Tax Breaks | featured news

Tucked into the "fiscal cliff" tax package approved by Congress are billions of dollars in tax breaks that should make the new year a lot happier for businesses of many stripes, including film producers, race track owners and the makers of electric motorcycles....

President Obama told Americans on Monday he wants Congress to extend tax cuts for the country's middle class while letting them rise on high income earners. As he attempts to turn voters' attention from the stagnant unemployment numbers — now standing at 8.2% — and limp economic recovery, Obama spoke at the White House as he made an opening campaign pitch for continuing middle class tax relief.

Installers, often working through big-box chains, are taking advantage of hefty tax breaks, creative financing and cheap Chinese-made panels to make solar power accessible to the mass market.

The Republican-controlled U.S. House of Representatives on Thursday passed a tax break for small businesses, giving voters a stark alternative to President Barack Obama's politically popular "Buffett Rule" surtax on the wealthy.

An attempt to roll back oil company tax breaks was blocked in the Senate, despite a Rose Garden push by President Obama, who said the big five oil companies are doing “just fine” as consumers struggle with painfully high gas prices at the pump.

The vast majority of tax breaks in the U.S. tax code would be difficult to eliminate because they promote important social goals or are “hugely popular” with voters, according to a new congressional analysis that casts doubt on Republican promises to substantially lower tax rates without increasing budget deficits.

Facing intensifying election-year attacks over rising energy prices, President Barack Obama will seek on Thursday to shift the spotlight onto oil and gas companies by calling for the repeal of tax breaks that benefit the industry.

President Barack Obama sent Congress today a package of small business measures he said would expand tax relief and unlock capital to boost the economy and create jobs.

The tax plan by GOP presidential hopeful Newt Gingrich would provide big tax breaks to the rich and blow a huge hole in the federal budget deficit, according to an independent study released Monday.

"People who are doing quite well and worry about low-income people not paying any taxes bemoan the fact that they get so many tax breaks that they are zeroed out," said Roberton Williams, a senior fellow at the Tax Policy Center. "People at the bottom of the distribution say, 'But all of those rich guys are getting bigger tax breaks than we're getting,' which is also the case."