tax hikes

Obama Presses Congressional Republicans to Avert Sequester

President Barack Obama is urging congressional Republicans to accept more tax revenue in order to avert the sequester -- an $85 billion, across-the-board budget cut due to take effect March 1 that could derail America's still stuttering economic recovery.

Aerospace Industry Increasingly Fearful of Fiscal Cliff Cuts

When the Aerospace Industries Association held its big annual gathering this week, the talk wasn't about America's superior aircraft and spacecraft. The subjects that dominated the event were the fiscal cliff, sequestration, and the potential damage that automatic spending cuts could do.

Poll Shows 25% Have an Opinion About a Totally Fake Budget Plan

Polls about Americans' views on politics and the economy sometimes return results that baffle the well-informed. Public Policy Polling's latest poll helps explain why that may be: It reveals that a high percentage of people have no problem offering an opinion on topics they know nothing about.

Fiscal Cliff Pop Quiz: Fun Facts from the Economic Apocalypse

On Jan. 1, 2013, the United States will fall over off the fiscal cliff -- unless Congress and the president ink a deal to avert the crisis. If you think you know all about the forthcoming economic apocalypse -- or if you're just wondering what all the fuss is about -- check out our quiz and see.

Senate Dems Split on Cutting Benefits to Get Fiscal Cliff Deal

Deep divisions among Senate Democrats over whether cuts to Medicare and Medicaid should be part of a plan to slow the growth of the federal debt pose a big obstacle to a deal for avoiding a potentially economy-crushing "fiscal cliff," even if Republicans agree to raise taxes.

Obama to Appeal to Public on Fiscal Cliff

President Barack Obama plans to make a public case this week for his strategy for dealing with the looming fiscal cliff, traveling to the Philadelphia suburbs Friday as he pressures Republicans to allow tax increases on the wealthy while extending tax cuts for families earning $250,000 or less.

Goodbye, Payroll Tax Holiday; Hello, Tax Hike for the 47%

Even if you're part of the 47% who don't pay federal income taxes, you probably do pay payroll taxes. A few years ago, President Obama and his allies in Congress cut you a break to ease the pain of the recession: a 2 percentage point payroll tax holiday. Well, the holiday is over.

How Looming Tax Hikes Would Hit Typical Families

A variety of tax cuts enacted during the tenures of Presidents George W. Bush and Barack Obama expire at the end of December. Expiring provisions include Bush-era cuts on wage and investment income and cuts for married couples and families with children. Also expiring is a 2 percentage point temporary payroll tax cut.

Tax the Rich, Kill the Economy? Proof It Doesn't Work That Way

Mitt Romney says the key to getting America's growth back on track is cut taxes even further on the wealthy. But would cutting taxes on "job creators" actually do that? No -- at least not according to the data compiled by nonpartisan Congressional Research Service.

Fiscal Cliff Ahead: The Party's Over for the Payroll Tax Holiday

When pundits talk about the fiscal cliff, they7 usually focus on the damage that'll be caused by the expiring Bush tax cuts and the across-the-board budget cuts. But what you'll probably feel first will be the end of the payroll tax holiday, which will take an instant bite out of your paycheck.

What the 'Fiscal Cliff' Will Mean for You

The economy is rumbling along, out of control. Straight ahead, the road abruptly ends, yet the horses show no signs of slowing. Next stop: the fiscal cliff! Here's how the looming crisis will affect the average American family.

Why Your 2012 Tax Bill May Jump By $8,000

Thanks to yet another lapse by Congress, more than 20 million taxpayers may pay a tax in 2012 that was originally designed to hit only the ultra-rich. It may not happen -- but you should plan ahead for it in case it does.

Bachmann Proposes Tax Hikes for All -- Reagan Style

On Thursday, GOP presidential candidate Michele Bachmann may have inadvertently made one of the boldest moves of the 2012 primary campaign. Speaking on Fox News, the Minnesota congresswoman stated that she wants to adopt Ronald Reagan's tax plan, a rate structure that's much higher than current tax rates.

Some Actors Say 'Action!' on Higher Taxes for Wealthy

Before President Obama outlined his strategy Monday for America's millionaires to shoulder more of the tax burden, The Price of Fame asked show business types at the recent Toronto International Film Festival this burning question: Should celebrities and other wealthy people pay more in taxes?

What Stops When a State Gov't Shuts Down?

The government of Minnesota has been essentially shuttered for a week since the governor and legislature failed to find a compromise solution for the state's $5 billion shortfall. But it's hard to imagine what it means to "shut down" a state of 5.3 million people. Here's what it means to them.

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?

Will Budget Battle End With a Tax Increase?

Republicans pushing for spending cuts in the 2011 federal budget may be ready to shut the government down to get their way. But is anyone ready to do what it would take to really make a dent in the federal budget: raise taxes on the rich, close corporate tax loopholes, and cut war spending?