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Yahoo! Finance: Tax News

DiMasi: Mass. gas tax hike fairer cost-sharing way (AP)
House Speaker Salvatore DiMasi said Wednesday raising the state's gasoline tax "is a fairer way to share our costs" than nearly doubling tolls on the Massachusetts Turnpike and the tunnels leading to Logan International Airport.

Ga. board rejects proposed teacher pensions change (AP)
A state board voted unanimously Wednesday to keep a nearly 40-year-old policy that guarantees cost-of-living increases to pension payments for retired Georgia teachers.

Washington revenue drops, overall deficit tops $5B (AP)
The deeply troubled economy is sapping Washington's tax collections again, saddling newly re-elected Gov. Chris Gregoire -- who pledged not to raise taxes -- with a $5.1 billion budget hole.

Pentagon defends decision on Lockheed fighter jet (AP)
The Pentagon's chief weapons buyer on Wednesday defended as a "prudent approach" his decision to initially provide less money than Congress mandated for Lockheed Martin Corp.'s F-22 fighter jet program until the next administration can assess its aircraft needs.

Hawaii's tax collections drop as tourism slumps (AP)
Hawaii's tax collections are falling with the economy. The state Department of Taxation reports that tax collections fell 1.4 percent from July through October compared to last year.

About 300 cabbies go on strike in southwest China (AP)
A few hundred taxi drivers went on strike Wednesday in a southwestern Chinese district to protest a proposed increase in the number of cabs operating there, state media reported.

Dear Mr. Secretary ... (Morningstar.com)
An unofficial bit of well-meaning criticism for our Treasury secretary.

Most CD earnings not tax-deferred (Bankrate.com)
Unless you hold CDs in a retirement account, earnings on these instruments usually are not tax-deferred.

Deductible IRA income limits (Bankrate.com)
Income limits rule for spouses who want to contribute to a deductible IRA, says CPA George Saenz.

Lawmakers press Paulson on bailout plan changes (AP)
Faced with exasperated lawmakers upset by shifts in bailout strategy, Treasury Secretary Henry Paulson launched a spirited defense Tuesday of his handling of the $700 billion program and expressed fresh reservations about tapping the pool for mortgage guarantees to relieve skyrocketing home foreclosures.

NY's Cuomo asks AIG to detail plans for exec pay (AP)
New York Attorney General Andrew Cuomo on Tuesday asked troubled insurance giant American International Group to reveal whether it intends to give bonuses or raises to its executives this year.

Miss. gov: Rough economy calls for prudent budget (AP)
Gov. Haley Barbour, who has blocked efforts to increase tobacco taxes over the past few years, now proposes paying for part of the Mississippi budget next year with a two-tiered increase in the cigarette tax -- adding 24 cents a pack on name brands and 43 cents on cheaper off-brands.

Tenn. governor won't seek to raise state gas tax (AP)
Gov. Phil Bredesen said Tuesday he won't seek a hike in Tennessee's gas tax as a way to bolster the state's ability to build and repair roads.

SC ranks last in tobacco prevention spending (AP)
Ten years after the tobacco settlement, South Carolina has slid back to its worst-in-the-nation status in what it spends to keep people from smoking, according a report released Tuesday by a coalition of public health groups.

Senator rips auto industry (CNNMoney.com)
Skeptical Senators grilled auto industry executives at a hearing Tuesday, calling them short sighted and unimaginative, as they seek a $25 billion taxpayer funded bailout to ward off looming bankruptcy.