Tax Cuts For The Rich | featured news

It's the most significant new tax law in a decade, but what does it mean for you? Big savings for millions of taxpayers, more if you have young children or attend college, a lot more if you're wealthy.

The House gives final congressional approval Thursday night to sweeping, bipartisan legislation to avoid a Jan. 1 spike in income taxes, sending the bill to President Obama for signing.

Liberals in the House have forced a vote on a different version of the estate tax provision. They also protest the terms of debate on the tax-cut bill, demanding a separate vote so they can voice opposition.

A deal that President Barack Obama struck with Republicans to extend expiring tax cuts for nearly every working American and spur job growth sailed through the Senate on Wednesday.

Former Massachusetts Gov. and potential GOP 2012 presidential candidate Mitt Romney today penned an op-ed in USA Today criticizing the tax deal, though he stopped short of urging Republicans in Congress to vote against it. "Death and taxes, it is said ...

Republicans and Democrats joined forces in the Senate on Monday to deliver the most significant bipartisan vote since President Obama took office, advancing a plan to extend tax cuts for virtually every American and to boost the economic recovery.

The Democratic-led U.S. Congress moved on Monday toward grudging approval of President Barack Obama's deal with Republicans to extend expiring tax cuts, even for the wealthiest Americans.

President Barack Obama said on Monday he had reached an agreement with Republicans on how to extend expiring tax cuts. He said the compromise's provisions including a 2 percent payroll tax cut for next year, extending jobless benefits for 13 months and extending tax cuts for all Americans -- including the wealthiest -- for two years.

$60 Billion: The approximate amount that extending the Bush tax cuts on income above $250,000 a year — which Congress seems on the verge of doing — will cost a year, in inflation-adjusted terms. On average, the affluent households that benefit from these cuts will save $25,000 annually. What else might that $60 billion a year buy?

Republicans in the Senate on Saturday blocked Democratic legislation that would renew low tax rates for individuals' income up to $200,000 and families' income up to $250,000, letting them rise for the wealthiest.