Taxes

WASHINGTON (AP) — The U.S. is teaming up with Australia and the U.K. in an effort to expose tax cheats from around the world.

Tax agencies from the three countries have acquired "a substantial amount of data" about potential tax cheats from many countries hiding assets in Singapore, the British Virgin Islands, the Cayman Islands and the Cook Islands, the Internal Revenue Service said Thursday.

The agencies are offering to share the information with other countries, so they can prosecute their citizens.

WASHINGTON (AP) — Attention online shoppers: The days of tax-free shopping on the Internet may soon end for many of you.

The Senate is scheduled to vote Monday on a bill that would empower states to collect sales taxes for purchases made over the Internet. The measure is expected to pass because it has already survived three procedural votes. But it faces opposition in the House, where some Republicans regard it as a tax increase. A broad coalition of retailers is lobbying in favor of it.

WASHINGTON (AP) — You don't see this very often: a majority of Senate Republicans voting to make people who buy stuff on the Internet pay state and local sales taxes.

Anti-tax guru Grover Norquist isn't happy about it and the conservative Heritage Foundation is questioning the senators' conservative credentials. But the issue of taxing Internet sales is getting strong support from Republicans and Democrats alike.

WASHINGTON (AP) — President Barack Obama made less in 2012 than in any other year since taking office, with about 40 percent of the nearly $609,000 in income that he and first lady Michelle Obama reported coming from book sales.

Obama, who renewed his call for higher taxes on the wealthy in the budget he released Wednesday, paid $112,214 in taxes last year, putting his effective federal tax rate at 18.4 percent. The Obamas donated almost one-quarter of their income to charity, helping to lower their overall tax bill, according to tax returns released by the White House.