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NEWS ABOUT: tax cuts

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House Won't Pass 2-Month Payroll Tax Cut: Boehner

Will instead call for quick talks on one-year extension

(Newser) - The House will reject a Senate-approved plan to extend the payroll tax cut for two months, John Boehner said at a news conference today. The House's plan: to call for immediate negotiations on a yearlong extension that could create "certainty for people who are trying to create jobs,... More »

House Passes Doomed Version of Payroll Tax Cut

It links cut to oil pipeline, will likely die in Senate

(AP) - Defiant Republicans passed legislation tonight to extend Social Security payroll tax cuts long sought by President Barack Obama—but they included a much-disputed Canada-to-Texas oil pipeline that has drawn a veto threat. The vote was 234-193. The bill now goes to near-certain demise in the Democratic-controlled Senate, triggering the final... More »

Obama's Payroll Tax Cut Weapons: Clock, Calculator

See how much time we have left, how much money you could owe

(Newser) - President Obama is pushing hard for the extension of the payroll tax cut, and has two weapons to aid him in his quest: a doomsday clock and a calculator. The countdown clock has been set up in the White House press room and appears, conveniently, behind the podium. The video... More »

Obama Pushes Payroll Tax Cut Amid GOP Split

President puts pressure on Congress to act

(AP) - President Obama wants voters to get involved in the debate over extending the reduced payroll tax, and he's asking them to tell members of Congress to keep the cut in place. "Let your members of Congress know where you stand," Obama said today in his weekly radio... More »

2 Americans Win Nobel Prize in Economics

Thomas Sargent, Christopher Sims studied effects of tax cuts, interest rate hikes

(AP) - Americans Thomas Sargent and Christopher Sims won the Nobel economics prize today "for their empirical research on cause and effect in the macroeconomy," the Royal Swedish Academy of Sciences announced. The prize committee said the winners have developed methods for answering questions such as how economic growth and... More »

Former AmEx CEO to Buffett: I Pay Enough Taxes

Harvey Golub rebuts Warren Buffett's argument

(Newser) - Former AmEx CEO Harvey Golub is wealthy, just like Warren Buffett, but unlike Buffett, he has no desire to fork over a larger portion of his income to the federal government. How dare Buffett assume he’s “coddled” with low taxes, writes Golub in the Wall Street Journal , when... More »

So What's in the Debt Deal?

$1T in cuts now with more later—and a 'trigger' to ensure a second deal

(Newser) - No revenues, big budget cuts—what exactly is in the debt-ceiling deal? Ezra Klein sums it up in the Washington Post : $1 trillion in immediate cuts with at least $1.5 trillion more to come; a vote on a balanced budget amendment; and an immediate $900 billion increase to the... More »

Happy Birthday, Bush Tax Cuts: You're a Total Failure

By every metric, the cuts delivered less than promised

(Newser) - This week marks the 10th anniversary of the Bush tax cuts, and Annie Lowrey of Slate is looking for reasons to celebrate. Unfortunately, she can’t find any. They’re “a failure in every conceivable way,” she writes. In 2001, Bush promised the cuts would create jobs, generate... More »

Dems, GOP Back Push to Cut Corporate Tax Rate

Bipartisan support builds behind effort to close loopholes

(Newser) - With deficit reduction on the agenda and America's corporations sitting on a record amount of cash, Democrats and Republicans have found something they agree on: It's time to slash the corporate tax rate. Bipartisan support is building for plans to eliminate many loopholes and tax breaks and use... More »

Walter Mondale: We Must Raise Taxes

It's a politically risky but necessary for the country, says former VP

(Newser) - Walter Mondale returns to a familiar theme in a Washington Post op-ed: "We will not be able to control our budget deficits without raising taxes," he declares in the first sentence. As Mondale himself acknowedges, he's become the poster boy for why candidates should never bring up... More »

Paul Ryan Unveils Massive Cuts in GOP Budget

At the same time, it would lower taxes on corporations, the rich

(Newser) - Republicans unveiled a bold 2012 budget proposal today that, architect Paul Ryan boasts in a Wall Street Journal op-ed, “moves the debate from billions in spending cuts to trillions.” Ryan’s budget comes in at $3.53 trillion , or $179 billion less than President Obama’s . But he... More »

Beware Republicans' New Voodoo Economics

Paul Krugman: How do big tax cuts square with concern over the deficit?

(Newser) - Paul Krugman warns against what he sees as a new version of "voodoo economics" that Republicans plan to codify in the House: "The belief that deficits created by tax cuts just don't matter." Jon Kyl and crew think that any tax cut is a good tax cut,... More »

President Obama Signs Massive Tax Bill

He praises $858B tax cut deal

(Newser) - The Bush tax cuts live on. President Barack Obama signed the $858 billion tax bill today, praising the new law as a "substantial victory for middle-class families across the country." Before signing the bill, the president reiterated that "there are some elements of this legislation that I... More »

House Passes Sweeping Tax Bill

Tax cut package sent to Obama's desk

(AP) - The House of Representatives, acting with uncommon speed, has given final approval to a bipartisan bill that will avoid a scheduled rise in income taxes for millions on the first of January. The vote was 277-148 late last night on the legislation, which is the result of a compromise between... More »

Senate Passes Tax-Cut Deal 81-19

Heads for tougher fight in the House

(AP) - President Obama's compromise tax deal with Republicans—a package of cuts that would add nearly a trillion dollars to the US debt—won approval in the Senate today in a 81-19 vote. The measure still faces stiff opposition in the House where Democrats see it as overgenerous to the wealthy.... More »

First Debate for GOP 2012: Tax Deal

Tea Partiers hate it, mainstream contenders support it

(Newser) - There’s still a while to go before the official 2012 debates begin—but we have the first unofficial one on our hands, in the form of President Obama’s tax deal. Despite strong support in a vote Monday (only five Republican senators voted against it), 2012 contenders are drawing... More »

Tax Deal Cutting Into Obama's Hawaiian Getaway

As Congress heads toward overtime, the president may be stuck in DC

(Newser) - Someone break the news to Sasha and Malia: They may have to body surf the Hawaiian waves without dad this year. With Congress’ lame duck session likely headed into overtime, President Obama has resolved to stay in Washington to sign anything it passes, meaning he may not find himself en... More »

Tax Cut Deal Garners 60 Votes in Senate

Measure could go to House tomorrow

(AP) - Legislation to avert a Jan. 1 increase in US income tax rates has gained 60 votes in the Senate, the level needed to advance toward a final vote. The roll call is continuing, and the test vote is not final. But the bipartisan show of support is a strong indication... More »

69% of Americans Support Obama's Tax Deal

Even when confronted with deficit issues, support only drops to 62%

(Newser) - Bernie Sanders may not like President Obama's tax deal, but most of America supports it. A new ABC News /Washington Post poll shows 69% support the tax-and-benefits package and only 29% oppose it. Even when confronted with the fact that it could add $900 billion to the deficit, the level... More »

Democrats: Fine, We'll Pass Your Crummy Tax Deal

Bill to see vote this week, says House majority leader

(Newser) - Democrats haven't stopped complaining about President Obama’s tax cut deal—one House member even called it Obama's "Gettysburg"—but it looks like they’ll pass it anyway, Time reports. “We're not going to hold this thing up at the end of the day,” said Chris... More »

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