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CBO study: Wealthy win lion's share of major tax breaks like mortgage interest deduction

WASHINGTON - Wealthier households benefit significantly more than lower earners from big tax breaks such as deductions for mortgage interest and charitable giving, the government said in a study Wednesday. More than half the benefits of 10 major tax breaks go to the one-fifth of U.S. households at the top of the income scale, according to the Congressional Budget Office.

IRS scandal seen as possible jump-starter for efforts to rewrite, simplify tax laws

WASHINGTON - The Internal Revenue Service's targeting of conservative political groups has little if anything to do with most everyday taxpayers, but some lawmakers are hoping attention to the budding scandal will swell public and political support for rewriting and simplifying a federal tax code that has undergone some 5,000 changes in the past dozen years.

Illinois pays down bills but backlog could rise again in August

CHICAGO (Reuters) - Higher-than-expected revenue from state income tax enabled Illinois to reduce its unpaid bills to $5.8 billion from $8.5 billion at the beginning of April, the state comptroller said on Wednesday while cautioning the improvement could be short lived.

U.S. justices rule for PPL Corp in overseas tax case

By Lawrence Hurley WASHINGTON (Reuters) - The Supreme Court on Monday ruled for utility PPL Corp <PPL.N> in its dispute with the U.S. Internal Revenue Service over credits the company claimed to offset overseas tax payments. The court ruled on a unanimous vote that Pennsylvania-based PPL can claim $39 million in U.S. foreign tax credits against a 1997 British windfall tax.

States balk at making up for cuts, guard revenues

By Lisa Lambert WASHINGTON (Reuters) - As they finalize budgets for the next fiscal year, many states are sending a message to the government about the effects of spending cuts known as sequestration on federally funded projects: You're on your own.

Tax relief urged for small- and middle-income earners

As the income tax season closes, ACT Teachers Party-List Representative Antonio Tinio reiterated the need to provide income tax relief for workers and employees in the public and private sectors.“Everytime small- and middle-income earners file their tax returns, every payslip they get, they see that much of what they earn goes to the government, leaving barely enough for their needs,” said Tinio.“For some, they wonder why they give away a third of their salaries when they can barely make ends meet for themselves and their families,” he addedTinio explained that there i

BIR official reminds public to pay right amount of taxes

Bureau of International Revenue (BIR) Regional Director Alert Alocilja has advised the public to pay the right taxes as the deadline for the filing of Income Tax Returns (ITRs) nears.The BIR has set April 15 as the last day of filing of ITR for individuals and corporations on calendar year basis. Alocilja said the April 15 deadline is non-extendable unless it will be extended by the BIR commissioner.He said the tax payers can pay their income tax at accredited banks aside from the BIR office.

BIR files P166.67M tax evasion raps vs. professionals, sole proprietors

The Bureau of Internal Revenue Thursday filed before the Department of Justice P166.67 million tax evasion cases against a model/TV host and her accountant, a Mandaluyong City-based distributor of hardware and lighting equipment and a Manila-based supplier of the Philippine National Police.In a press conference, BIR Commissioner Kim S.

Stop aid to Pakistan unless more pay taxes

Britain should not go ahead with a major increase in aid to Pakistan unless Islamabad makes its wealthier citizens pay more taxes, British lawmakers said on Thursday. Britain is due to double its assistance to Pakistan to £446 million ($675 million) in 2014-2015, making it the biggest recipient of British aid. But parliament's International Development Committee said it was unfair for Britain to fund health and education projects unless Pakistan's new government, due to be elected in May, tackles "rife" corruption and tax evasion.

Hollande rehashed super-tax fizzles, angers French business

By Catherine Bremer PARIS (Reuters) - France's Socialist president may save some face by resurrecting a 75 percent super-tax on million-euro salaries, but his plan to shift the levy from people to companies has alienated business leaders and impressed few, even on the left.
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