bush tax cuts

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.

Consumer Sentiment Unexpectedly Falls to Lowest Level in a Year

Consumer sentiment unexpectedly fell 2.3 points to 66.6 in September, as the nation%u2019s uncertain economic outlook and Washington's indecision about whether or not to extend the 2001 Bush income tax cut weighed on upper-income consumers, who accounted for the entire September sentiment decline.

GOP Lawmaker Softens on Tax Cuts for Rich

House Republican leader John Boehner said Sunday that he would be willing to forgo extending the Bush tax cuts for the wealthy, in the first sign of compromise over an issue shaping up as central to the midterm elections. But, he said, he still favors those cuts.

Obama Attacks GOP for Failing to Act on Economy

In a rare Friday press conference at the White House, President Obama stayed on the offense against Republican, accusing them of dragging their feet just as the economy needs another boost.

Obama Pushes His New Stimulus Plan

President Obama is speaking in Cleveland Wednesday, laying out more details of his plan to get the economic recovery back in gear: $50 billion for infrastructure spending; a $100 billion R&D tax credit; and $200 billion to induce U.S. companies to make capital improvements now rather than later.

Obama's Business-Friendly Proposals Aim to Quiet His Critics

Recognizing that voters are worried about the economy, President Obama is offering an olive branch to his critics with a $50 billion infrastructure plan and a deal to make the R&D tax credit permanent. Conservatives say it's too little too late, but the game is far from over for the Democrats.

Economists: Boost Growth Now, Fix Deficit Later

The National Association for Business Economics released its semiannual Economic Policy Survey Sunday, and nearly 60% of respondents said they support the Fed's monetary policies. But only 39% feel the administration's fiscal stance is appropriate, and 75% oppose another stimulus package.

Economic Growth Revised Lower for Second Quarter

U.S. economic growth slowed to an anemic 1.6% pace in the second quarter, due primarily to a worsening trade imbalance. The sole ray of light in the Commerce Department's report was that the downward revision was not as severe as economists had expected.

Greenspan: Repeal All the Bush Tax Cuts

Former Fed Chairman Alan Greenspan is calling for the complete repeal of the Bush tax cuts, a position that goes further than that of the White House. President Obama advocates keeping tax rates steady for all but the richest Americans.

Make the Rich Pay Their Fair Share to Balance the Budget

When George W. Bush cut $1.3 trillion in taxes back in 2002, 36.7% of the money went to the top 1% of Americans. If those tax cuts for the wealthiest are allowed to expire, Republicans could get closer to something they claim to want: a balanced budget. So why are they fighting it so hard?

Geithner Slams Bush Policies, Calls for Tax Cuts to Lapse

Treasury Secretary Timothy Geithner attacked the Bush administration%u2019s policies as "misguided," saying that renewing the Bush tax cuts for the highest-earning Americans would worsen the budget deficit. Extending the cuts would force the government to borrow more and impede more effective measures to stimulate economic growth, Reuters reported.

Geithner: Bush Tax Cuts for Wealthiest Should Be Allowed to Expire

Treasury Secretary Timothy Geithner said the Bush-era tax cuts for the wealthiest Americans should be allowed to expire this year in order to narrow the federal government%u2019s deficit. Speaking on two TV programs Sunday, Geithner said letting the tax cuts for those making $250,000 a year or more expire would demonstrate the country%u2019s commitment to controlling the deficit, The New York Times reported. He said that the tax increase would not affect economic growth.

Greenspan Says Congress Should Let Bush Tax Cuts Expire

Former Federal Reserve Chairman Alan Greenspan said Congress should let the Bush-era tax cuts expire at the end of this year in order to boost revenue and narrow the federal deficit. "They should follow the law and let them lapse," Greenspan said in an interview with Bloomberg Television.