bush tax cut extension

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.

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.

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.

Consumer Sentiment:
Better Days Ahead

Consumer sentiment unexpectedly jumped 2.6 points to 74.2 in December -- a six-month high. And the current economic conditions component rose to its best level in about three years. Helping to stoke optimism was consumers' anticipation that the Bush tax cuts would live on.

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.

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.