income tax

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.

Obama Takes Liberal Heat for His Tax-Cut Compromise

President Barack Obama has cut a deal with Republicans to extend Bush-era tax cuts for two years and unemployment benefits for 13 months. But the plan is already drawing fire from Obama's own liberal supporters.

Super Rich Made $345 Million on Average in 2007

It's a great time to be filthy rich. The 400 wealthiest Americans have seen their annual incomes skyrocket to a whopping $345 million on average while their tax rates have dramatically decreased, according to new data from the IRS.

Five Potential Potholes on Road to Recovery

News that business inventories and industrial production are rising suggests the U.S. economic recovery is on track. But unlike previous recessions, there are five potential "potholes" in the road ahead. Declining employment and increasing commercial real estate foreclosures are two possible biggies.