and wait a little longer for the home.
NEWS
May 16, 2011
THE PRICE of gas is at $4 a gallon and rising, and that includes lots of state and federal taxes. So why doesn't the federal government cut some of the federal tax that we pay on a gallon of gas? These bums in Washington are so desperate they won't let up on the federal tax. But the bum in the White House could issue an executive order. Let some of the reserves go to ease up on the price of gas. But no, too much greed - and all these bums and thieves live high on the hog. Pat Panichelli, Philadelphia
NEWS
April 19, 2011 | By Peter Nicholas, Tribune Washington Bureau
WASHINGTON - President Obama's income dropped substantially in 2010 from the previous year because of declining book sales, but he is still comfortably in the ranks of the nation's millionaires, his federal tax return shows. The Obama family earned $1.73 million last year, largely from sales of the president's books, Dreams From My Father and The Audacity of Hope . Obama also derived income from his new children's book, Of Thee I Sing: A Letter to My Daughters , but he donated all proceeds to a charity benefiting children of slain and disabled soldiers, the White House said.
NEWS
April 19, 2011 | Associated Press
WASHINGTON - President Obama and his wife, Michelle, reported income of $1.728 million for last year, much of it from the sale of the president's pre-presidency books. They paid federal taxes totaling $453,770 after receiving a $12,334 refund. The Obamas paid their taxes at lowered Bush-era rates, even as he campaigns to end them for households with adjusted gross incomes above $250,000 - a category into which the first family clearly fits. Joining the flocks of Americans filing their taxes near the end of the federal filing period, the Obamas made withholding and other payments to the Internal Revenue Service last year totaling $466,104.
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