by Leroy Baker, Tax-News.com, New York
Last updated 18 hours ago | Tuesday, January 19, 2010

A bipartisan group of lawmakers in the House of Representatives intend to introduce legislation that would allow individuals who make charitable contributions to victims of the earthquake in Haiti to claim an itemized charitable deduction on their 2009 tax return.

The legislation, sponsored by House Ways and Means Committee Chairman Charles Rangel (D-NY), Ranking Member Dave Camp (R-MI), Majority Whip James E. Clyburn (D-SC), and House Republican Whip Eric Cantor (R-VA), will allow taxpayers to claim donations to the rescue efforts in Haiti in 2009 instead of having to wait until next year to claim them on their 2010 tax returns.

Under the bill, for the purposes of Section 170 of the Internal Revenue Code a taxpayer may treat a cash contribution made for the relief of victims in areas affected by the earthquake in Haiti made after January 11, 2010, and before March 1, 2010, as if such contribution was made on December 31, 2009, and not in 2010. Continue reading “US Lawmakers Seek Relief For Haiti Donations” »

by Leroy Baker, Tax-News.com, New York
Last updated 47 hours ago | Monday, January 18, 2010

US President Barack Obama has announced proposals for a new “Financial Crisis Responsibility Fee” to be imposed on the debt of the largest financial firms “until the American people are fully compensated for the extraordinary assistance they provided to Wall Street.”

Describing the USD700bn bank bail-out scheme, the Troubled Asset Relief Program (TARP), as “a distasteful but necessary thing to do,” Obama explained that despite many dire predictions, most of that money has been recouped, but that “most” is not enough.

“My commitment is to recover every single dime the American people are owed,” the President announced on January 14. “We want our money back, and we’re going to get it. And that’s why I’m proposing a Financial Crisis Responsibility Fee. If these companies are in good enough shape to afford massive bonuses, they are surely in good enough shape to afford paying back every penny to taxpayers.” Continue reading “Obama Announces Details Of New Bank Tax” »

By Jeanne Sahadi, senior writerJanuary 17, 2010: 2:01 PM ET

NEW YORK (CNNMoney.com) — Everybody’s angry at banks. Federal deficits are wide and need addressing. And the president and Congress are starting to map out next year’s budget.

That means they’re talking taxes in Washington. The capital is awash in proposals for how to raise revenue and score political points.

There’s no guarantee all of them – or even some – will pass.

But they are an indication of the direction the White House and Congress may go as they finalize decisions for how to pay for health reform, reduce debt, support other government efforts and garner votes in a mid-term election year.

President Obama on Thursday called on Congress to recoup any federal bailout money that hasn’t been repaid by imposing a fee on large banks, even if they themselves haven’t taken bailout money, or if they’ve repaid the bailout money they did take. Continue reading “Taxorama: 7 changes on the docket” »