Taxes, Tax Cuts | featured news

Financial markets would be affected adversely if U.S. lawmakers fail to agree on a "fiscal cliff" deal before Tuesday, President Barack Obama said in an interview broadcast on Sunday, while urging Congress to act quickly to extend tax cuts for middle-class Americans.

Congressional leaders of both parties will meet with the president in an effort to reach a deal to avoid across-the-board tax increases and spending cuts that could push the economy into recession.

...In his first full-scale news conference since March, Obama said he was willing to compromise with Republicans to forge a deal on the nation's debt and taxes to avoid the "fiscal cliff," a combination of budget cuts and tax increases that will kick in next year if such an agreement is not reached.

President Barack Obama is lobbying business and labor groups to support his plan to avoid an impending fiscal cliff, telling the two sides he remains committed to requiring the wealthy to pay more in taxes.

A typical middle-income family making $40,000 to $64,000 a year could see its taxes go up by $2,000 next year if lawmakers fail to renew a lengthy roster of tax cuts set to expire in December, according to a new report Monday.

Ronald Reagan wearing cowboy hat at Rancho del Cielo. (Photo credit: Wikipedia) Since the arrival of President Ronald Wilson Reagan, it has become a matter of conservative orthodoxy that tax cuts for the rich will, inevitably, lead to economic prosperity.

Romney insists his plans would help the middle class; Obama criticizes his rival's lack of specifics. After a week in which Democrats repeatedly attacked his economic plan as beneficial to the rich and devastating to the poor, Republican nominee Mitt Romney insisted Sunday that his tax and budget proposals would help rebuild the middle class in America.

Paul Ryan, the Republican candidate for vice president, says he wants to scuttle the tax breaks of America's rich, but he also proposes expanding one of the biggest breaks enjoyed by the wealthiest - the low tax rate on investment income.

Reassessment of their $12-million home, one of many reductions in San Diego County, has saved $109,000 over four years... Mitt and Ann Romney were easily able to afford a $12-million La Jolla home. But that didn't insulate them from the winds buffeting the real estate market in the months following their purchase in 2008. After paying cash for the Mediterranean-style house with 61 feet of beach frontage, they asked San Diego County for dramatic property tax relief.

The Senate narrowly approved legislation on Wednesday to extend Bush-era tax cuts for the middle class but to let them lapse for more affluent households, in a surprise vote intended more to give both parties election-year cover than to produce a new tax law.