Taxes Blog

Thursday, September 1, 2011 1:51 pm
By Kay Bell · Bankrate.com

When it comes to tax reform, the consensus on Capitol Hill is that our corporate taxation system should be dealt with first. And most lawmakers seem to think that the 35 percent top business tax rate is too high. Relatively high American corporate taxes, however, don’t appear to be getting in the way of executive

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Tags: tax, Taxes
Tuesday, August 30, 2011 9:44 am
By Kay Bell · Bankrate.com

Rep. Ron Paul, officially a Texas Republican, says the Federal Emergency Management Agency, or FEMA, “is not a good friend.” Paul, who’s trying (again) to get the GOP presidential nomination, thinks Uncle Sam should just get out of disaster relief and management. Paul’s colleague, House Majority Leader Eric Cantor, stopped short of calling for an

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Tags: tax, Taxes
Friday, August 26, 2011 4:34 pm
By Kay Bell · Bankrate.com

Holders of foreign bank accounts can thank Hurricane Irene for one thing. Due to the potential impact of Hurricane Irene, the Internal Revenue Service has extended the due date for Offshore Voluntary Disclosure Initiative, or OVDI, requests until Sept. 9. This is the IRS’s latest effort to find out about and collect on offshore accounts.

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Friday, August 26, 2011 2:40 pm
By Kay Bell · Bankrate.com

It’s no secret that there are few boundaries in the financial world. European banks have branches in the United States. China is America’s largest creditor. U.S. taxpayers owe the Internal Revenue Service on all their global income. What? You say that last one, about your income being taxed regardless of where in the world it

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Thursday, August 25, 2011 11:19 am
By Kay Bell · Bankrate.com

When I was a kid, the big government bugaboo was welfare. President Bill Clinton and a Republican Congress revised that system 15 years ago. Since changes to the program, welfare caseloads have dropped by 57 percent nationwide. But Americans still need someone to blame for their and the country’s troubles.  So now it’s all about

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Tags: tax, Taxes
Tuesday, August 23, 2011 1:52 pm
By Kay Bell · Bankrate.com

Classes cranked up here in Texas this week. After Labor Day, kids everywhere will be back in school. Parents of college-age students probably already know they can take advantage of tax credits to help pay those ever-increasing education costs. But there also is some help from the Internal Revenue Service for younger students. The most

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Friday, August 19, 2011 2:14 pm
By Kay Bell · Bankrate.com

School’s starting up and back-to-school sales tax holidays are winding down. Texas today kicked off its three-day sales tax event. From Friday, Aug. 19, through Sunday, Aug. 21, Lone Star State shoppers don’t have to pay state and local sales taxes on clothing and shoes costing less than $100; backpacks priced at less than $100;

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Thursday, August 18, 2011 2:31 pm
By Kay Bell · Bankrate.com

We watched last month as Congress brought America to the brink of default in its fighting over the federal debt ceiling extension. We saw the Federal Aviation Administration temporarily hamstrung and federal airline taxes halted, messing up not only Uncle Sam’s budget but causing tax confusion for the IRS and individual fliers, too. Is the

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Tuesday, August 16, 2011 10:06 am
By Kay Bell · Bankrate.com

Hot enough for you? If not, come on down to Texas, where we’re on pace to have our hottest summer on record. The only people enjoying this weather are air-conditioning repair firms and utility company billing offices. Meanwhile, we sweltering residents just push the thermostats up as high as we can bear. It’s a choice

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Friday, August 12, 2011 2:54 pm
By Kay Bell · Bankrate.com

Shoppers in three states this weekend won’t have to worry about some sales taxes, both online and in the store. Their states are holding sales tax holidays. Florida, Massachusetts and Maryland are the latest states to hold back-to-school sales tax savings events. Florida’s tax holiday began Friday, Aug. 12, and runs through Sunday, Aug. 14. Shoppers will

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