Congress, Tax Breaks | featured news

President Obama told Americans on Monday he wants Congress to extend tax cuts for the country's middle class while letting them rise on high income earners. As he attempts to turn voters' attention from the stagnant unemployment numbers — now standing at 8.2% — and limp economic recovery, Obama spoke at the White House as he made an opening campaign pitch for continuing middle class tax relief.

The Republican-controlled U.S. House of Representatives on Thursday passed a tax break for small businesses, giving voters a stark alternative to President Barack Obama's politically popular "Buffett Rule" surtax on the wealthy.

An attempt to roll back oil company tax breaks was blocked in the Senate, despite a Rose Garden push by President Obama, who said the big five oil companies are doing “just fine” as consumers struggle with painfully high gas prices at the pump.

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 sent Congress today a package of small business measures he said would expand tax relief and unlock capital to boost the economy and create jobs.

The Senate blocked a bill Tuesday that would repeal about $2 billion a year in tax breaks for the five biggest oil companies, a Democratic response to $4-a-gallon gasoline that might fare better when Congress and the White House negotiate a deal later this year to increase the government's ability to borrow.

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.

End tax breaks that reward some U.S. companies with overseas subsidiaries and encourage those businesses to create jobs in other countries, President Barack Obama is telling Congress.

The Senate vote unanimously on Wednesday to extend aid for jobless workers and broaden tax breaks for homebuyers and businesses in a bid to breathe life into the struggling US economy.

The U.S. Senate was poised on Wednesday to extend aid for jobless workers and broaden tax breaks for homebuyers and businesses in a bill aimed at breathing life into the US economy.