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Taxes

The Takeaway

This Week's Agenda: Interest Rates, Taxing the Wealthy, Palestine

Monday, September 19, 2011

This week, Ben Bernanke and the Federal Reserve will hold a rare two-day meeting to decide on interest rates, which are currently close to zero. Meanwhile, President Obama will release details of his deficit reduction plan this morning, and one key component is taxing the wealthy, which has many Republicans screaming "class warfare." The Clinton Global Initiative annual meeting begins tomorrow, and the primary topic of discussion will be jobs, as unemployment and poverty prove to be an ever-increasing global problem. Later in the week, the Palestinian Authority will ask the United Nations Security Council for full membership, which the U.S. has already said they will veto.

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The Takeaway

Obama to Unveil Deficit Reduction Plan

Monday, September 19, 2011

President Obama will announce a deficit reduction plan that will reduce government spending by $3 trillion through cutting entitlements, tax increases, and war savings. The plan is the White House's opening offer to the Congressional "super committee," which has until Dec. 23 to reach a deal on deficit reduction. GOP lawmakers have already labeled the proposed tax hikes "class warfare," particularly the so-called "Buffet Rule" — a minimum tax rate on those earning more than $1 million per year named for billionaire Warren Buffett.

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The Takeaway

Rounding Up Your Big Ideas to Fix the Economy

Friday, August 19, 2011

This week we’ve been asking listeners to suggest big ideas on how to fix the economy, and you've given us a huge response. We’ve talked about raising inflation, boosting housing pricescapping total compensation for CEOstaxing the rich, and the potential financial impact of legalizing pot. We received over 200 responses, and noticed some interesting trends. One in six of those who responded suggested reforming the tax code. The second most popular idea was to cut military spending.

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The Takeaway

Big Ideas to Fix The Economy: Tax the Rich

Thursday, August 18, 2011

This week we’ve been asking listeners to suggest big ideas on how to fix the economy. We’ve discussed raising inflation, boosting housing prices, and capping total compensation for CEOs at $5 million. Today we're talking about another idea: taxing the rich. The Bush Tax Cuts essentially mean that if you make money with money, you pay less in taxes. And if you make money from a job, you pay more. Economists and tax analysts agree that the cuts disproportionately benefit the richest Americans. And some wealthy Americans — including Warren Buffett — are calling for the rich to be taxed at a higher rate.

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The Takeaway

Is the 'Super Committee' Doomed to Fail?

Thursday, August 11, 2011

The Joint Select Committee on Deficit Reduction was part of the Budget Control Act of 2011, which Congress passed last week. The bipartisan committee is made up of six Senators and six Representatives, with an equal number of Republicans and Democrats represented. These are the same Democrats and Republicans who spent weeks and months in a deadlock over the national debt. The committee must produce debt-reducing legislation by November 23 — what is the likelihood that they will be successful?

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Features

Long Island City Bakery Receives $1.1 Million in IDA Tax Breaks

Thursday, July 28, 2011

The Long Island City, Queens wholesale bakery Pain D'Avignon will now have a lot more dough on its hands — and not just the kind it uses for its famous artisanal bread.

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The Takeaway

How the FAA Shutdown Impacts Consumers

Thursday, July 28, 2011

Earlier this morning, Rep. John Mica (R-FL) told The Takeaway the Democrats were to blame for partial shutdown at the Federal Aviation Agency, after Congress failed to pas a funding extension last weekend. But what does this shutdown mean for consumers at the airport? Barbara Peterson, senior aviation correspondent for Conde Nast Traveler, talks about how airfare has changed since the government can no longer collect taxes on airline tickets.

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The Takeaway

Rep. John Mica on the Politics Behind the FAA Shutdown

Thursday, July 28, 2011

Partisan fighting over the debt ceiling on Capitol Hill has affected more than just the markets. Over the weekend, Congress failed to pass a funding extension for the Federal Aviation Administration, following a disagreement over cuts in subsidies. As a result, the U.S. government was forced to suspend collection of federal airline taxes, at a loss of approximately $200 million per week. The F.A.A had to furlough 4,000 employees, and airport modernization projects worth billions of dollars are now on hold.

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The Empire

State taxes are up, but risk remains warns DiNapoli

Wednesday, July 20, 2011

(Courtesy of the Comptroller's office)

State Comptroller Thomas DiNapoli's office delivered some good news this morning: taxes have come in almost $800 million above what was expected during the recently ended 2011-2012 fiscal year. But he warned in a press release not too be too optimistic.

“Revenue collections in the first quarter were strong, but our fiscal health is tenuous,” DiNapoli said. He continued:

We received the last of the significant federal stimulus funding in June, and the temporary PIT surcharge ends in the third quarter this year. The federal debt limit crisis, weakness in the housing market, and international financial and political instability continue to pose threats to the recovery. The Blue Chip consensus economic forecasts for growth continue to be revised downward. State leaders need to focus on diversifying our economic base, creating jobs, and rebuilding reserves to prepare the state for any fiscal difficulties ahead.

Both personal income and business taxes rose, with the later up 32 percent from last year. Republican Senate Majority Leader Dean Skelos chimed in with a press release echoing the comptroller's cautionary tone.

"Today’s report by Comptroller DiNapoli, showing that tax collections for the first quarter of the State’s Fiscal Year have far outpaced recent estimates, is encouraging, and we must continue to monitor this situation over the next six months," Skelos said in a release. If the savings continue, he said, state government should focus on cutting taxes to individuals and businesses.

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The Takeaway

House Democratic Leader Congressman James Clyburn On Debt Limit Talks

Friday, July 15, 2011

Another week ends with little progress made in the debt ceiling talks in Washington. President Obama will speak at a press conference for Friday morning at 11 a.m. (EST), but all indicators point to little headway being made towards a compromise. 

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The Takeaway

Online Retailers Battle to Avoid Sales Tax

Thursday, July 14, 2011

The online retailer Amazon is getting into the ballot initiative business. The company is pushing for a referendum in California that would eliminate sales tax for online retailers that have a limited physical presence in the state.

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The Takeaway

US Companies Lobby for Tax Break Holiday

Monday, June 20, 2011

Some of the U.S.'s largest corporations—including Apple, Google and Microsoft—have a lot of their profits saved in low-tax countries overseas. Some of these companies are lobbying Congress and the Obama administration for a tax break. In a move these companies say would function as a stimulus to the economy, they are proposing a repatriation holiday, in which their profits could be returned home with a much smaller tax penalty than they would normally incur. David Kocieniewski, tax reporter for our partner The New York Times, speaks with us about which companies are lobbying, and how measures like this have fared in past years.

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The Brian Lehrer Show

Open Phones: Fudging Your Taxes

Tuesday, April 19, 2011

Yesterday on the show we talked about GE's use of creative accounting to avoid paying income tax. How about you? If you weren't completely honest about your taxes, let us know why. Post a comment here, or call 212.433.WNYC and discuss how you tweaked your return. And, of course, all comments can be anonymous!

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The Takeaway

Inside the President's Tax Filing

Tuesday, April 19, 2011

Yesterday was the deadline to file taxes in the U.S. and in what has become a tradition, President Obama and Vice President Joe Biden released their tax returns to the public. The Takeaway's Washington correspondent Todd Zwillich  shares his findings.

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It's A Free Country ®

Tax Loopholes and the GE Hoax

Monday, April 18, 2011

When GE says they're just obeying the law, we have to all remember they helped write the law. They have so much political clout. Part of the reason why we are focusing on the companies is because they're using their incredible vast resources. There were 12 companies that spent a billion dollars lobbying over the last ten years for special tax treatment. That's not just sitting back and letting Congress write the rules.

Chuck Collins, co-founder of US Uncut, on The Brian Lehrer Show.

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It's A Free Country ®

The Top Three Ways to Cut Taxes and Still Save Revenue

Wednesday, April 13, 2011

In his 2012 budget proposal, Rep. Paul Ryan (R-WI) lays out a plan to lower the top individual and corporate tax rates from 35 percent to 25 percent. This much cutting should mean big revenue losses for the federal government, which already gave up a chunk of its income when officials extended the Bush tax cuts for all income brackets last December. However, Ryan asserts that he can make his cuts revenue neutral by nixing tax expenditures—loopholes, breaks and preferences in the the tax code—simultaneously.

There's just one problem: Ryan has yet to say what those expenditures are.

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Top 5 @ 105

Top Five Tax-Themed Works

Wednesday, April 13, 2011

With the midnight tax deadline approaching, here's a salute to the heroes and heroines of the stage who dealt with a fate more aggravating than death.

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The Takeaway

Previewing President Obama's Budget Speech

Wednesday, April 13, 2011

President Obama is set to deliver a much anticipated speech 1:30 p.m. at George Washington University in Washington. The speech will detail his long-term plans for reducing the nation's deficit. Todd Zwillich, The Takeaway's Washington correspondent says that the president will have to prepare the public for tough decisions as he faces the debt.

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WNYC News

Financial 411: Tips the Rich Use to Reduce Their Taxes

Thursday, April 07, 2011

The debate rages on Capital Hill about how to cut spending and the nation's deficit.

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The Brian Lehrer Show

LGBT Tax Prep

Wednesday, March 30, 2011

With the tax filing deadline approaching, Tina Salandra, CPA and principal at Numerical, LLC, offers advice for LGBT families on how to prepare their tax returns.

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