Showing posts with label Tax. Show all posts
Showing posts with label Tax. Show all posts

Tuesday, June 05, 2012

Bill Clinton: Extend all tax cuts temporarily

former president bill clinton
Former President Bill Clinton speaks during a campaign event for President Barack Obama at the Waldorf Astoria, Monday, June 4, 2012, in New York.

WASHINGTON (AP) -- Former President Bill Clinton said Tuesday that broad tax cuts that expire in January should be temporarily renewed, including for the wealthiest Americans, to give lawmakers time to reach a deal on a longer-term extension that should exclude the rich.

Clinton's comments were in contrast to President Barack Obama, whose re-election he is supporting. Obama has opposed renewing the tax reductions for people earning over $250,000 a year, saying they must contribute to the effort to control rampant federal deficits.

Reductions in income tax rates and other levies first enacted under President George W. Bush expire in January, at the same time that $1.2 trillion in automatic spending cuts begin to take effect. The nonpartisan Congressional Budget Office and others have warned that letting both events occur would suck so much money out of the economy that it could spark a renewed recession next year.

"What I think we need to do is to find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now, and then deal with what's necessary in the long-term debt reduction plan as soon as they can, which presumably will be after the election," Clinton said on CNBC's "Closing Bell With Maria Bartiromo."

Asked whether that meant extending the tax cuts, Clinton said, "They will probably have to put everything off until early next year. That's probably the best thing to do right now."

He also said Republicans will press to include the wealthy in a permanent extension of the tax cuts, adding, "I don't think the president should do that."

White House officials would not comment immediately on Clinton's remarks. But officials pointed out that Obama has said repeatedly that he would not extend the Bush tax cuts for higher earners after they expire.

After the interview, Clinton spokesman Matt McKenna said the former president has said before that he favored extending all the tax cuts as part of a compromise tax and jobless benefits bill in 2010, "but does not believe the tax cuts for the wealthiest Americans should be extended again."

Republicans have insisted that tax rates for the rich should be kept low, saying many of them run companies that create jobs.

Besides the spending cuts and expiration of the tax cuts, the government is expected to need a renewal of its authority to borrow money and avoid a federal default by early next year, something that is up to Congress to decide. Without action, January will also see an end to a one-year Social Security payroll tax cut and to a provision avoiding deep cuts in Medicare reimbursements to doctors.

A postelection lame duck session of Congress is expected to address those issues, with the results depending on who wins the White House and control of the House and Senate on Election Day Nov. 6. Many lawmakers believe final decisions won't be made until next year.

Last week, Clinton said GOP presidential challenger Mitt Romney had a "sterling" record at private equity firm Bain Capital, departing from efforts by Obama's campaign to criticize the Republican's experience there as having little to do with job creation.

Obama and Clinton have improved their relationship since 2008, when Obama defeated Hillary Rodham Clinton in a bitter Democratic contest for the presidential nomination.

News by AP

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Friday, April 13, 2012

California's Biggest Delinquent Taxpayers Owe Over $232 Million

naked pamela anderson
Pamela Anderson
The California Tax Franchise Board today released a list of the state's 500 biggest delinquent taxpayers who together owe almost $233 million in unpaid state income taxes. On the list are Hollywood celebrities including model and actress Pamela Anderson and director of "The Notebook," Nick Cassavetes.

Halsey Minor, founder of technology news site CNET, is still the biggest delinquent taxpayer as he was a year ago. He and his wife, Shannon, whose address is listed as San Francisco, owe over $10.4 million. Their tax lien was filed on July 21, 2009. Their debt fell from over $13.1 million a year ago.

Since at least 2010, Anderson has remained on the list, published twice a year.

Almost 90 percent of taxpayers pay the taxes they owe, according to the board. However, California's annual budget deficit is estimated to be $10 billion, up from $6.5 billion a year ago, according to the board. California lawmakers have been shuffling to make up for the expected disappointing spring revenue from corporate income and sales taxes. Gov. Jerry Brown will issue his budget revision in May.

Cassavetes is listed as owing $273,003 for a lien filed on June 16, 2010. A spokesman for Cassavetes declined to comment.

The state's Tax Franchise Board has compiled a list since 2007 of 250 top tax delinquents who owe at least $100,000, according to Denise Azimi, board spokeswoman. Legislation passed last fall, the Delinquent Taxpayer Accountability Act, expanded the list to 500 people and put in place other tools to force those listed to pay taxes, including suspending driver's licenses for some listed starting in July.

Since 2007, the tax board said it has recovered more than $118 million in revenue.

Joseph Francis, creator of "Girls Gone Wild," and his film company, Mantra Films, Inc., owe over $1.2 million for a lien filed Feb. 6, 2009.

Music video filmmaker Mark Romanek, and his handbag designer wife, Bridgette, owe $353,030 for a tax lien filed April 14, 2009.

Edra Blixseth, a former billionaire businesswoman, owes over $3.1 million for a lien filed Oct. 16, 2008.

Azimi said the tax board sends certified letters notifying 500 delinquent taxpayers that they are candidates for the list at least 30 days before it is published. The current list, which is fewer than 500 people, accounts for those who did not act to lower their debt.

"Everything in the tax world is confidential with this exception," she said.

Once on the list, you will be removed once you start paying your debt and are no longer part of the biggest deadbeats.

"We don't people to be on the list. We work with people to be compliant," she said, including offering installment payment plans. "Or you give us an offer of compromise that we'll accept."

She said the board also does not list taxpayers in bankruptcy or those who are currently in appeal or litigation with the board.

News by ABC

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Wednesday, January 25, 2012

Bill Gates: I don't pay enough tax

Bill Gates, Microsoft
Bill Gates
Microsoft co-founder Bill Gates says he does not think he pays enough tax, and says wealthy Americans should contribute more in order to solve the deficit problem.

Speaking on BBC World, Mr Gates said taxing the rich, was "just justice".

News by BBC

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