November 27, 2012 |
WASHINGTON - Congress returned to a lame-duck session with no signs of quick compromise to ease the nation's budget deadlock, and the White House rolled out a strategy Monday to marshal popular support for raising taxes on the wealthiest tier of income earners. Closed-door talks by senior aides produced no clear progress despite President Obama's private phone call over the weekend to House Speaker John A. Boehner (R-Ohio) in an effort to forge a deficit reduction deal in the five weeks before current tax rates expire, which would lead to tax increases for most Americans.
November 26, 2012 |
WASHINGTON -- Billionaire Warren Buffett said raising taxes on the wealthy won't stop them from investing and called on policymakers to boost rates for income over about $500,000. Buffett has been a staunch ally of President Obama on boosting taxes on high-income earners. But the Oracle of Omaha did not back Obama's push to raise taxes on income above $250,000, saying he preferred a "somewhat" higher cut-off point. Still, Buffett derided suggestions that increasing tax rates, includint those on capital gains, would keep people from pursuing potentially lucrative investment opportunities and "stuffing their ample funds under their mattresses.
November 22, 2012 |
WASHINGTON - When Republicans in Congress say they are willing to put tax revenues on the table in budget talks with President Obama, that offer obscures a divide within their ranks that could thwart a year-end fiscal compromise. Most Republicans are willing to limit popular income tax deductions as part of a tax overhaul that also lowers rates - a combination they believe will spur economic growth and eventually produce more revenue. But some are less enthusiastic about simply capping those deductions alone, even on upper-income households as Obama prefers, which would create immediate revenue that can be applied to a broad deficit-reduction package.
November 18, 2012 |
For all the brave talk of a fiscal "grand bargain," President Obama and House Speaker John A. Boehner are playing small ball on a narrow field designed by the Simpson-Bowles commission. In framing the case for reform, the commission took the basic tax system as a given. In contrast, a final deal should recognize that the country is taxing the wrong things. We should be shifting from taxes on corporations to taxes on pollution and wealth, from taxes on income to taxes on consumption. These changes would increase revenue and promote a more just and efficient economy.
November 9, 2012 |
WASHINGTON -- The post-election conciliatory tone began to fade Friday, as House Speaker John A. Boehner (R-Ohio) dug in against higher taxes on the wealthy that President Obama wants as part of a budget deal with Congress to avoid the year-end “fiscal cliff.” The nation faces a confluence of automatic tax hikes and spending reductions which, economists warn, would throw the country into a recession if lawmakers and the White House cannot find...
October 8, 2012 |
Former Massachusetts Gov. Mitt Romney has been talking about tax cuts for more than a year, but his bottom line has evolved considerably since last year's 57-point plan for the economy. Those changes raise questions about whether Romney's plan would actually promote economic growth, which was supposedly the point. The answer depends on the details, many of which Romney hasn't provided. But if it's designed the right way, a tax reform like the one Romney has advocated could still spur growth, even if it doesn't actually cut the tax bill faced by "job creators.
CALIFORNIA | LOCAL
October 3, 2012 |
SACRAMENTO - Gov. Jerry Brown's tax proposal is terrible public policy. Plain and simple. But it offers the only plausible path to rescuing California schools from more painful budget slashing. So it's not so simple. Politics is the art of the possible, to quote the 19th century German politician Otto Von Bismarck. Brown's Proposition 30 is a political work of art crafted to meet the voters' approval Nov. 6. "This is the politics of the practical, the doable," says the ballot measure's chief campaign strategist, Ace Smith.
August 1, 2012 |
The experts at the nonprofit Tax Policy Center have placed Mitt Romney's tax reform plan under the electron microscope, and their perhaps unsurprising conclusion is that it would " provide large tax cuts to high-income households , and increase the tax burdens on middle- and/or lower-income taxpayers. " The analysts -- Bill Gale , a longtime Brookings Institution fellow, and Adam Looney , a former economist for the Fed and the Council of Economic Advisors in the Obama White House -- make an important broader point: Any time you refashion the tax code to hew to principles favored by conservatives, you're going to push tax breaks toward the wealthy.
June 12, 2012 |
North Dakota voters resoundingly defeated an attempt to abolish the state's property taxes Tuesday and were set to allow the University of North Dakota to rename its controversial mascot, which critics say denigrates Native Americans. More than 70% of voters rejected a grass-roots effort to eliminate state property taxes, according to unofficial returns, even though North Dakota has a budget surplus that exceeds $1 billion, in part due to an oil boom. More than 27,000 residents had signed a petition to get the measure on Tuesday's ballot.
May 25, 2012 |
NEWTON, Iowa - From a wind-power factory in this battleground state, President Obama urged Congress to extend tax credits he said would save jobs in the field of clean-energy production. Obama said continuing the production tax credit would save 37,000 jobs that would otherwise be at risk, an estimate his aides based on reports from industry officials. "If Congress doesn't act, companies like this one will take a hit. Jobs will be lost. That's not a guess. That's a fact," Obama said Thursday as he visited TPI Composites, a wind turbine blade manufacturer based in a town that's home to a closed Maytag factory.