CNBC's Jane Wells reads the fine print of the Congressional Budget Office report and reveals the CBO broke the country into five tiers of wage earners. The top 20 percent pay nearly 93 percent of all income taxes, according to the report. At the same time, their incomes are growing far faster than everyone else.» Read More
SANTIAGO, Dec 11- Chilean presidential frontrunner Michelle Bachelet's proposed tax reform is good news for the Andean nation and would bring the tax rate closer to that of developed nations, the head of the United Nations' regional economic body said on Wednesday.
RALEIGH, N.C.-- North Carolina's new tax overhaul law means potentially millions of workers have to fill out updated forms to adjust the amount regularly withheld from their paychecks to pay taxes. The Department of Revenue sent the updated forms and other materials to about 240,000 employers and payers of annuities and pensions, which is considered income.
WASHINGTON, Dec 10- President Barack Obama's nominee to be the new head of the U.S. Internal Revenue Service on Tuesday pledged to restore the public's trust in the tax agency and called on Congress to stop cutting the beleaguered IRS's budget.
BISMARCK, N.D.-- A tax agreement that standardized the rules and spurred oil drilling on an American Indian reservation in North Dakota is bringing in more than $40 million monthly for the state and tribal members, up from zero five years ago, state Tax Department records show.
State tax revenues rose 9 percent in the second quarter from a year before, according to the latest State Revenue Report.
*2/ 3 of Japan firms see BOJ easing further in H1 2014- poll. TOKYO, Dec 10- Almost two-thirds of Japanese firms expect the Bank of Japan will increase its stimulus in the first six months of 2014, a Reuters poll showed, underscoring the pressure on the central bank to remain the engine of growth under Abenomics.
*Tax-exemption scandal, Obamacare top IRS agenda. WASHINGTON, Dec 9- President Barack Obama's choice for U.S. tax commissioner, a multimillionaire with a reputation for troubleshooting, appears headed for confirmation, but on Tuesday will first face some tough questioning in Congress.
Sen. Ron Johnson, R. Wis., weighs in on the upcoming budget talks on Capitol Hill and the problems associated with Obamacare. We need some real structural reforms to the long-term mandatory spending programs to get a deal to work, Johnson says.
Gov. Rick Scott, (R-FL), discusses how changing the state's corporate tax code is attracting new business and creating jobs in the Sunshine State.
CHICAGO-- Illinois took a giant step toward fixing its biggest financial problem Thursday by putting a sweeping pension reform on the books, but legislators' inaction on tax incentives aimed at keeping companies and creating new jobs has triggered fresh concerns about the state's business climate.
JUNEAU, Alaska-- Alaska is expecting nearly $2 billion less in oil and gas production taxes this year, which Revenue officials say has more to do with lower-than-expected oil prices and declining production than with the new oil tax law.
*Finance minister seeks to slow London property rises. *London prices soaring, forcing locals out of the market. LONDON, Dec 5- Britain will impose a capital gains tax on foreign property investors from 2015 in a bid to allay fears that wealthy foreign buyers are inflating a London- led property bubble which is pricing locals out of the market.
The U.K. government is to introduce a new levy on foreign homebuyers, raising concerns that this could put the brakes on London's property market.
BOSTON-- The Massachusetts income tax will drop slightly in the new year _ to 5.20 percent from the current 5.25 percent _ because of stronger-than-anticipated growth in revenues, state officials said Wednesday. The tax rate will automatically drop on Jan. 1, Revenue Commissioner Amy Pitter said.
SYDNEY, Dec 5- Australia has sealed a free trade agreement with South Korea that will eliminate tariffs of up to 300 percent on Australia's major exports, notably agricultural products and resources, Prime Minister Tony Abbott said on Thursday.
CONCORD, N.H.-- New Hampshire's tax collections are $23 million above estimates so far this fiscal year despite falling slightly below projections in November. The state took in almost $149 million in November, which is $1.6 million less than anticipated.
HAKODATE, Japan, Dec 4- Bank of Japan board member Takehiro Sato said he saw no need to expand monetary stimulus pre-emptively to counter the pain to the economy from next year's sales tax hike, seeking to dispel speculation of a near-term expansion of its ultra-easy policy.
In an audit, the Treasury Inspector General for Tax Administration, said two new IRS systems to catch tax refund fraud are under development. In response to the TIGTA findings, White House spokesman Jay Carney said on Tuesday: "The IRS aggressively safeguards our information systems and combats tax fraud.
The House Judiciary Committee is holding a hearing on Obamacare, and how the president executed the law. CNBC's Rick Santelli, says the hearing is "crucially important."
Amazon was rejected by the U.S. Supreme court on New York sales tax. BuzzFeed president & COO Jon Steinberg, digs into how this may impact the e-commerce industry.