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Articles Tagged: "Income Tax"

Income Tax

NEWS: 318,000 fed workers owe $3.3B in back taxes, IRS says

Fox News reports 318,000 federal employees owe $3.3 billion in back taxes, including 714 people working for the House and Senate, according to the IRS. An additional 821 federal court employees have overdue tax bills as do many people who work in cabinet-level departments.

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Filed Under: News
Tags: Income Tax

OPINION: State income tax revenues are up—but the bubble’s about to burst

Niraj Chokshi of the Washington Post reports that recent increases in state tax revenue are about to come to an end. According to experts, the sharp increases were driven mostly by taxpayers shifting their tax burden to 2012 due to the fiscal cliff fight and in California by the Proposition 30 tax hike.

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Filed Under: News
Tags: Income Tax

California is a Retiree’s Tax Nightmare has published a Guide to Taxes on Retirees for each state in the U.S. Under the California section, the guide describes the state as a “retiree’s tax nightmare.” It goes on to detail California’s exorbitant sales, income and property taxes.

Click Here for the U.S. overview.
Click Here for the California section.

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The Millionaires' Tax -- A Double Failure

Milton Friedman's maxim that few things are as mobile as rich people and capital is proven starkly by data showing the wealthy are leaving California in record numbers. It is probably no coincidence that, while California has been punishing the successful for the sin of being rich, Maricopa County in neighboring Arizona gained 23,000 new millionaire households in the same time period.  Read more >>

Bi-Partisan Tax Commission: Trick or Treat for Taxpayers?

The day before Halloween, Governor Schwarzenegger announced the formation of a bipartisan Commission on the 21st Century Economy to re-examine and modernize California's out-of-date revenue gathering laws that contribute to the boom and bust state budget cycles. In order to be a viable process it must be fair, transparent and taxpayer interests must be fully represented.  Read more >>