January 11, 2013 |
WASHINGTON - The nation's tax law is so thick and complicated that businesses and individuals spend more than six billion hours a year complying with filing requirements. That's the equivalent of three million people working full time year round. As a result, about 90 percent of filers will either pay a tax preparer or use a computer software service to help with their federal tax returns this spring, according to a report Wednesday by an independent government watchdog. "The existing tax code makes compliance difficult, requiring taxpayers to devote excessive time to preparing and filing their returns," says the report by Nina E. Olson, the National Taxpayer Advocate.
December 30, 2012 |
PARIS - France's Constitutional Council, in a stinging political rebuke to the Socialist government, ruled Saturday that an emblematic new law that imposes a 75 percent tax rate on earnings above $1.3 million is unconstitutional. The ruling was based on technical grounds, and President Francois Hollande's government pledged to make the necessary adjustments. But Hollande had made the 75 percent rate an anti-rich symbol during his presidential campaign, and, as a result, the council's judgment was seen as an embarrassing political setback.
December 16, 2012
Applaud a group of retired state and federal judges from Pennsylvania who want Congress to open the curtain on secret campaign donors. Judges, even when they're retired, rarely comment on public issues. But after watching the 2012 elections play out with hundreds of millions of dollars spent to secretly finance political ads, the judges decided to speak out. They rightly argue that knowing who is behind a campaign ad gives voters more of a chance to evaluate that ad's credibility.
December 13, 2012
Don't complain about tax hikes Anyone against a tax increase for the wealthiest Americans is either one of the wealthiest Americans or probably doesn't understand our tax system ("Obama, Boehner trade new offers," Wednesday). Federal tax rates have always been graduated. Presently, they start at 10 percent and increases rapidly to 25 percent for "single" taxpayers who have a net income of more than $34,500. They increase to 28 percent for incomes above $83,600. After that, the progression slows considerably.
December 10, 2012
General Electric has been slowly moving manufacturing jobs from China and Mexico to the United States, and Apple says it will spend $100 million to manufacture Mac computers in this country. That sounds like the beginning of a good trend, but it needs a shove. Democrats in the last election made campaign promises to pass legislation to eliminate the destructive practice of rewarding businesses for putting Americans on the unemployment line by allowing companies to take a tax deduction for the cost of exporting jobs overseas.
December 7, 2012 |
Terence K. Heaney, 71, of Gulph Mills, a lawyer and certified public accountant, died of complications from esophageal cancer Sunday, Dec. 2, at Neighborhood Hospice in West Chester. Mr. Heaney was a partner with the law firm of Heaney, Kilcoyne, Bleczinski & Kelm in King of Prussia. As an authority on tax law, he lectured at conferences and universities and participated in tax seminars around the country. He was also a guest on the subject of taxes on TV and radio programs and was often interviewed by Inquirer reporters.
November 9, 2012 |
Though he was sacked an astounding 29 times in 10 games as the 1976 Eagles starting quarterback, there were other reasons Mike Boryla never felt entirely comfortable in pro football. The sport's one-dimensional demands confined the curious Stanford graduate, whose restless mind and varied interests were, then as now, football anomalies. "I never really considered myself a football player," Boryla said earlier this week from his Colorado home. "I considered myself a student, an intellectual.
September 22, 2012 |
A U.S. Senate committee memo said Microsoft Corp. used aggressive international tax maneuvers to avoid paying billions of dollars in taxes over the last three years. The committee memo, released for a hearing Thursday in Washington, said Microsoft used transactions with subsidiaries in Puerto Rico, Ireland, Singapore, and Bermuda to save at least $6.5 billion in taxes. The committee also disclosed that Hewlett-Packard Co. used a series of short-term internal loans that allowed the company to tap its offshore cash for domestic operations without paying taxes, according to the memo.
March 26, 2012 |
WASHINGTON - The Supreme Court's ruling on the constitutionality of President Obama's health-care overhaul is likely to shake the presidential race in early summer. But the winners in court won't necessarily be the winners in the political arena. No doubt, a decision to throw out the entire law would be a defeat for Obama. His judgment and leadership, even his reputation as a former constitutional-law professor, would be called into question. But it would not spell certain doom for his reelection.