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NEWS ABOUT: tax hikes

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Calif. Billionaires Fight for $10B Tax Hike

Think Long Committee has the bucks to get measure on ballot, passed

(Newser) - A group of California billionaires is joining political insiders to put a $10 billion tax hike measure on the state ballot. Members of the Think Long Committee include billionaire Google chairman Eric Schmidt and philanthropist Eli Broad, as well as former governors Gray Davis and Arnold Schwarzenegger, and Condoleezza Rice.... More »

GOP Battles Itself Over Taxes

Toomey and Hensarling under fire for tax plan

(Newser) - The proposal that super committee Republicans put forth to raise about $300 billion in new tax revenues may not have been enough to win over Democrats , but it’s been more than enough to stir up dissension in the GOP ranks, with anti-tax hardliners suddenly at odds with long-time compatriots... More »

Clock Ticking, Super Committee Still Worlds Apart

Republicans continue to refuse to give ground on taxes

(Newser) - With their November 23 deadline looming, Democrats and Republicans on the deficit “supercommittee” exchanged initial plans yesterday—and they weren’t even close. While both sides are willing to cut entitlements, Republicans remain unwilling to compromise on taxes, Politico reports. The Republican proposal—which is about a third smaller... More »

Senate Dems Float 5% Millionaires' Tax

Instead of the raft of tax changes President Obama proposed

(Newser) - Senate Democrats today proposed a 5% surtax on all income above $1 million as a way to pay for President Obama’s jobs bill—throwing out Obama’s more intricate suggestion for eliminating various tax deductions for the wealthy, oil companies, and other businesses. The surtax would hit all income,... More »

New Obama? This Is the Real Obama

His 'radical' roots are showing: Charles Krauthammer

(Newser) - Liberals are hailing the emergence of a "new" President Obama, a "soak-the-rich, veto-threatening, self-proclaimed class warrior," writes Charles Krauthammer in the Washington Post . But it's actually just a return of the old Obama who took office with "radical" ideas, he of the gigantic stimulus and... More »

GOP Rep: More Taxes Would Kill My $600K a Year

John Fleming attacks Obama deficit plan

(Newser) - Welcome to the tragic world of Rep. John Fleming: Sure, he pulled in $6.3 million last year from his Subway and UPS franchises, but "that's before you pay 500 employees, before you pay rent, you pay equipment, and food." After coughing up those expenses, the Louisiana... More »

Obama Plan Preview: $3T Savings, $1.5T Tax Boost

'Washington Post' bares early details of president's plan

(Newser) - Details of President Obama's new debt-reduction plan to be unveiled this morning are emerging—and it's not a pretty sight for the rich. The president will likely outline a plan to cut the federal debt by $3 trillion over the next decade, with half of that coming from... More »

Paul Ryan: Obama Waging 'Class Warfare'

'Buffett Rule' finds no fan in Budget Committee chair

(Newser) - The so-called Buffett Rule, President Obama's pending plan to raise taxes on the rich named for Warren Buffett , found an outspoken critic in Paul Ryan today, Politico reports. "Class warfare might make for good politics, but it makes for bad economics," the House Budget Committee chairman tells... More »

Perry Backed Billions in Tax Hikes

Tea Party favorite not always on Norquist's good side

(Newser) - He may be an anti-tax champion now, but Rick Perry has supported billions of dollars in tax hikes throughout his political career—among them the biggest increase that ever occurred in Texas history, the Texas Tribune reports. Just weeks ago, the governor signed an online sales tax provision aimed at... More »

Guess Who Hiked Taxes to Bolster His State's S&P Rating?

Romney lobbied S&P, bragging of increased taxes and revenues

(Newser) - Back in 2004 when he was governor of Massachusetts, Mitt Romney successfully lobbied Standard & Poor's to upgrade the state's credit rating by bragging the state had raised taxes in the state during an economic downturn, reports Politico . Last week, in the face of the first-ever downgrade to... More »

No One's Being Honest About the Budget

Both parties' fixes amount to 'wishful thinking': Robert Samuelson

(Newser) - Republicans and Democrats both claim to have a plan to fix the budget, but neither party is offering a realistic approach. It’s time for Dems to admit that “spending control requires genuine cuts in Social Security and Medicare”—and it’s time for the GOP to recognize... More »

Obama Proposes Boosting Unemployment Tax

Companies would pay more to insure workers

(Newser) - President Obama’s proposed budget is expected to call for the first increase in unemployment taxes since 1983. Employers would, as of 2014, have to pay taxes on $15,000-worth of wages, up from the current $7,000, the Wall Street Journal reports. The move would give states a way... More »

Reuters Kills Budget Story on WH Complaints

Pulled story said Obama budget had backdoor tax hikes

(Newser) - Reuters pulled an article suggesting President Obama's budget blueprint included backdoor tax increases last night after the news agency received complaints from the White House. The Reuters story was "falsely stating that the president's budget raises taxes for middle-class families, when in fact the opposite is true," a... More »

Populism Swings Left as Oregon Votes to Tax the Rich

Voters hit corporations, to, in state referendum

(Newser) - Don't be too quick to extrapolate from the Massachusetts election that the country's populist surge swings to the right: Oregon voters yesterday approved tax hikes for corporations and the rich. The referendum, which reversed more than two decades of Oregon voters shooting down tax increases, came as the cash-strapped state... More »

UK to Tax Bank Bonuses 50%

Any bonus over $40K subject to one-time charge

(Newser) - Britain will levy a 50% tax on bank bonuses over $40,800 this year, in an attempt to shore up the nation's finances—and appease angry voters—ahead of the coming election. Alistair Darling slammed banks who paid out hefty bonuses even as Britain remains in recession: "Their priority... More »

Time May Be Right to Talk Raising Taxes

In poll, less than half of Americans say they pay too much

(Newser) - If the administration must raise taxes, now could be its big chance, NPR reports. Only 46% of Americans in a recent Gallup poll said their taxes were too high—the smallest fraction since 1961. “Americans, relatively speaking, are more satisfied with the amount of taxes they pay than they... More »

Dems' Tax Plans Raise Fears of Rich Rebellion

(Newser) - Over the last few elections Democrats have captured House seats from the GOP in some of the wealthiest constituencies in the nation, from northern Virginia to suburban Denver. But as the White House and leaders in Congress look to tax hikes to fund the health care overhaul, recently elected congressmen... More »

Tax Hike Raises Ire of Small Manufacturers

Obama plan hits hard, business owners who reinvest profits say

(Newser) - Small-business owners aren’t big fans of President Obama’s plan to let the Bush tax cuts expire in 2011, and they’re making themselves heard on Capitol Hill, Politico reports. Many small businesses file taxes as individuals, and they fall well beyond the $250,000 income threshold. The White... More »

Ahead of Trial, Blago Paints Himself as Victim

(Newser) - Rod Blagojevich addressed his public again today, warning the citizens of Illinois that if he goes down they are all in danger, the Chicago Tribune reports. Blago likened his Senate impeachment trial, which he will boycott when it starts Monday, to a “hanging” and “a gross violation of... More »

Axelrod to Warren Haters: Get Over It

Obama aide says tax cut coming; Laura Bush defends George

(Newser) - To those who object to Rick Warren delivering the invocation at Barack Obama's inauguration, chief adviser David Axelrod has a message: chill out. On today's Meet the Press, he heralded the choice as political bridge-building: A conservative pastor praying for a progressive president "is a healthy thing and... More »

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