Taxes, Budget Deficit | featured news

The wrangling of President Barack Obama and congressional Republicans over the federal budget underscores a clash of core philosophies about how the economy works that supersedes any skirmish on taxes or spending cuts.

First Read: As the Obama White House and Congress negotiate to avoid the so-called fiscal cliff, nearly two-thirds of Americans say they favor a balanced deal, consisting of both higher tax rates and cuts key entitlement programs.

The vast majority of tax breaks in the U.S. tax code would be difficult to eliminate because they promote important social goals or are “hugely popular” with voters, according to a new congressional analysis that casts doubt on Republican promises to substantially lower tax rates without increasing budget deficits.

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.

State governments across the country are laying off teachers, closing public libraries and parks, and reducing health care services, but there is one place they could get $23 billion if they could only agree how to do it: Internet retailers such as Amazon.com.

With high gas prices and federal deficits in the political spotlight, senior Democrats believe that Senate Republicans will support an idea they otherwise might not like.

Tax income has been outpacing forecasts — good news as Sacramento struggles with a $15-billion budget deficit. GOP leaders are already using it as fodder against Gov. Brown's proposed tax increases.

A federal shutdown looming Friday would stop processing of paper income tax filings to the IRS – at the height of tax season – and throw into question how cargo will be processed at the nation’s ports of entry and whether new claims for Social Security benefits will be authorized.

Gov. Jerry Brown plans to hit the road next week, taking his case for more taxes directly to voters following the collapse of budget negotiations in Sacramento this week.

The billions of dollars in cuts to government services signed into law by Gov. Jerry Brown address a portion of the estimated $26-billion deficit facing California. Brown is still negotiating with Republicans on a proposal to put tax extensions before voters.Gov.