tax the rich

Tax Bills for the Rich Approach 30-Year High

With Washington gridlocked again over whether to raise their taxes, it turns out wealthy families already are paying some of their biggest federal tax bills in decades even as the rest of the population continues to pay at historically low rates.

Will Tax Refunds Go Out on Time? Late AMT Fix Has IRS Scrambling

The fiscal cliff compromise has been signed, clearing up a host of questions about taxes for the near future, and the year that just ended. But the long wait for answers left the IRS in limbo, and that may mean millions of refund checks will be delayed too.

Done Deal: Fiscal Cliff Bill Passes the House

A weary House of Representatives passed legislation late Tuesday night that will prevent the long-feared fiscal cliff of broad tax increases and spending cuts. The bill's passage on a bipartisan 257-167 vote sealed a hard-won political triumph for President Barack Obama.

Taxing the Rich: Americans Have It Good, Compared to the French

Many of America's rich are complaining that top tax rates are rising in 2013. But, really, they should be glad the new rates will be so low. France is boosting its top tax rate from 48 percent to as high as 75 percent -- and driving some businesspeople and celebrities to bid their home country adieu.

Obama, Boehner One Step Closer on Fiscal Cliff Compromise

Just two weeks before the economy-threatening "fiscal cliff" is due to kick in, both President Barack Obama and House Speaker John Boehner are making significant concessions to each other, backing off what had once been ironclad positions on how to avoid the huge automatic spending cuts and tax increases.

Fiscal Cliff Talks Appear to Be Stalled

Despite an intensifying pace, little progress is being reported in talks on averting automatic spending cuts and tax increases that economists fear could send the U.S. economy off a "fiscal cliff."

How Far Over the Fiscal Cliff Could Washington Go?

The dealmakers who warn that a year-end plunge off the "fiscal cliff" would be disastrous don't seem to be rushing to stop it. Why aren't they panicking? Because those master procrastinators know that Washington deadlines are rarely firm, and they know precisely how they can finagle more time.

Senate Dems Split on Cutting Benefits to Get Fiscal Cliff Deal

Deep divisions among Senate Democrats over whether cuts to Medicare and Medicaid should be part of a plan to slow the growth of the federal debt pose a big obstacle to a deal for avoiding a potentially economy-crushing "fiscal cliff," even if Republicans agree to raise taxes.

Obama to Appeal to Public on Fiscal Cliff

President Barack Obama plans to make a public case this week for his strategy for dealing with the looming fiscal cliff, traveling to the Philadelphia suburbs Friday as he pressures Republicans to allow tax increases on the wealthy while extending tax cuts for families earning $250,000 or less.

Tax Hike for Wealthy Americans Won't Kill Growth

Allowing income tax rates to rise for wealthy Americans, and maintaining rates for the less affluent, would not hurt U.S. economic growth much in 2013, the Congressional Budget Office said on Thursday, stepping into a dispute between Republicans and Democrats over how to resolve the so-called "fiscal cliff."

Hillary Clinton Wants to Tax the Rich -- Here, There and Everywhere

Last month, Secretary of State Hillary Clinton suggested that elites the world over are under-taxed, and that governments everywhere should change that. Most commentators just assumed she was trying to export the "tax the rich" meme. But what if she's really trying to avoid exporting the rich?

Tax the Rich, Kill the Economy? Proof It Doesn't Work That Way

Mitt Romney says the key to getting America's growth back on track is cut taxes even further on the wealthy. But would cutting taxes on "job creators" actually do that? No -- at least not according to the data compiled by nonpartisan Congressional Research Service.

How Thousands of Wealthy People Pay No Taxes (It's Totally Legal)

Debate all you like about whether the rich pay their fair share in taxes, but this is certain: Some high earners pay no taxes at all. A recent IRS study found that 35,000 U.S. taxpayers earning $200,000 or more paid no income tax in 2009. Curious how they pulled it off? Read on...

3 Simple Tax Terms That Have Been Redefined to Confuse Us

Is the American tax code designed to be confusing? At more than 70,000 pages, its complexity is hard to overstate. But forget its vastness: Even when it comes to its most basic terms, the IRS seems determined to muddy the waters of meaning. To help you out, we've unpacked a few of the most weaselly weasel words.

How You Can Get a Taste of Romney's Low Tax Rate

On Tuesday, GOP presidential hopeful Mitt Romney released his tax returns, which showed he only paid about 14% of his $21.6 million income in taxes. You'll probably never have that kind of money, but you can use some of his methods to save on your own taxes.

Romney's Best Tax Break: Let's Talk 'Carried Interest'

Mitt Romney paid a lower tax rate on his $21.6 million income in 2010 than the average U.S. family. It's no secret how: He made his money from investments, not wages. But even people who favor low capital gains taxes might not approve if they understood more about a neat little income category he benefited from called "carried interest."

Should the Rich Lose Their Social Security Benefits?

For millions of retired Americans, Social Security benefits barely beat earning the minimum wage, while rich retirees who don't need the money receive much larger checks. With the iconic safety net program in budget trouble, should the wealthy be forced to sacrifice those benefits?

How Buffett's Plan Cuts Taxes for Some of the Wealthy

In the political battle over taxes, Warren Buffett has been cited often -- both as an example of the country's unbalanced tax code and for his popular plan to boost taxes on the rich. There's just one thing: His plan would leave many of them paying less.

What 'Percent' Are You? How the Numbers Really Add Up

Blue State vs. Red State is so last decade: Now, the dividing lines in America are percentages: 99%, 1%, 53%, 47% ... the list goes on. And figuring out who to sympathize with -- or even who you are -- can leave a person 100% confused. We break down the numbers.

Even With Buffett Tax, Middle Class May Still Get Hit

Warren Buffett's tax proposal would take a bite out of America's wealthiest families: Those who make $1 million or more would pay a total of 30%, while those who make more than $10 million would pay 35%. But even if his plan passes, experts say balanced budgets will still require sacrifices across the board.

Bachmann Proposes Tax Hikes for All -- Reagan Style

On Thursday, GOP presidential candidate Michele Bachmann may have inadvertently made one of the boldest moves of the 2012 primary campaign. Speaking on Fox News, the Minnesota congresswoman stated that she wants to adopt Ronald Reagan's tax plan, a rate structure that's much higher than current tax rates.

Google Millionaire Begs: 'Raise My Taxes, Please!'

Tax increases on the wealthy just got another outspoken defender: Google's 59th employee, Doug Edwards. On Monday, in a town hall meeting in California, President Obama called on a seemingly-anonymous member of the audience to ask a question. What happened next was surprising.

Tax the Rich? 80% of Young Voters Say 'Yes'

Younger voters are weighing in extremely positively on President Obama's proposal to tax millionaires another $1.5 trillion over the next 10 years. According to a new survey, 80% of Americans under the age of 30 strongly support the move, while less than 9% oppose it.

Elizabeth Warren Shoots Back on GOP 'Class Warfare'

Earlier this week, Rep. John Fleming (R-La.) complained that he only netted $600,000 in 2010, and thus couldn't afford to pay higher taxes: "Class warfare never created a job," said Fleming. Former Obama administration official Elizabeth Warren, now running for the Senate, is ready with the counter-argument.

Tea Party Rep. Spends Big Bucks to Feed His Family

What do Tea Partiers feed their families? On Monday, Rep. John Fleming (R-La.), met with MSNBC's Chris Jansing to discuss President Obama's proposed tax hikes on the wealthy. Rep. Fleming only brings home $600,000 a year, and his explanation of why that just isn't enough offers an interesting glimpse into the world of Tea Party economic theory.

Some Actors Say 'Action!' on Higher Taxes for Wealthy

Before President Obama outlined his strategy Monday for America's millionaires to shoulder more of the tax burden, The Price of Fame asked show business types at the recent Toronto International Film Festival this burning question: Should celebrities and other wealthy people pay more in taxes?

Why Taxing the Rich Is Good for America

Last week, Warren Buffett wrote an incredible opinion piece in The New York Times asking the government to raise taxes on the wealthiest Americans, himself included. "My friends and I have been coddled long enough by a billionaire-friendly Congress," he argued, and he's not alone in that view.