tax revenue

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Simpson, Bowles Back With Sequel to Deficit Plan

They want to slash another $2.4T, far exceeding Obama's goals

(Newser) - If you liked the first Simpson-Bowles plan, good news! Washington's favorite bipartisan hypothetical budget slashers have come up with a sequel of sorts, proposing $2.4 trillion in new (and probably politically impossible) deficit cuts over the next decade, Politico reports. How would they get there?
  • They'd slash
... More »

Washington's Next Brawl: Senate's Budget Plan

Schumer: A 'great opportunity' for new revenues

(Newser) - So the fiscal cliff battle is over, and House Republicans look ready to approve a debt-ceiling increase through March. But taxes aren't out of the spotlight: Now, the stage is set for a tussle over Senate Democrats' budget blueprint, which Dems like Charles Schumer are calling "a great... More »

At Fiscal Cliff, a Debt Ceiling Showdown Now Looms

Fiscal cliff debate roaring through Washington

(Newser) - Wrangling at the edge of the fiscal cliff is the main event in Washington right now, and the stakes might be even higher than most people realize. At President Obama's first meeting with John Boehner, he asked him to raise the debt ceiling before the end of the year,... More »

State and Local Spending Drops to Lowest in 30 Years

Democrats and Republicans alike slashing budgets

(Newser) - State and local governments have cut back spending to the lowest level in 30 years, according to a USA Today analysis. Both Democrats and Republicans are denying handouts, even with tax revenue going up and powerful interest groups lobbying for funds. Local and state spending dipped 0.8% this year... More »

Deficit Talks Deadlocked, Despite GOP Revenue Offer

Democrats say it's not high enough

(Newser) - Republicans on the deficit super committee finally budged on revenues this week, in what Dick Durbin yesterday hailed as “a breakthrough” in the talks. But Democrats swiftly rejected the GOP’s offer for $350 billion in new revenue as insufficient, leaving the committee about where it was—with less... More »

Debt Plan Will Contain New Tax Revenues: Boehner

But entitlements must be adjusted, speaker says

(Newser) - Despite Republican leaders' push against a tax hike, the super committee debt deal will include new tax revenues, John Boehner said yesterday. "I think there is room for revenues, but I think there clearly is a limit to the amount of revenues that are available." His comments follow... 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 »

Tax Reform: The Simple, Perfect Budget Fix

Both parties can get what they want: just fix the 'lunatic' tax code, writes Clive Crook

(Newser) - Tax Day is a painful reminder that Form 1040 "is to personal finance as waterboarding is to asking some questions," writes Clive Crook in the Financial Times . But it doesn’t have to be: "If ever there were a free lunch, if ever there were a dollar... More »

He Wants to Be the 'Two Buck Chuck' of Pot

Entrepreneur wants to transform marijuana growing

(Newser) - Jeff Wilcox is set to become pot's first great entrepreneur. The California businessman has convinced the Oakland city council to allow the construction of factory-style marijuana farms, aimed at producing decent-quality bud at below-average prices. For now, Wilcox is filling a niche in the local medical marijuana market. But he... More »

Our Economy: Damned If We Do, Damned If We Don't

Short-term fixes needed, but they hurt our long-term prospects

(Newser) - Steven Pearlstein surveys the mess of our economy and finds that we're in quite a pickle: "To fix the economy in the long run, we have to weaken it in the short run—yet weakening it in the short run makes it just that much harder to fix it... More »

US Firms Buck $60B in Taxes With Foreign Money Shuffle

'Transfer pricing' sends profits overseas—on paper only

(Newser) - Lexapro, one of the world's best-selling antidepressants, is made by an American company and sold exclusively in the US, but the US doesn't see a penny in tax revenue when you buy a bottle. Instead, your money goes around the world as part of a complicated transaction dubbed the “... More »

Battered Detroit Plans to Raze 25% of City

Mayor sees shrinking city as way to close massive deficit

(Newser) - Battered Detroit wouldn’t have to struggle to pay for services in the vast areas of the city that are essentially abandoned if they didn’t exist—so it’s going to bulldoze them. Mayor Dave Bing did the calculus on a $300 million budget deficit and the 33,500... More »

Wall Street Bonuses Surge 17%

After nasty 2008, firms set to make record $55B profit

(Newser) - New York state expects Wall Street bonuses for 2009 to total $20.3 billion, a 17% jump over 2008 that will bring the average bonus up to almost $124,000 from $112,000. At the largest firms, overall compensation is estimated to be up 31% to more than $340,000,... More »

Once-Profitable Services Are Killing Local Budgets

Utilities, transport, even gambling, are now $3.5B drains

(Newser) - Municipally owned businesses like utilities, public transportation, and betting parlors used to bring in much-needed cash flow, but the recession has done its predictable work. State and local governments nationwide will likely hemorrhage $3.5 billion this year running these concerns which brought in upwards of $120 billion during the... More »

Tax Revenue Takes Biggest Dive Since Great Depression

(Newser) - US tax revenue is set to shrink 18% from last fiscal year to the current one, ending in October—the largest falloff since 1932, the AP reports. Individual income-tax receipts are off 22%, and corporate revenues have sunk an astounding 57%. “Our tax system is already inadequate to support... More »

Plunging Property Taxes Bleed Government Coffers

(Newser) - From New York and Los Angeles to devastated Rust Belt towns, falling home prices are leaving local governments in a pinch, the New York Times reports. Desperate for extra cash, homeowners are petitioning assessors in droves to lower their property taxes and match property values. “It’s worthy of... More »

Cash-Strapped States Raise Taxes as Revenue Declines

At least 10 states face substantial budget gaps

(Newser) - A precipitous decline in tax revenue has at least 10 states considering major increases in sales or income taxes to close budget gaps that in some cases run into the billions, the Wall Street Journal reports. States like Oregon, facing a $4.4 billion budget gap and 10.8% unemployment,... More »

Wall Street Bonuses Fall 44%

State may lose $1B in tax revenue

(Newser) - Wall Street firms still dished out end-of-year bonuses in 2008, but they were a lot smaller. Cash bonuses fell 44% from the year prior, from a total of $33 billion to $18 billion, Reuters reports. That drop may take $1 billion in tax revenue from New York state, which is... More »

More Riders, Pricier Fuel Stress Out Transit Agencies

Diesel expenses eat up shrinking budgets even as commuters abandon cars

(Newser) - The same agencies that stand to benefit as commuters turn to public transit to escape high gas prices are finding themselves hamstrung by rising fuel costs, the Wall Street Journal reports. Ridership is up by as much as 35% for some bus lines, but the cost of diesel has doubled... More »

Long Island Talks Secession From New York

County official irked over getting stiffed by Albany on funding

(Newser) - Officials on Long Island have initiated a study on the economic feasibility of its secession from New York state, Newsday reports. While acknowledging the difficulties of establishing a 51st state, Suffolk County Comptroller Joseph Sawicki said the proposal is really about examining what Long Island contributes to greater New York,... More »

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