States find demanding higher taxes from the rich during fiscal crisis can be risky business

October 6th, 2009 NEW DELHI - Net direct tax collections during the first half this fiscal grew 3.69 percent from the corresponding period last year, the Central Board of Direct Taxes (CBDT) said Tuesday. In a statement, CBDT said tax collection from April to September was at Rs.152,625 crore, up from Rs.147,197 crore in the like period last fiscal, registering a growth of 3.69 percent.

October 6th, 2009 Higher taxes in health care billWASHINGTON — Congressional tax experts say Senate health care legislation would impose $29 billion more in taxes on health care industries than originally thought. The Joint Committee on Taxation says drug companies, medical device manufacturers and insurers would pay $121 billion over 10 years as a result of taxes in the Senate Finance Committee bill.

July 30th, 2009 ISLAMABAD - Only 2.5 million of 172 million Pakistanis pay taxes. Of them, 1.8 million are salaried and paid Rs.27.37 billion in taxes during the just ended fiscal 2008-09, the Senate was informed Thursday.

July 19th, 2009 Bad time to be rich? Only if you don't like taxesWASHINGTON — It's probably never a bad time to be rich. But the good times for America's wealthy could soon be a little less so.

July 15th, 2009 House plan boosts taxes on rich to 20-year highWASHINGTON — House Democrats scrambling for ways to pay for overhauling health care would raise taxes on the wealthiest Americans to levels not seen since the 1980s, breaking one of President Barack Obama's campaign pledges. The tax increase would be limited to the top 1.2 percent of earners — families that make more than $350,000 a year.

July 10th, 2009 Poor leave Calif. at higher rate than richSACRAMENTO, Calif.

July 2nd, 2009 States without budgets as key deadline passesSACRAMENTO, Calif. — The finances of several states around the nation are sinking deeper into chaos as lawmakers struggle to work out budget differences amid a recession that has wiped out tax revenue and set the stage for dramatic cuts in service and pay for government workers.

June 25th, 2009 Calif lawmakers fail on first try to close deficitSACRAMENTO, Calif. — A Democratic plan to begin closing California's $24 billion budget deficit failed Wednesday, as legislative leaders planned to work through the weekend to avoid a cash crisis when the new fiscal year starts next week.

June 22nd, 2009 Sarkozy warns crisis not over yetVERSAILLES, France — French President Nicolas Sarkozy warned Monday that the economic crisis "is not finished," but added that the profound changes it is causing mean France's views will carry more weight around the world. Sarkozy also pledged that he would not introduce austerity policies as a result of the downturn, and said "I will not raise taxes because ...

June 11th, 2009 NEW DELHI - The government must aim for growth with fiscal prudence, Finance Minister Pranab Mukherjee said here Thursday, even as he pushed for a pan-India goods and services tax from April next year. High levels of fiscal deficit are not sustainable in the medium to long term, both for the states and the centre, the finance minister told a pre-budget conference with finance ministers of states and union territories.

June 4th, 2009 States expect spending drop next yearWASHINGTON — In response to the economic downturn, the nation's governors expect to trim their state budgets by about 2.5 percent through cuts in education, Medicaid and state employee salaries and benefits. In a survey conducted by the National Governors Association and the National Association of State Budget Officers, some governors said they will recommend lower payments for health care providers serving Medicaid patients, while others indicated they may also seek reductions and benefit cuts for state employees.

May 5th, 2009 Obama's tax plans raises high-tech hacklesSAN FRANCISCO — President Barack Obama's plan to impose U.S. taxes on corporate America's overseas profits threatens to open a big crater in the financial statements of technology companies.

May 1st, 2009 NYC mayor lays off workers, won't tax richNEW YORK — Mayor Michael Bloomberg's election-year budget spares teachers, police officers and firefighters from his layoffs, but the billionaire former CEO refuses to consider proposals to raise taxes on the rich. The independent mayor's Democratic front-runner, City Comptroller William Thompson Jr., wants the city to raise personal income taxes on those earning $500,000 or more annually.

February 21st, 2009 BANGALORE - The economic slowdown has severely impacted Karnataka, resulting in a steep 50 percent decline in its revenue surplus as against the budget estimates for this fiscal 2008-09 (FY 2009). 'The revised estimate of revenue surplus is Rs.767 crore (Rs.7.67 billion) as against the budget estimates of Rs.1,527 crore (Rs.15.27 billion) for 2008-09, which is a decline of 50 percent,' Chief Minister B.S.

December 30th, 2008 THIRUVANANTHAPURAM - The Kerala government Wednesday approved a draft memorandum to be submitted to the 13th Finance Commission with demands including higher share in the central taxes and hike in the open market borrowing cap. Addressing reporters after the weekly cabinet meeting here, Chief Minister V.S.