tax hikes

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Biden Plans Biggest Tax Increase in 30 Years

Bloomberg reports rates might rise to pay for next White House initiative

(Newser) - President Biden got his COVID relief bill through Congress, but an even bigger fight might loom over his next economic initiative. Bloomberg reports Biden aims to engineer the biggest tax hike since 1993 to pay for a slew of programs ranging from infrastructure to the climate to increased help for...

Likely Coming Soon to NJ: a Millionaires Tax

Gov. Phil Murphy's proposal to hike taxes for the rich will likely pass state Legislature

(Newser) - In what's being called a "historic win for the middle-class," a proposal has been OKed by top New Jersey state Democrats to hike taxes on the rich. The plan, announced Thursday by Democrats Gov. Phil Murphy, Senate President Steve Sweeney, and Assembly Speaker Craig Coughlin, would raise...

GOP Far From Scared of Sequester

House GOP refuses to budge on taxes, feels politically impervious

(Newser) - If President Obama's attempts to pressure Republicans into a sequester deal are having any effect, the GOP is doing a good job of hiding it. The battle lines remain exactly where they started—President Obama won't accept a plan without revenue hikes, and Republicans won't accept revenue...

On Fiscal Cliff, Dems and GOP Closer Than They Look

But mortgage interest deduction might be a casualty

(Newser) - Depending on who you ask, the fiscal cliff confrontation in Washington is either a massive standoff, or a massive mirage. "It is not going to happen soon," John Barrasso, the Senate's fourth-ranking Republican said yesterday. But top officials tell Politico that behind the scenes John Boehner and...

Obama Playing Hardball on Taxes

He plans to seek $1.6TR extra from wealthy, corporations

(Newser) - President Obama is telling GOP leaders to read his lips: Some new taxes. The president plans to play hardball in budget negotiations with an opening figure of $1.6 trillion in tax hikes for corporations and the wealthy, the Wall Street Journal reports. The figure is far more than Republicans...

What's Next, Obama?
 What's Next, Obama? 

What's Next, Obama?

Obama's 2nd term: fiscal cliffs, tax hikes, climate change, and Iran

(Newser) - Now that we know who'll be at the helm, the big question is what will the next four years look like? Here's a roundup of how some think President Obama's second term could or should shape up:
  • Not surprisingly, there's lots of chatter about Obama's

Looming Challenge: 'Avert the Cliff'

But is anyone willing to compromise?

(Newser) - Election 2012, check. Next up: the "fiscal cliff." We're fewer than 60 days away from what could be one of the largest tax hikes in US history—as the clock ticks down, will anyone in Washington be willing to compromise? As the Washington Post explains, Democrats may...

We're Already Feeling the Fiscal Cliff
 We're Already 
 Feeling the 
 Fiscal Cliff 
new report

We're Already Feeling the Fiscal Cliff

Report says threat has cost US 1M jobs this year

(Newser) - We're not supposed to go over the "fiscal cliff"—an array of budget cuts and tax hikes that could cut $500 billion out of the economy—until January. But the US is already feeling the effects of the impending budget uncertainty, a report by the National Association...

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....

GOP Battles Itself Over Taxes
 GOP Battles Itself Over Taxes 

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...

Super Committee Republicans, Democrats Not Even Close
 Clock Ticking, 
 Super Committee 
 Still Worlds Apart 


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...

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,...

New Obama? This Is the Real Obama

 New Obama? 
 This Is the 
 Real Obama 
charles krauthammer

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...

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...

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...

Paul Ryan: 'Buffett Rule' Amounts to Class Warfare
 Paul Ryan: 
 Obama Waging 
 'Class Warfare' 


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...

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...

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...

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...

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...

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