bush tax cuts

Senate Set for Symbolic Showdown on Tax Cuts

The Senate is bracing for a tax-cut showdown that is all about Democrats and Republicans showing voters their differences over taxing the well-off while accusing each other of threatening to shove the government over a fiscal cliff.

Obama's Tax Cut for the 1% (and Everyone Else, Too)

On Monday, President Obama revived his proposal to cut taxes on income below $250,000 a year -- which the GOP immediately decried as class warfare. The odd thing is, as "class warfare" goes, Obama's proposal would actually give all the wealthy a pretty solid tax break.

Get Ready to Pay Thousands of Dollars More in Taxes

Lawmakers have gotten in the habit of waiting until the last minute to extend many tax breaks, but last year, they ran out of time. Now, unless Congress acts soon, millions of Americans are face changes that could leave them sending thousands of dollars a year more to the IRS.

Meet the 12 People Who Have to Fix the U.S. Budget

There has been a pleasant lull in reporting about the debt ceiling and budget debate, but don't let the quiet fool you. Right now, 11 men and one woman are crafting a plan to reduce the federal budget deficit by $1.5 trillion over 10 years. They are the members of the Joint Select Committee on Deficit Reduction -- aka, the Deficit Supercommittee

How the State of the Economy Has Changed Under Obama

Upon taking office in 2009, Obama inherited two costly wars and an economy that had violently imploded just months before. What's changed since then? Quite a bit, but the record is decidedly mixed. Here's a midterm report card of key indicators of the country's economic health.

Obama to Name New Chief Economic Adviser Friday

President Barack Obama will likely name a new chief economic advisor to replace Lawrence Summers later this week as his administration looks for more effective ways to reduce an unemployment rate that remains near 10%, the Associated Press reported Wednesday.

Tax Compromise: Why Something Was Better Than Nothing

If a compromise by definition is a deal that pleases no one, then the tax deal that cleared Congress Thursday was a rousing success: Conservatives and liberals both dislike it, but those who voted for it agreed that the alternative -- letting taxes rise for everyone -- would have been worse.

What the New Tax Law Deal Means for You

After a revolt by unhappy Democrats, the tax bill has finally passed. The Obama tax cut compromise extends Bush-era tax reductions on income, capital gains and dividends through 2012. But there were also some changes. Here's how the tax bill affects you.

Income Inequality on Course to Hit Record Levels

With a tax bill tilted to benefit the wealthiest Americans poised to pass Congress this week, U.S. income inequality is poised to set new records. One key to that shift -- a change in the tax rules that lets the rich pass their wealth on to their heirs at the lowest tax rates in decades.

What Will Obama's Tax
Deal Do for Investors?

The biggest question many investors have about President Obama's compromise tax cut deal is how it will benefit the economy. But so far, there is little agreement on Wall Street about what the stimulative effects of the deal will be.mong the watchers on Wall Street about what the stimulative effects of the deal will be.

Americans See China as World's Strongest Economy

Nearly half of Americans in a recent poll believe China has surpassed America as having the strongest economy in the world, and more than half blame outsourcing and the loss of manufacturing jobs for the shift.

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.

Why One Liberal Favors Obama's Tax Cut Compromise

DailyFinance writer Jon Berr sees much to like in the compromise President Obama reached with congressional Republicans on taxes and unemployment compensation. And while he'd never call it perfect, as he notes, the American voters elect politicians to get stuff done, which this plan does.

Banks Consider Changing Bonus Schedule to Avoid Tax Hike

Wall Street banks are considering changing the timing of their annual bonuses in a bid to avoid possible tax increases. Lawmakers in Washington are currently discussing whether to renew the Bush-era tax cuts on the wealthiest Americans, a bracket that includes many on Wall Street. If the tax cuts expire, that will mean higher rates in 2011.

Bipartisan Debt Proposal Fails to Get the Votes

President Obama's bipartisan National Commission on Fiscal Responsibility and Reform voted Friday on whether to approve its own recommendations, and failed to get the 14 votes from its members required to send its proposal to Congress. But don't count out deficit reduction quite yet.

Warren Buffett Says Rich People Should Pay Higher Taxes

Billionaire investor Warren Buffett said that wealthy Americans should pay more in taxes and that the Bush-era tax cuts for high-earners should expire, Bloomberg News reported. "People at the high end -- people like myself -- should be paying a lot more in taxes. We have it better than we%u2019ve ever had it," Buffett said in an interview with ABC%u2019s "This Week With Christiane Amanpour" that is scheduled to air on Nov. 28.

The Bush Tax Cuts: A Continuing Conundrum

Signs of a compromise are increasing in Washington on extending the Bush tax cuts for all income levels. The question is: Does it make good economic sense to continue them, or is this merely political expediency?

Investors Don't Credit Obama for What's Going Right

A new Bloomberg poll shows 68% of investors say Obama's policies are "detrimental to the U.S. investment climate." That's despite soaring corporate earnings and a huge bounceback in stock prices during his administration. Somewhere, there's a disconnect.

The High Price of Extending the Bush Tax Cuts

Before the GOP power surge on Tuesday, President Obama had steadfastly refused to consider extending the Bush tax cuts -- due to expire at the end of the year -- for America's wealthiest taxpayers. Now, he says he's willing to compromise.

New Congress: How Will Gridlock Affect Economy?

With the two houses divided, the parties will have to compromise to get legislation passed. But will they? The challenge will become acute if the Fed's latest stimulus gambit falls short, leaving the economy gasping. The GOP's aversion to spending could be tested.

Newt Gingrich: Say No to 'More Food Stamps'

"More food stamps? Or more paychecks?" Former Speaker of the House Newt Gingrich suggests that's how the GOP should couch the national policy debate before the midterm elections. But will demonizing programs that aid the poor help the GOP sell policies that only benefit the rich?

Why a Republican Congress Won't Ignite a Hiring Explosion

CNBC's Larry Kudlow blogged Tuesday that the a GOP win in November's elections would create an explosion of U.S. job creation. One of his guests that day on The Kudlow Report was DailyFinance's Peter Cohan, who breaks down precisely why that rhetoric doesn't match reality.

Political Gridlock in the U.S. vs. China's Political Savvy

While American pols deal in brinksmanship over taxes and the economy, China's leaders are smoothly gaining influence on the world stage. Witness the good will generated by Premier Wen Jiabao on his recent whirlwind tour of Europe.

Poorer Households Give Consumer Sentiment a Boost

September's consumer sentiment level unexpectedly rose to 68.2 from its preliminary 66.6 reading. However, the entire gain came from more positive responses among households earning under $75,000 -- those who wouldn't be affected by a failure to extend the Bush income tax cuts for the rich.