tea party

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.

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:

How Conservatives Are Making Life Harder for U.S. Businesses

Republicans tout themselves as friends of business. Yet when it comes to many of industry's top priorities, the GOP's tea party lawmakers and far-right lobbying groups are putting roadblocks in the way of legislation that U.S. businesses really want to see passed.

Occupy the IRS? TaxKilla Shows You How to Bend the Tax Code

Every April, resistance to taxes becomes a national hobby. The rebellious souls at taxKilla.org take that resistance to the extreme by encouraging the broad use of tax loopholes and iffy methods to reduce what you pay to the IRS. But there's nothing illegal about it.

Before You Cheer IRS Budget Cuts, Consider This

Nobody enjoys paying taxes, so hearing that Congress is cutting the IRS budget might inspire you to applaud. But this is the agency that makes sure the rest of government gets funded, and stops the unscrupulous from dodging their fair share of the burden.

2011's Biggest Financial Heroes and Villains

In a year saturated with big financial headlines, identifying the fiscal heroes and villains is bound to be an exercise in oversimplification. But DailyFinance is going to try: Herewith, we present our picks for the best and the worst of 2011.

How Buffett's Plan Cuts Taxes for Some of the Wealthy

In the political battle over taxes, Warren Buffett has been cited often -- both as an example of the country's unbalanced tax code and for his popular plan to boost taxes on the rich. There's just one thing: His plan would leave many of them paying less.

Even With Buffett Tax, Middle Class May Still Get Hit

Warren Buffett's tax proposal would take a bite out of America's wealthiest families: Those who make $1 million or more would pay a total of 30%, while those who make more than $10 million would pay 35%. But even if his plan passes, experts say balanced budgets will still require sacrifices across the board.

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.

3 Ways to Make the Most of a Payroll Tax Cut

Although GOP senators have blocked action on Obama's $447 billion jobs bill, parts of it may yet get enacted, including an extension and expansion of a payroll tax cut that would put hundreds of dollars more a year in the pockets of ordinary American workers. Here are three smart ways for you to earmark that cash for your future.

Google Millionaire Begs: 'Raise My Taxes, Please!'

Tax increases on the wealthy just got another outspoken defender: Google's 59th employee, Doug Edwards. On Monday, in a town hall meeting in California, President Obama called on a seemingly-anonymous member of the audience to ask a question. What happened next was surprising.

Elizabeth Warren Shoots Back on GOP 'Class Warfare'

Earlier this week, Rep. John Fleming (R-La.) complained that he only netted $600,000 in 2010, and thus couldn't afford to pay higher taxes: "Class warfare never created a job," said Fleming. Former Obama administration official Elizabeth Warren, now running for the Senate, is ready with the counter-argument.

Tea Party Rep. Spends Big Bucks to Feed His Family

What do Tea Partiers feed their families? On Monday, Rep. John Fleming (R-La.), met with MSNBC's Chris Jansing to discuss President Obama's proposed tax hikes on the wealthy. Rep. Fleming only brings home $600,000 a year, and his explanation of why that just isn't enough offers an interesting glimpse into the world of Tea Party economic theory.

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?

Cutting Medicare Eligibility Would Cost U.S. Billions

Among the many ideas legislators in Washington have proposed for reducing federal spending is raising the age at which Americans qualify for Medicare benefits from 65 to 67. On the surface, that makes sense. But scratch the surface and the numbers show it to be an $11 billion blunder.

Starbucks CEO Invites Concerned Citizens to Chat

Starbucks CEO Howard Schultz has grand plans to cut through the partisan noise and remind our country's politicians of their problem-solving duties: On Tuesday, he's hosting a gigantic, public telephone town hall, and asking all "concerned Americans" to join his movement and participate.

What's Going On With Next Year's Federal Budget?

It has been a long, confusing summer for the federal budget: The FAA shutdown, the debt ceiling crisis, the Deficit "Supercommittee." But all of that was just prelude to the battles ahead over the 12 major appropriations bills to fund the government's "discretionary" spending.

Irene's Aftermath: Economic Boost or Partisan Battlefield?

Now that Hurricane Irene has passed, it's time to get back to discussing the country's biggest unnatural disaster: the economy. But here, too, Irene is making her impact felt, as economists and pundits across the country debate whether the hurricane will help or hurt America's bottom line.

Why Taxing the Rich Is Good for America

Last week, Warren Buffett wrote an incredible opinion piece in The New York Times asking the government to raise taxes on the wealthiest Americans, himself included. "My friends and I have been coddled long enough by a billionaire-friendly Congress," he argued, and he's not alone in that view.

Could the U.S. Print Its Way Out of the Debt Crisis?

Everyone now knows the federal government is about to run up against its limit for borrowing money, but everyone also knows that governments can -- and do -- just print the stuff. Washington owns the Bureau of Engraving and Printing. Could the way to sidestep this looming crisis be just making more money?

Are Investors Fleeing to Apple for Safety?

It looks like Apple stock is one of the places skittish investors are moving money ahead of a potential U.S. debt default -- at least based on its share price. Apple's shares have risen 2% in the last week as the S&P has lost nearly 3% of its value.

Who Shouldn't U.S. Pay If Debt Deal Isn't Reached?

The debt ceiling debate is raging inside the Beltway, but many Americans are tuning it out. And among those paying attention, a majority would ignore the consequences and let the U.S. default. Find out who they'd chose to stiff first -- and tell us who you think the country shouldn't pay if it has to skip out on some of its obligations.

Social Security IRAs: A Partial Fix to Reform Problem?

While Congress and President Obama battle over ways to "fix" Social Security, the small conservative seniors group the Association of Mature American Citizens sees a possible solution to part of the reform brouhaha -- a Social Security IRA. In a recent poll, 80% of the members of the small group that bills itself as "the conservative alternative to AARP," said they support the idea of a Social Security IRA being part of a comprehensive Social Security reform package.

The Financial Landscape: Debt Woes, Hedge Fund Regs

Politicians in both Greece and the U.S. are struggling to find the common ground necessary to keep their governments from defaulting on their debts; QE2 hasn't ended yet, and already the Fed is considering QE3; and the SEC finally starts to regulate Wall Street's hedge funds.

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?

The Financial Landscape: Moody's Mulls Debt Ceiling

Looks like rough sailing ahead: Moody's warned the GOP that its game of chicken with the debt ceiling risked a downgrade of U.S. debt, and the Labor Department said May hiring took a dive. But there are some things investors can look forward to: a Groupon IPO, and the government selling its last shares of Chrysler.

Gold-Backed U.S. Currency? Yes, But 'U' Stands for Utah

Earlier this year, the Utah state legislature passed a law making gold and silver coins legal tender. Now, a Salt Lake City-area numismatist hopes to set up a depository system that will allow Utahans to use gold and silver to pay for anything they want.

Time to Kill the Mortgage Interest Tax Deduction?

With proposals from both President Obama and GOP leaders to broaden the tax base, it seems likely that some cherished income tax deductions may be reduced or even eliminated, and one leading candidate for the chopping block is the deduction for mortgage interest.

Ryan's Proposed Budget: The Numbers Don't Add Up

U.S. Rep. Paul Ryan promises his proposed 2012 federal budget is the solution to America's money woes. But is the Tea Party favorite's plan based in reality, or does it rely on impossible numbers and fairy tales?