New Hampshire, first in the nation when it comes to reliance on this tax, has long debated it. While critics say it’s unevenly distributed, defenders say it’s great for local control and far better than an income tax. And this familiar conversation is playing out across the country, with other states debating the fairness issue and offering alternatives.
This program was originally broadcast on June 12, 2014.
New Hampshire's tax receipts are $25 million ahead of estimates so far this fiscal year despite a weak showing in October.
Administrative Services Commissioner Linda Hodgdon said receipts were $2 million below estimates, but October is a relatively small tax month. The state collected $105 million and had forecast receiving $107 million. Hodgdon said business taxes were down over $4 million, but such a small tax collection month makes it difficult to know if that signals a trend.
Since July 1, the state has collected $541 million.
Americans recently completed that annual ritual, when they file their returns to Uncle Sam. But over the century of this tax, there’s been lots of debate on its effectiveness and fairness. and a few states, including New Hampshire have decided not to do this at the state level. We’ll look at the history of the income tax and how it’s evolved.
Since its introduction in 1861, “Tax Day” has loomed as a day of inevitable fiscal obligation. As the 15th of April approaches, stresses related to tax filings inevitably ramp up. To some, tax burdens may become too much to shoulder, leading to filings for extensions or an uncomfortable loss of funds. However, yearly tax payments can result in an even more uncomfortable reality – damage to your credit. Here to discuss how Uncle Sam affects your credit score is Gerri Detweiler, credit.com’s personal finance expert.
Governor Maggie Hassan is looking to raise New Hampshire’s cigarette tax. In her state budget address, she pitched a 30-cent increase as good public health policy.
“New Hampshire has the highest youth smoking rate in the Northeast, with 19.8 percent of high school students who smoke cigarettes," Hassan said. "Cigarette taxes nationwide have proven to be one of the most effective ways to prevent youth smoking.”
She also said it will raise $40 million in revenue without compromising cross-border sales.
Author Molly Michelmore explores what she calls the fundamental paradox of American Politics: We’re hostile toward taxes, but we also demand the privileges government offers from social security to local police protection. Michelmore examines the history of this conundrum and finds these attitudes consistent from FDR’s New Deal to the Reagan Revolution.
Ballot question one asks if New Hampshire should permanently prohibit an income tax? In next month's election, Granite Staters will have to vote 'yes' or 'no' on this proposed change to the state's constitution. Supporters say this would settle a longstanding debate once and for all. Opponents say it would damage the state's fiscal standing. Today, we're taking a look at the arguments both pro and con to this question and answer any questions you may have before you head to the ballot box.
More than 99 million federal taxpayers had filed their returns as of Tuesday, with more than 80 million of those expecting a refund.
People who file at the last minute — and Tuesday is this year's deadline — are somewhat more likely to owe money to the government. And if Congress and the president don't act, next year could see many more Americans paying higher taxes.
That's not because either President Obama or presumptive Republican challenger Mitt Romney advocate a tax increase for most Americans.
When IRS agents raided the house of rapper Young Buck, they seized all his things: his white leather dining chairs, his watches, his craps table, his tattoo kit. Even his refrigerator. The Nashville artist, who was once part of 50 Cent's G-Unit, owed hundreds of thousands of dollars in back taxes.
His lawyer, Robin Mitchell Joyce, said he thought Young Buck's taxes were being handled by his business manager. They weren't.
Originally published on Sun April 15, 2012 9:30 pm
It's that time of year again – tax week.
With the deadline for Americans to file their income taxes looming, there's a good chance you've heard or will hear from politicians, on cable news and on talk radio about those who pay little or no taxes.
House Majority Leader Eric Cantor has said that we "have a situation in this country where you're nearing 50 percent of people who don't even pay income taxes." There are even those who say that there are nearly 50 percent of Americans who pay no taxes at all.
Originally published on Mon April 2, 2012 10:01 am
Tax Day 2012 is looming — and after we file our returns, many of us will try to figure out what to do with the seemingly innocuous but possibly crucial documents we use to prepare our returns. Filing electronically can make those records easier to manage. But what should we really keep, and for how long?
Most experts recommend holding on to financial records for three years after they're used in a tax return — that's the amount of time the IRS has to audit taxpayers.