The United States needs to consider a European-style tax on consumption to help tackle the burgeoning U.S. deficit, a member of a presidential deficit panel said on Tuesday. Get the full story »
Filed under: Taxes
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Geithner urges quick resolution of tax cut issue
Treasury Secretary Timothy Geithner says the administration remains opposed to a permanent extension of tax cuts for the wealthiest Americans, something strongly favored by Republicans. He says it is critical for Congress to resolve the issue before the end of the year.
Ricketts: No Plan B if state won’t back Wrigley bonds
A proposed rendering of the renovations at Wrigley. (Handout)
By Alejandra Cancino and Kathy Bergen | Chicago Cubs owner Tom Ricketts on Monday told the Tribune’s editorial board he doesn’t have a Plan B to come up with $200 million if the state rejects his proposal to borrow that money in a bond offering.
The money will be used to make extensive renovations at Wrigley Field, including repairs of the dilapidated concourses beneath the field, better amenities for players and more bathrooms, he said.
The Cubs’ proposal calls for the Illinois Sports Facilities Authority, which owns U.S. Cellular Field, to float $200 million to $300 million in bonds. The bonds would be paid back over 35 years through amusement taxes that Wrigley Field patrons pay. Get the full story »
Nov. 12, 2010 at 3:23 p.m.
Filed under: Construction, Entertainment, Government, Sports, Taxes, Updated Ricketts seeks $200M in state aid for Wrigley
(Tribune file)
The owner of the Chicago Cubs is asking the state to help finance more than $200 million in renovations at Wrigley Field that will ensure the team stays at the historic ballpark for the next 35 years.
The Ricketts family, which purchased the team last year from Tribune Co. in a deal valued at $845 million, has pledged that the project will not be financed by new taxes or an increase in existing taxes, but it would redirect some future revenue to the stadium. Get the full story »
Ill. gambling revenue lowest in 10 years
Revenue from legalized gambling in Illinois is the lowest it’s been in 10 years. A report from the Legislature’s Commission on Government Forecasting and Accountability found gambling revenue totaled just over $1 billion in the last fiscal year. That’s a 4.5 percent drop from the previous year.
Congress sets sights on alternative minimum tax
Bipartisan leaders in Congress are vowing to spare more than 21 million taxpayers from significant tax increases when they file their returns next spring by adjusting the alternative minimum tax before the end of the year. Get the full story »
Justice Dept. seeks to halt tax practices of Chicago attorney
The U.S. government has sued a Chicago lawyer, who was a partner at Seyfarth Shaw, to stop him from peddling allegedly sham tax shelters involving Brazilian consumer debt.
The Justice Department said Wednesday that since at least 2003 John E. Rogers has devised illegal tax schemes for more than 100 customers who have claimed more than $370 million in improper tax deductions. Get the full story »
GM’s tax break worth as much as $45 billion
General Motors can get a tax break of up to $45 billion as part of its U.S. government-financed restructuring, documents filed with federal regulators earlier this year showed.
The Wall Street Journal earlier reported that GM would not have to pay federal taxes on up to $50 billion in profits. A later version of this story revised this figure to about $45 billion.
This figure also includes $18.88 billion of carry-forwards, according to the automaker’s annual filing from April. Get the full story »
Judge: Free speech protects Amazon buyers’ data
A federal judge says constitutional free-speech rights protect Amazon.com customers from North Carolina tax collectors who wanted to learn what they bought from the online retailer.
IRA, 401(k) minimum withdrawals required again
Older Americans whose retirement accounts took a beating from the market’s downturn caught a break last year when the government suspended rules that required them to make annual withdrawals.
But now that the markets are starting to come back, Uncle Sam wants his share again. Get the full story »
Tax-table delay to show up in take-home pay
From the Wall Street Journal | Congress’ delay in voting on 2011 income taxes could wind up taking a bigger bite out of worker’s paychecks if the Treasury doesn’t have enough time to figure out the tax-withholding tables.
FTC shuts down TV ‘tax relief’ outfit
By Gregory Karp | American Tax Relief LLC, which claims in TV ads that it can reduce your tax debt, has been shut down after bilking consumers nationwide out of more than $60 million, the Federal Trade Commission alleged Wednesday.
“For people having a tough time paying their taxes, the last thing they need is to lose more money to a fraud,” said David C. Vladeck, director of the FTC’s Bureau of Consumer Protection. Get the full story »
