Taxes | featured news

"People who are doing quite well and worry about low-income people not paying any taxes bemoan the fact that they get so many tax breaks that they are zeroed out," said Roberton Williams, a senior fellow at the Tax Policy Center. "People at the bottom of the distribution say, 'But all of those rich guys are getting bigger tax breaks than we're getting,' which is also the case."

Rep. John Fleming (R-LA) appeared on MSNBC with Chris Jansing this morning to attack President Obama’s new deficit reduction plan, which includes some tax increases on the wealthy. Taking up the typical GOP talking point, Fleming said raising taxes on wealthy “job creators” is a terrible idea that kills jobs because many of these people ...

President Barack Obama will release a plan on Monday calling for more than $3 trillion in deficit cuts over 10 years, with about half of the savings coming from higher taxes on the wealthy and big corporations.

Republican leaders on Sunday criticized President Barack Obama's proposal for a new tax on millionaires, calling it "class warfare" and predicting it will face heavy opposition in Congress.

President Barack Obama, in a populist step designed to appeal to voters, will propose a "Buffett Tax" on people making more than $1 million a year as part of his deficit recommendations to Congress on Monday.

Why are "capital gains" taxes so much lower than taxes on other income? The reason capital gains taxes are lower is because most of the income of the rich is from capital gains. And the reason most of the income of the rich is from capital gains is because capital gains taxes are lower.

President Obama this evening rolls out a plan to inject $447 billion into the ailing economy through tax cuts aimed at working families and small businesses and spending to rebuild infrastructure, proposing a larger cash infusion than expected – and, perhaps, more than Congress will seriously consider.

Amazon.com Inc has proposed a hiring spree of 7,000 jobs in California if state leaders put a recently enacted online sales tax on hold for two years.

A new survey of Obama voters by Survey USA found that by a margin of 82%-18% they are more likely to support him again in 2012 if he raises taxes on the rich. The good news for Obama is that 66% of those who voted for him in 2008 approve of his handling of the economy compared to 27% who disapprove. Sixty three percent of those who disapprove are doing so because they believe that Obama has been too willing to compromise with Republicans. The president’s voters made it very clear what they want.

As much as $60 billion in U.S. tax dollars has been lost to waste and fraud in Iraq and Afghanistan over the past decade due to lax oversight of contractors, poor planning and corruption, according to an independent panel....