Tagged: Taxes

More than 99 million federal taxpayers had filed their returns as of Tuesday, with more than 80 million of those expecting a refund.

People who file at the last minute — and Tuesday is this year's deadline — are somewhat more likely to owe money to the government. And if Congress and the president don't act, next year could see many more Americans paying higher taxes.

That's not because either President Obama or presumptive Republican challenger Mitt Romney advocate a tax increase for most Americans.

Last week in St. Louis, Romney received applause when he declared: "Instead of raising taxes, I'm going to cut 'em."

When IRS agents raided the house of rapper Young Buck, they seized all his things: his white leather dining chairs, his watches, his craps table, his tattoo kit. Even his refrigerator. The Nashville artist, who was once part of 50 Cent's G-Unit, owed hundreds of thousands of dollars in back taxes.

His lawyer, Robin Mitchell Joyce, said he thought Young Buck's taxes were being handled by his business manager. They weren't.

I went to another business manager to see what might have gone awry-- Horace Madison, who manages music moguls like Lil Wayne. "This is not a hip hop thing," he points out. "This is a music industry thing."

Every year, millions of Americans scramble to file their income taxes before the filing deadline — ordinarily April 15.

But procrastinators get a reprieve this year: The 2012 deadline falls on Tuesday, April 17.

This year, April 15 falls on a Sunday. One might expect that would make Monday, April 16, the 2012 filing deadline.

But not so this year. Monday is the District of Columbia's Emancipation Day — a local holiday unfamiliar to most Americans.

Internal Revenue Service spokesman Eric Smith says, by law, District of Columbia holidays are treated like federal holidays when it comes to tax deadlines.

A union for users. The cow clause in the tax code. Transition Towns. Frankenstein through a new lens. Suing Siri. And musician Adam Cohen.

Gambling in New Hampshire ran up against a stacked deck in the Statehouse today. 

The House has voted to kill a bill that would have brought four casinos and 14,000 video slot machines to the state. The bill would have used gambling revenue to reduce business taxes.

Supporters urged quick action to offset the recent approval of three casinos in Massachusetts.

"Since Massachusetts passed its own expanded gaming bill, doing nothing is no longer an option," says Representative David Campbell, a Democrat from Nashua.

The House rejected that plan by 40 votes. 

The House then rejected another amendment that would have put the award of gambling licenses out to bid.

How the rich are using a small amount of livestock to save big bucks on their taxes.

We look at a new report from the New Hampshire Center for Public Policy Studies looks at how much local governments rely on property taxes for municipal services.

Many religious traditions stress the importance of charity. But Mormons are remarkable for the amount and the precision with which they give to their church.

The Church of Jesus Christ of Latter-day Saints teaches that each Mormon in good standing should tithe 10 percent of his or her income. The money goes right to church headquarters in Salt Lake City and then is distributed back to congregations around the world.

"That's written in stone, and preached from the pulpit," says Gordon Dahl, an economist at the University of California, San Diego, who is Mormon.

But while the church is very precise about that figure — 10 percent of income — it does not tell its members what income means.

Cutting taxes is part of the DNA of the modern Republican Party. All four of the remaining GOP candidates for president have proposed steep cuts in business and personal taxes, and it sometimes seems like Republicans are competing to show the most enthusiasm for tax cuts.

At a debate last month, former Sen. Rick Santorum said tax cuts were needed to get the economy thriving again — even if they benefit the wealthy.

"We need to have as much money funneling through this economy as possible, and the people who make those investments are people who have resources and wealth," Santorum said. "We want them to deploy that wealth in the most productive way possible."