tax cuts for the wealthy

Viral Video Explains the Huge Gap Between the Rich and You

Considering the sort of things that usually go viral on YouTube, you might not expect a six-minute video titled "Wealth Inequality in America," to make the grade. But its powerful snapshot of the American economic landscape is grabbing attention in a way that years of pontificating pundits haven't been able to.

The Fiscal Cliff: Who Has the Most to Lose If We Fall Off

Beyond the land of presidential debates, the political arena is getting hotter. The pending economic catastrophe that is the "fiscal cliff" is drawing closer. But the broad numbers the pundits are tossing around hide some interesting truths about who'll feel the most pain if we hurtle over it.

The Surprising Facts About Mitt's 47% Who Pay No Income Tax

Mitt Romney has been taking some flak for saying the he's not going to try to win votes among the 47% of the populace that pays no federal income tax -- nor try to convince them to "take personal responsibility and care for their lives." But he should look more closely at who's in that group.

How Paul Ryan's Budget Plan Would Affect the Average Family

Republicans in Congress already love Paul Ryan's budget proposals, and now that he's on the presidential ticket, we can expect his fiscal ideas to hold even more sway in a Romney administration. So how would his proposals affect the average U.S. family? Would you be better off in a Romney-Ryan America?

Paul Ryan's Budget vs. President Obama's: How They Differ

Even before Mitt Romney picked him as his running mate, Paul Ryan was a Tea Party star, a fiscal-policy super-wonk and author of the GOP House's budget proposal. Here's a look at some of the ways Ryan's fiscal ideas contrast with President Obama's:

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.

5 Financial Turkeys of 2011 (and a Side of Stuffing)

At Thanksgiving, we remember the year's blessings and declare hope for the future. But if you're having a hard time swallowing that this year, we offer this recipe for cooking up 2011's most egregious financial news stories. Bon appetite!

Perry's Flat Tax Plan: Big Savings, Bigger Costs

On Tuesday, Texas Governor and GOP presidential hopeful Rick Perry finally entered the tax debate with "Cut, Balance and Grow," a startling new flat tax plan that borrows freely from Herman Cain's 9-9-9 proposal. But would it help American workers, or slash, topple and shrink the U.S. economy?

Digging Into the U.S. Budget: What We Spend, and How

Getting even a tentative handle on the multi-trillion dollar federal budget is no easy matter. Still, as the debate surrounding U.S. spending, taxes and the looming debt ceiling continues, it's worth asking: Exactly how does America spend all that cash, and what do the choices being debated really mean?

Can the Tea Party Platform Reduce Unemployment?

The U.S. set the forces of globalization in motion, and now more than ever, it's clear we're suffering the consequences: high unemployment, stagnant or declining incomes, and rising costs for goods. Can the policies of the surging Tea Party provide solutions, or will they just make matters worse?

It's Not Too Late to Buy Into the Bullish Stock Market

The S&P 500 has nearly doubled from its post-crash lows, and small investors are finally getting off the sidelines again. Normally, that would be a danger sign for a correction, but right now, all signs point to the upward stock market trend continuing in 2011. Here's why:

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.

Obama's Tax Deal Will Save At Least One Job: His

The $858 billion compromise tax bill passed the House Thursday at midnight, and is on its way to President Obama's desk. With its passage, and the GDP growth it will propel, his reelection is more in the bag than ever. What effect it will have on jobs for the rest of America, though, is far less clear.

Growing Public Support for Tax Package

Gallup, Pew Center and Washington Post/ABC News surveys all showed that Americans, for the most part, support the tax package approved by the Senate on Wednesday.

Most Americans Support Tax Package

About six in 10 Americans approve of a tax package passed by the Senate on Wednesday that extends George W. Bush-era tax breaks for the wealthy as well extending unemployment benefits and cutting payroll taxes, according to a Wall Street Journal/NBC News poll.

Pimco: The Tax Deal Will Boost Economic Growth

If the tax deal reached between congressional Republicans and President Obama is ratified, it most certainly will add to the budget deficit, but according to Pimco, which manages the world's largest bond fund, the stimulative measure will contribute much to economic growth.

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.

Who Loses Under the Tax Deal? The Working Poor

When President Obama defended his tax cut compromise with Republicans, he insisted that he was helping working people avoid taking a pay cut. But as tax experts look at the full package more closely, it has become clear that the working poor will actually end up losing money.

How Many Jobs Will Obama-GOP Tax Cut Deal Create?

The tax cut compromise between Obama and the GOP is now being touted as a back-door stimulus plan, one that some economists predict will create or save 3.1 million jobs. Unfortunately, the model on which those forecasts are based makes some flawed assumptions.

Tax Cut Deal May Incite Bond Vigilantes, 'Dr. Doom' Warns

Nouriel Roubini, the NYU economics professor who has earned the nickname "Dr. Doom" for his predictions, says he's concerned the tax cut compromise struck by President Obama and GOP leaders could expose the U.S. to bond vigilantes who will drive up bond yields, resulting in higher borrowing costs for the federal government.

Obama Launches a Vigorous Defense of His Tax Agreement

The president bristled at Democratic criticism of his compromise with the GOP: "This isn't an abstract debate," the president said. "This is real money for real people that will make a real difference in the lives of the folks who sent us here."

Americans Deeply Divided Over Tax-Cut Extensions

While most people support extending at least some of the George W. Bush-era tax cuts due to expire this year, a new Gallup/USA Today survey finds that Americans are deeply divided on which cuts should continue -- and for how long.

Obama to Work With Congress on Tax-Cut Agreement

President Barack Obama, who has disagreed with Republican Congress members on whether to extend George W. Bush-era tax cuts for wealthier Americans beyond this year, said Tuesday that he will work with U.S. senators on finding some sort of tax-policy agreement by the end of the year.

GOP Blocks Bill to Extend Jobless Benefits

Unemployed Americans are facing a bleaker holiday season after Republicans in the House of Representatives thwarted an expedited effort by Democrats to extend jobless benefits into next year. The measure passed by a 258-154 vote, but failed to meet the two-thirds majority required for "fast-track" legislation. Republicans opposed the legislation because it wasn't paid for with unused funds from last year's economic stimulus program.

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.