California taxpayers are feeling the loss today after state officials revealed they had to spend millions in additional taxpayer dollars to repair the San Francisco-Oakland Bay Bridge after paying a Chinese firm to perform the work.
Last week, the Washington D.C. City Council approved various tax changes that would reduce income tax. However, certain businesses affected by the tax changes are now protesting the planned changes.
Shelley Sterling, the wife of Donald Sterling, has accepted an offer to sell the Los Angeles Clippers to Steve Ballmer for $2 billion dollars. However, the financial windfall for the Sterling family brings with it a very large tax bill.
In 2013, the Democrat-controlled state legislature voted to index the tax rate on gasoline to inflation. A gas tax indexed to inflation could mean the tax increases as often as annually depending on changes with the U.S. Consumer Price Index. Democrats running for state Legislature seats may learn the cost of that tax in the elections this fall.
The Internal Revenue Service (IRS) published data this week showing that employees of the federal government owe more than $3.3 billion in back taxes.
Credit Suisse, the second largest Swiss bank, plead guilty on Monday to criminal charges stemming from helping Americans hide millions of dollars for the purpose of tax evasion. As part of entering the guilty plea, Credit Suisse agreed to pay fines totaling $2.6 billion.
California made headlines earlier this month with the announcement by Toyota that it would move its national headquarters from Torrance, California, to the city of Plano, Texas. The move by Toyota has increased cries against the state’s anti-business practices, as it takes approximately 3,000 jobs and an estimated $475 million in annual property tax revenue from a state sorely in need of additional income.
The state is again in the news related to automobiles. However, in this case, the headlines are not related to California’s unfriendly business policies that sent Toyota packing. Rather, the news concerns state legislators who are considering a measure to tax drivers for every mile they drive.
A report released by a government investigator on Tuesday noted that the IRS paid tax credits totaling more than $13 billion to individuals who did not qualify for the payments.
The GOP-led House of Representatives voted on Wednesday to hold the former IRS Director of the Exempt Organizations division in contempt of Congress. The vote came as a result of Lerner’s refusal to testify on the IRS’s targeting of Tea Party and other conservative organizations.
Federal prosecutors indicted New York Representative Michael Grimm on Monday on 20 counts of fraud and tax evasion. The charges stem from the owning and operating of a restaurant in Manhattan, with prosecutors claiming Grimm failed to report over $1 million in revenue from the restaurant.