Taxes 2010

Senate Unveils Total Cost of Tax Deal

The Senate presented the final price tag of $858 billion for President Obama%u2019s tax deal Republican leaders and began debating the package Thursday night. The Senate aims to vote on the bill Monday, a week after it was first announced, The Wall Street Journal reported. It is expected to clear the Senate, with backers including Senate Majority Leader Harry Reid, who had previously expressed reservations.

IRS Will Stop Mailing Out Tax Return Forms, Instructions

The IRS will stop mailing out paper forms and instructions for annual income tax returns as more people file their taxes online. About 11.5 million people who filed paper tax returns in 2009 got the tax information in the mail, The Washington Post reported. The mailing included 44 pages of instruction last year.

Bush Tax Cuts: No Senate Vote Before Nov. Election

The Senate will not vote on extending any of the Bush-era tax cuts until after the November election. "Democrats believe we must permanently extend tax cuts for the middle-class before they expire at the end of the year, and we will," Jim Manley, a spokesman for Senate Majority Leader Reid said in an e-mail, Reuters reported.

Obama to Call for Full Tax Credit for Business Purchases in 2011

President Barack Obama will call for new rules allowing business to deduct from their taxes through 2011 the full value of the purchase of equipment. The planned deductions are intended to encourage companies to invest in equipment such as computers and utility generators, stimulating the economy The New York Times reported. It would cost about $200 billion in revenue, although in the long run that cost would shrink to $30 billion.