Obama's Budget Said to Seek Tax Increases, Entitlement Cuts
Obama administration officials suggest that the president's 2014 budget proposal, due Wednesday, will feature concrete tax proposals and propose cuts to entitlement spending.
tax increases
Debt Crisis Looms as Congress Digs in Its Heels
Legislators show no signs they're heading toward compromise in resolving the nation's next financial crisis, with Democrats talking about further taxes hikes on the rich, and Republicans saying a crippling default on U.S. debt is possible unless they get significant cuts in government spending.
Fiscal Cliff Averted: 6 Things You Can Stop Worrying About
After months of lead-up, America finally went over the fiscal cliff -- for about 34 hours, before a bipartisan compromise was reached. So, with an eye toward the bright side, here's are six things that you no longer need to worry about now that the fiscal cliff has been averted.
New Year's Reprieve: Senate Passes Fiscal Cliff Deal in Post-Midnight Vote
The Senate passed legislation early New Year's Day to neutralize a fiscal cliff combination of tax increases and spending cuts that kicked in at midnight. The pre-dawn 89-to-8 vote set the stage for a final showdown in the House, where a vote was expected later Tuesday or perhaps Wednesday.
Details of 'Fiscal Cliff' Deal Said to Emerge
Working against a midnight deadline, negotiators for the White House and congressional Republicans in Congress narrowed their differences Monday on legislation to avert across-the-board tax increases.
U.S. Economy Could Handle Short Fall Over 'Cliff'
Even if New Year's passes with no deficit reduction deal, businesses and consumers would not likely panic as long as some agreement seems imminent. The $671 billion in tax increases and spending cuts could be retroactively repealed, and the impact of the tax increases would be felt only gradually.
US Durable Goods Orders Up 0.7 Percent
U.S. companies increased their orders for long-lasting manufactured goods in November, with a second consecutive monthly gain in a key category that reflects businesses' investment plans.
Fiscal Cliff Talks Appear to Be Stalled
Despite an intensifying pace, little progress is being reported in talks on averting automatic spending cuts and tax increases that economists fear could send the U.S. economy off a "fiscal cliff."
Year-End Review: 6 Questions You Must Ask Your Financial Advisor
If meeting with your financial advisor is on your December "to-do" list -- and it should be -- here are a half dozen things you should do to prepare that will help you get the most out of the meeting.
Fed to Launch New Bond Buying Program to Ease Fiscal Cliff Fears
With a nervous eye on the "fiscal cliff," the Federal Reserve is expected this week to announce a new bond-buying plan intended to further reduce long-term interest rates and encourage borrowing. If it succeeds, it might soften the blow from tax increases and spending cuts that will kick in in January if Congress can't reach a budget deal.
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.
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.
Fiscal Cliff Tax Hike Fears Could Hurt Retailers, White House Warns
White House economists warned Monday that the uncertainty of a potential hike in taxes next year for middle class taxpayers under the looming fiscal cliff could hurt consumer confidence during the crucial holiday shopping season.
States Taxes: Where They're Highest, and Where They're Lowest
Forget the IRS, State taxes and local taxes are big pieces of your tax puzzle - and one that varies widely depending on where you live. So which states charge the most, and which charge the least?
3 Ways to Beat the IRS in 2013 If America Falls Off the Fiscal Cliff
Tax planning is more complicated than ever now, thanks to the fiscal cliff we're hurtling toward and the tax increases it would bring. And while it's possible that Congress will steer us away from the cliff, if you're in a higher tax bracket, it's time to start doing some contingency planning.
Tax Hikes Have Already Happened: Will Congress Help You Dodge Them?
While millions of taxpayers fear the fiscal cliff, some big tax increases have already taken effect this year. And without Congress moving quickly to take action, those hikes could add thousands to your tax bill come next April.
Spanish Government Unveils Nearly $80 Billion Austerity Plan
A day after winning EU approval for a huge bank bailout, Spain's government imposed further austerity on the country Wednesday as it unveiled sales tax hikes and spending cuts aimed at shaving $79.85 billion off the state budget over the next two and a half years.
Meet the 12 People Who Have to Fix the U.S. Budget
There has been a pleasant lull in reporting about the debt ceiling and budget debate, but don't let the quiet fool you. Right now, 11 men and one woman are crafting a plan to reduce the federal budget deficit by $1.5 trillion over 10 years. They are the members of the Joint Select Committee on Deficit Reduction -- aka, the Deficit Supercommittee.
America's Malady: A Bad Case of 'Baumol's Disease'
No, it's not a new plague. Rather, it's a little-known economics thesis that explains why uneven productivity gains in different sectors can have a huge impact on everything from consumer spending to government deficits. The latter is the nastiest side effect.
The Deficit Commission's 'Moment of Truth'
President Obama's blue-ribbon, bipartisan panel proposed today perhaps the most sweeping spending cuts in U.S. history to prevent the federal budget from careening off a fiscal cliff into never-ending debt. Here's the commission's hit list.
Voters Nationwide Push Back Against Local Tax Cuts
Despite the recession and Tea Party cries of "Taxed Enough Already," a surprising number of communities across the country voted to keep their tax burdens at current levels.
