February 13, 2013 |
WASHINGTON - With higher payroll taxes starting to kick in, retail sales rose in January at their smallest rate in three months. Consumers pulled back a bit on their purchases of cars, clothes and home furnishings, the government said Wednesday. Overall, retails sales ticked up a modest 0.1% last month from December, after gains of 0.5% in each of the prior two months. The subdued January performance was in line with consensus forecasts, as many analysts were expecting a drop-off in the growth rate after the expiration of the payroll tax holiday, which translates to about $40 less in take-home pay for the average worker every two weeks.
February 13, 2013 |
WASHINGTON - With the higher payroll tax starting to kick in, retail sales rose in January at their smallest rate in three months. Consumers pulled back a bit on their purchases of cars, clothes and home furnishings, the government said. Overall, retail sales ticked up a modest 0.1% last month from December, after gains of 0.5% in each of the prior two months. The subdued January performance was in line with consensus forecasts, as many analysts were expecting a drop-off in the growth rate after the expiration of the payroll tax holiday, which translates to about $40 less in take-home pay for the average worker every two weeks.
December 19, 2011 |
House Speaker John Boehner said Monday that he expects the House to vote down the payroll tax deal brokered by Senate Republicans and Democrats, and push for further negotiations in the year-end battle over extending the tax holiday. At a brief morning news conference, Boehner aimed to put fresh pressure on the Senate, which adjourned for the holidays after passing the deal on Saturday, to come back to the table. "This is a vote on whether Congress will stay and do its work or go on vacation," Boehner said.
February 6, 2012 |
In the first legislative battle of the year, congressional Republicans and Democrats are back at it: another episode of one-upmanship over extending a payroll tax cut for American workers. The tax holiday, which Congress extended as 2011 closed, expires at the end of the month, and both parties say they want to avoid a lapse that would hit Americans with a tax increase of $20 a week for the typical worker. But the problem remains the same: how to pay for the $160-billion package?
December 22, 2011 |
With most lawmakers gone for the holidays, President Obama took full advantage of the empty stage, appearing with everyday Americans to make the case that House Republicans need to relent and pass a payroll tax cut extension that would mean an extra $1,000 a year to a typical family. Obama struck a note of disgust Thursday with the paralysis in the Capitol, making the point that only a small minority of House Republicans is blocking a tax cut extension that would help struggling families heat their homes, fuel their cars and pay for essential groceries.
December 21, 2011 |
House Speaker John Boehner and his team of GOP negotiators gathered around a conference table in the Capitol on Wednesday to show they were hard at work -- although they have no one to negotiate with, not even Senate Republicans. "It would be helpful if members of the Senate, both parties, were here to sit down and resolve these differences as quickly as possible,"Boehner said, as he sat looking at empty chairs and a throng of cameras on the other side of the table. The Senate left town this weekend, and most of House has done the same.
September 4, 2010 |
Pressure on President Obama to do something about the weakening economy intensified Friday with new government data showing that hiring remains lackluster, nudging the nation's unemployment rate up to 9.6%. With congressional elections less than eight weeks away, Obama appeared in the Rose Garden to say that he would soon propose a new package of tax cuts and other incentives to spur employment. "We are confident that we are moving in the right direction, but we want to keep this recovery moving stronger and accelerate the job growth that's needed so desperately," the president said.
May 28, 2013 |
Apple Inc.'s success at avoiding billions of dollars in U.S. taxes through some (apparently) legal maneuvers has tax pundits pointing their guns at the corporate tax system. The case has revived numerous hoary cures for the supposed evil of corporate taxes. The cures include abolishing the corporate tax altogether, turning it into a pure "territorial" system that taxes multinational firms only in proportion to the income generated within the United States, declaring a tax "holiday" allowing businesses to repatriate cash parked overseas (where it is taxed at vanishingly small rates, like Apple's)
February 13, 2012 |
Hesitant to be seen as holding up a payroll tax break for American workers, House GOP leaders will put forward a new proposal to extend the tax cut, giving up for now on the GOP-led requirement that it must be paid for, as talks on a compromise with Democrats have stalled. House Speaker John A. Boehner (R-Ohio) and other leaders said their backup plan could come for a vote as soon as this week, as Congress struggles to find common ground before the tax break expires Feb. 29. Keeping the tax holiday is President Obama's top legislative priority.
November 29, 2012 |
A common complaint about President Obama is that he spent more time campaigning than governing. But as he told a Univision forum in September, he sees little difference between the two, considering the obstruction posed by Republicans on Capitol Hill. He planned a "much more constant conversation with the American people" in his second term, "so they can put pressure on Congress to help move some of these [important] issues forward. " Obama wasted no time in putting this strategy into effect, opening a "conversation" with the public about the looming fiscal disaster that could slam the brakes on the economy.