Actors Say 'Action!' on Higher Taxes for the Wealthy

Before President Obama outlined his strategy Monday for America's millionaires to shoulder more of the tax burden, The Price of Fame asked show business types at the recent Toronto International Film Festival the burning question:

Should celebrities and other wealthy people pay more in taxes?

Ethan Hawke (pictured, above), actor, author and playwright: "Yes, and I think that rich people who try to get out of it are the most revolting to me." Hawke, who stars as a writer beguiled by a dangerous muse in The Woman in the Fifth, Analeigh Tiptonsaid some of the privileged have forsaken the common good. "Paying taxes is the greatest luxury in my life," he said. "I find it revolting that people would make $100 million and that they should pay the same amount of taxes."

Analeigh Tipton (right), the America's Next Top Model cat-walker who played the babysitter with a crush in Crazy, Stupid Love and now stars in Whit Stillman's Damsels in Distress: "Yes, I do. There's a lot of money that goes around. I know I'm doing something I love and I get paid where I feel guilty. Again, I can't be the only one in Hollywood that doesn't need [stuff], and especially these days."

Ryan O'NanRyan O'Nan (right), writer, director and star of the rock 'n' roll road movie The Brooklyn Brothers Beat the Best: "If you have a whole bunch of money, yeah, you should pay a little more because it comes from the community. As a community and fellow human beings, we all enjoy the same country. If you make a product that sells so much that you have so much money, that's because so many people purchased your product. It's all cyclical."

Michael Weston, from the movies Dukes of Hazzard and Garden State, and TV's House, M.D., also took a broader philosophical approach: "I feel like that even our deepest human ambitions are about connecting. The more we forget that and sort of isolate ourselves from that, from each other, the easier it is to close off our community. The more we can include each other and remember that we're all part of the same package, then I think we can solve so many of these problems." We'll take that as a yes.

Arielle KebbelArielle Kebbel (right) of Band Camp, John Tucker Must Die and The Grudge 2: "I don't think I as an individual can solve the debt crisis, but I'm a big believer in the energy in which you put intention goes a long way, and I think that will help others find an answer together."

In fact, The Price of Fame couldn't find any stars of the silver screen who didn't approve of paying a bit more of that silver to help balance the U.S. budget.

The above have super-supportive company in super-rich Warren Buffett. He has repeatedly said it's about time he and the rest of the nation's fully loaded assume more of the tax tab, explaining that loopholes allowed him to pay taxes at a lower rate than his secretary. The Oracle of Omaha's declaration led to part of Obama's proposal being labeled "the Buffett Rule."

Of course, the administration's plan to levy $1.5 trillion in additional taxes on the wealthiest individuals and corporations over the next 10 years isn't a smash hit. Senate Republican leader Mitch McConnell (R-Ky.) said tax hikes on the rich will choke off employment opportunities. Rep. Paul Ryan (R-Wis.), chairman of the House Budget Committee, described the proposal as "class warfare."

In showbiz, they call that mixed reviews.

Driving for Lyft? Use This Tax Preparation Checklist

So, you decided to become your own boss (at least part-time) and start driving for a ride-sharing company like Lyft. Use the Lyft tax preparation checklist below to organize your income and deductions to make filing your taxes a breeze. Remember, not all items listed will apply to you, but it will give you a good idea on what you need to report as income and what you can claim as a deduction.

Read More

Brought to you by TurboTax.com

Video: The Alternative Minimum Tax (AMT) Explained

Originally created to make sure the wealthy paid taxes even after using tax breaks and loopholes, the Alternative Minimum Tax (AMT) has never been updated and continues to impact middle class Americans more and more each year as a result of inflation. To compensate for inflation, the AMT now includes an exemption amount. This exemption is indexed for inflation so it changes every year.

Read More

Brought to you by TurboTax.com

Energy Tax Credit: Which Home Improvements Qualify?

Taxpayers who upgrade their homes to make use of renewable energy may be eligible for a tax credit to offset some of the costs. As of the 2018 tax year, the federal government offers the Nonbusiness Energy Property Credit. The credits are good through 2019 and then are reduced each year through the end of 2021. Claim the credits by filing Form 5695 with your tax return.

Read More

Brought to you by TurboTax.com

Top 5 Reasons to File Your Taxes Early

Every April, many taxpayers wait until the last minute to file their federal income tax returns. Despite this tendency, there are many reasons to file your taxes early. If you will receive a refund, you may want to submit your return as quickly as possible. Additionally, there are benefits to filing early for those taxpayers who have a balance due.

Read More

Brought to you by TurboTax.com
Read Full Story
Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.