O.J. Simpson’s off the list, but singer Dionne Warwick, actor Burt Reynolds, actor-comedian Sinbad and a prominent Los Angeles developer still make this year’s roll of California taxpayers with the largest delinquent income tax bills. This year’s ranking includes 250 names. A few are famous or local notables, but most are low-profile individuals and businesses. Together they owe $143 million in back taxes, said Franchise Tax Board spokesman John Barrett. – from LAtimes
President Barack Obama and his wife Michelle, millionaires from his best-selling books, made $2.7 million last year and paid just under one-third of their adjusted income in federal taxes.
Conservatives are showing they know their way around the Internet just as well as liberals, as hundreds of organized “tea party” protests are planned across the nation Wednesday. The protests are a backlash against President Obama’s bailout policies. Heralded on videos and blogs, the movement also appears, in part, a reflection of a general anger among people who contend the government takes too much from their pocketbooks. “TEA” stands for “Taxed Enough Already,” according to teapartyday.com, which lists organizers and their phone numbers. – From CNN
I get $400! That’ll save the economy! At least Obama is doing what he said he was going to do.
President Barack Obama said the Treasury Department will begin ordering employers today to cut taxes taken from workers’ paychecks as part of his effort to boost a worsening U.S. economy. Obama, speaking in his weekly address, said a “typical” family will start getting at least an extra $65 a month by April 1 as a result of the $787 billion stimulus package he signed into law earlier this week. He said the measure is only a “first step.” The president has pledged $275 billion to help struggling homeowners avoid foreclosure and plans to announce measures to stabilize banks. Companies from General Motors Corp. to Alcoa Inc. are slashing jobs and cutting production as the recession threatens to become the worst slump in the postwar era. – From Bloomberg.com
In his weekly radio and internet address, President Obama said the typical American family would gain by at least $65 (£46) a month. He also pledged to cut America’s trillion-dollar deficit. The tax cuts announced on Saturday are part of a $787bn stimulus plan approved by Congress earlier this week. – From BBC
President Barack Obama ordered the U.S. Treasury on Saturday to implement tax cuts for 95 percent of Americans, fulfilling a campaign pledge he hopes will help jolt the economy out of recession. The tax cuts are part of a $787 billion (549 billion pound) economic recovery plan passed by the Democratic-controlled Congress over Republican opposition. The aim is to put more money in the pockets of Americans and stimulate the economy by increasing consumer spending. – From Reuters
New York State is pressed for cash, and its governor is eyeing iTunes hungrily. With the Dow having lost one-third of its value this year, New York expects taxes from Wall Street to fall short. Gov. David Paterson (D) wants to head off the expected $15.4 billion budget gap with a laundry list of new taxes and fees. The 88 proposed hikes include expanded levies on clothing, taxis, movie tickets, and “digitally delivered entertainment services.” – From Christian Science Monitor
The record labels couldn’t do it, but New York’s Governor wants to make Apple (AAPL) iTunes shoppers pay more than 99 cents per song. Much of Wall Street is gone now and so are the fat tax revenues it used to earn for New York state. – From Fortune
