President Barack Obama signed into law a huge, holiday-season tax bill extending cuts for all Americans on Friday, saluting a new spirit of political compromise as Republicans applauded and liberals seethed. The benefits range from tax cuts for millionaires and the middle class to longer help for the jobless. Get the full story »
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Wealthiest targeted as IRS audits jump 11%
The Internal Revenue Service is making it riskier to cheat on your taxes.
The tax agency increased the number of returns it audited by nearly 11 percent this year. Statistics released Wednesday show that wealthy taxpayers were most likely to be targeted. Get the full story »
Poll: Americans support extending tax cuts
As the Senate gears up for a key vote on the package to extend tax cuts, polls released Monday showed that the American people, regardless of political party or persuasion, strongly favored the agreement hammered out by the Obama administration and Republicans.
According to the latest poll by the Pew Research Center for the People & the Press, 60 percent of those questioned said they favored the agreement, which has been attacked by House liberals and Senate conservatives. About 22 percent said they disapproved. Political support is about even, with 63 percent of Democrats saying they back it, as do 62 percent of Republicans and 60 percent of independents.
U.S. likes WTO ruling on Chinese tire duty
The U.S. government on Monday welcomed a World Trade Organization ruling that upheld President Barack Obama’s controversial decision last year to slap duties on Chinese-made tires to protect U.S. workers from a market-disrupting surge in imports.
“This is a major victory for the United States and particularly for American workers and businesses,” U.S. Trade Representative Ron Kirk said in a statement. Get the full story »
Illinois to offer amnesty on online shopping taxes
Illinoisans can often dodge sales taxes by shopping online, but the state of Illinois is hoping to collect on those taxes next year by offering a sales tax amnesty.
A new law allows people who didn’t pay sales tax on items bought online, through the mail or over the phone between June 20, 2004, and the end of 2010 to pay what they owe without penalty. The tax amnesty runs from Jan. 1 through Oct. 15. Get the full story »
White House: More changes in tax deal possible
There could be more changes to the tentative tax agreement between President Barack Obama and congressional Republicans, the White House said Friday. Get the full story »
Treasury gets another $1.8 billion from GM stock
The Treasury Department has received an additional $1.8 billion in net proceeds from the sale of additional stock in General Motors. Get the full story »
House passes symbolic tax-cut renewal
The House of Representatives on Thursday voted to extend Bush-era tax cuts on individual income up to $200,000 a year and $250,000 for families, letting extra cuts for the wealthiest to expire. Get the full story »
Obama, Republicans agree to negotiate on taxes
President Barack Obama (C) and Vice President Joe Biden (3R) meet with bipartisan Congressional leadership in the President's Private Dining Room at The White House November 30, 2010. (Pete Souza/White House Photo)
President Barack Obama said on Tuesday he still disagreed with Republicans on whether to extend Bush-era tax cuts for the wealthiest Americans, but the two sides agreed to negotiate a deal in the coming days.
Obama said he appointed Treasury Secretary Tim Geithner and budget director Jack Lew to work with congressional Republicans and Democrats to come up with a compromise to prevent broad tax increases from occurring next year.
“We should work to make sure that taxes will not go up by thousands of dollars on hard-working middle-class Americans come January 1, which would be disastrous for those families but also could be crippling for the economy,” Obama told reporters after a meeting with congressional leaders at the White House. Get the full story »
U.S., South Korea trade chiefs to meet on deal
Top U.S. and South Korean trade officials will meet Tuesday and Wednesday in Columbia, Maryland to try again to resolve differences blocking U.S. approval of a free trade agreement, U.S. officials said. Get the full story »
IRS can hold tax hikes at bay for a bit
If U.S. lawmakers fail to renew Bush-era tax cuts before the end of the year, the Internal Revenue Service could offer millions of Americans an immediate respite from higher taxes.
That could mean a time-out for anxious investors worried that nearly every taxpayer will take a hit amid the tepid economic recovery and give breathing room to millions of employers waiting for clarity. Get the full story »
IRS has $4M in undeliverable Illinois refunds
The Internal Revenue Service said on Wednesday it currently holds $164.6 million in undelivered refund checks for 111,893 nationwide taxpayers. Four million of that money is set aside for 3,618 Illinois taxpayers. The IRS was initially unable to deliver the checks because of mailing address errors.
Confusion reigns over Ricketts’ Wrigley request
(E. Jason Wambsgans/Chicago Tribune)
The day started with the Chicago Cubs touting the support of Chicago area labor officials for its Wrigley Field renovation plan, but by afternoon key lawmakers in Springfield seemed to be splashing mud on the deal amid contradictory statements.
House Speaker Michael Madigan (D-Chicago) told reporters in Springfield Tuesday afternoon that the team’s owners, the Ricketts family, withdrew its proposal to finance a $200 million stadium renovation with a state bond sale that would be repaid with the anticipated growth in the 12 percent amusement tax levied on tickets sold at Wrigley. Get the full story »
Tax cuts, unemployment could be extended in deal
A deal on a temporary extension of the Bush-era tax rates could emerge that would also renew unemployment benefits for 2 million Americans about to lose them, top lawmakers said Tuesday. Get the full story »
