Word: taxed
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...Obama pushes to move the measure to the right to gain more GOP support, he risks losing the Democrats who feel he has already given away too much in proposed tax cuts to win over Republicans. And if he moves to curtail the more open process he prefers and instead force the bill through over GOP objections, Obama could be accused of going against the bipartisan spirit he promised to foster in the nation's capital. In other words, Obama may quickly find himself forced to choose between betraying his party and betraying his principles. (See pictures of the best...
...bill really doesn't fit into what the Democrats [have] been talking about all along as timely, targeted and specific," Senator John Thune, a South Dakota Republican, lamented to another group of reporters around the corner, 20 minutes later. "It would take a significantly larger portion of tax relief to attract the support of a lot of Republicans...
There's a catch in write-offs, however. Because of his high income, Geithner will most likely run afoul of the dreaded alternative minimum tax (AMT). Among other things, the AMT applies to people who would be able to use deductions to reduce a large portion of their federal income tax. The idea of the AMT is to make sure wealthier types pay their fair share. State income taxes and property taxes are federal-income-tax deductions. And since Geithner pays nearly $45,000 in those two taxes, he most certainly would be caught by the AMT. When...
Move in Style Mark Luscombe, principal tax analyst at CCH, a company based in Riverwoods, Ill., that provides tax information and software to accountants, points out that if you have to relocate because of your job, you can deduct a portion of your move. To qualify, your new commute would have to be 50 miles longer than it would be if you stayed in your current home. Since Geithner's place of work may be changing from lower Manhattan to Washington, he qualifies. And unlike the job-search deduction, moving expenses are not subject...
Geithner could also get a tax benefit when he sells his home. That's because he's not likely to get back the $1.6 million he paid for the house when he bought it in 2004. If he were to sell it today, Geithner's house would fetch $1,357,500, according to Zillow. Add in real estate agent fees, plus any money Geithner put into the house in remodeling and repair costs, and Geithner is probably looking at an investment loss of more than $300,000. He can use that to lower the taxes he may have...