Word: taxed
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...legislative minority," said Senator Russ Feingold, a Wisconsin Democrat who has frequently cosponsored legislation with Republicans and, as a matter of principle, almost always supports the President on his Cabinet appointments. Feingold offered last week the most responsible budget amendment imaginable: that Congress be required to pay, through taxes or cuts, for any new spending proposals. It failed, for lack of G.O.P. support. "The Republicans talk about fiscal responsibility," he told me, "but they are openly hostile to it if it stands in the way of tax cuts. They are totally intoxicated with power and out of control...
...benefits arriving from Central and Eastern Europe, undercutting prices and destroying local jobs. Some government heads agree. Luxembourg's Jean-Claude Juncker, who currently holds the E.U.'s rotating presidency, said last week that "we must remove any proposals that open us up to the danger of social dumping, tax dumping or regulatory dumping...
...recent years, the plan seems likely to get diluted by political haggling and could end up doing little to create jobs. The jobs summit achieved only a minimum of agreement on Germany's economic future, and much of Schröder's package seemed like tinkering. He offered new tax breaks to small- and medium-sized companies, and proposed rules that would let the unemployed take jobs while retaining some of their benefits. He also said he'll spend €2 billion over the next four years on infrastructure projects like autobahns and railways. But there is one plank...
...Tax reform is on the national agenda again. Yet no one is doing anything about the most dreaded levy of them all: the alternative minimum tax. You have probably heard about the AMT and may have to pay it soon enough if you aren't already doing so. Join the club. Here's a primer on the most reviled tax since the Boston Tea Party...
...parallel tax code, launched more than four decades ago. Outraged that 155 wealthy families had used loopholes to avoid paying any federal income tax in 1967, Congress in 1969 enacted the first of a string of laws that led to the AMT and were designed to strip away deductions that enabled the rich to avoid taxes. Today, millions of people must calculate their taxes twice--once the traditional way and once the AMT way--and owe whichever calculation is higher. Among other things, the AMT effectively disallows the standard deduction and child deductions as well as deductions of state...