December 27, 2012 |
The "fiscal cliff" looms ahead and it is a solid bet that no one will come up with a deal in time to stop the country from careening off the edge. Nearly everyone claims they want to avoid the automatic tax increases and massive budget cuts that will start kicking in on Jan. 1, but few are ready to make the compromises necessary to make that happen. As expected, anti-tax purists in the House Republican Caucus have gotten in the way of Speaker John A. Boehner's attempts to come up with a fix for the fiscal cliff.
February 16, 2012 |
As new polls show him leading Mitt Romney in the Michigan primary, Rick Santorum visited the Detroit Economic Club and outlined his plan for economic growth, pledging to both cut the entitlements that were "completely consuming revenues" and help the very poor. The two pledges might seem mutually exclusive, but Santorum, who from the beginning of his campaign has emphasized the importance of two-parent families in economic stability, said that strong families and strong communities would help the poor get back on their feet.
March 25, 2007 |
Pity the taxpayer who tries to go it alone this year. What with stealthy deductions, rule changes and the usual stultifying complexity, taxpayer error rates are climbing. And if you make a mistake, it's likely to be in the government's favor, not yours. There are plenty of pitfalls. Three specialized breaks aren't printed on the 1040 form, making them easy to overlook.
December 6, 1987 |
There are new rules for paying 1987 taxes because of the massive overhaul of the federal tax code authorized by Congress last year. But even though Dec. 31 is near, it is not too late for some last-minute maneuvering to make sure you play the changes--and the perennial vagaries of taxpaying--the right way. For many people, the proper strategy is simple and not unlike what they've done in the past.
July 24, 2012 |
The Obama administration released a report Tuesday accusing Republicans of proposing to raise taxes on 25 million low- and middle-income families in order to cut taxes for the 2% with the very highest incomes. Whether that's true depends on how you define a tax increase: Does it just mean paying more to the Internal Revenue Service, or does it also include receiving a smaller subsidy check? The GOP proposal in question, HR 8 , would renew the Bush tax cuts through 2013, as well as continuing to shield many middle-class families from having to pay the Alternative Minimum Tax for one additional year.
August 9, 2013 |
WASHINGTON - Since Congress has taken off on its annual summer recess, you might assume that nothing is happening on Capitol Hill that could affect the taxes you pay on your home. Quite the reverse. Staff members of the House and Senate tax-writing committees are busy putting together legislative drafts that may determine the fate of real estate's most prized tax benefits - first and second home-mortgage interest deductions, property tax write-offs, capital gains exclusions and others.
February 12, 2009 |
First-time home-buyers would get a larger tax break. Laid-off workers would receive higher unemployment benefits and new subsidies for heath insurance. And all but the wealthiest workers would soon get a tax credit worth as much as $800 per couple. Bigger government checks -- long favored by lawmakers in an ailing economy -- could soon begin landing in mailboxes across the country, and new tax breaks would be available to many families, if the economic stimulus package clears Congress this week.
October 17, 2012 |
GOP presidential candidate Mitt Romney could not have been surprised when his tax plan came under attack by President Obama at Tuesday night's debate. After all, both Obama and Vice President Biden had focused on the plan before, contending that there was no way it could work as Romney claimed. So why, then, did Romney stick to the same vague response? Not only that -- he punted on a telling follow-up question about how he'd respond if he could get some but not all elements of his plan through Congress.
July 28, 2010
The outsized tax cuts enacted in President George W. Bush's first term are scheduled to expire at the end of the year, giving Congress the opportunity, in theory at least, to simplify the grotesquely complex tax code, eliminate the problematic Alternative Minimum Tax, broaden the tax base and lower rates without exacerbating the deficit. But that would be the politically hard thing to do. Instead, Republicans and Democrats are delaying action on taxes while they jockey for rhetorical advantage, each side accusing the other of seeking to ruin the economy or further enrich the rich.
December 30, 2012 |
WASHINGTON - Democrats and Republicans on Capitol Hill inched toward a compromise to avert part of the so-called fiscal cliff but remained unable to close a deal as each side struggled with internal tensions as well as the remaining gap between them. Lawmakers have been trying to beat a deadline of midnight Monday, when tax rates are scheduled to go up for the vast majority of Americans. But they could continue chasing a deal for days - even until the new Congress is sworn in at noon Thursday.