Democrats, Taxes | featured news

Former U.S. Rep. Jesse Jackson Jr. has been charged with spending $750,000 in campaign funds on personal expenses. His wife was charged with filing false income tax forms....

President Barack Obama told fellow Democrats from the House of Representatives on Thursday he is willing to agree to a "big deal" with Congress on spending cuts and tax reforms to end the fiscal uncertainty over the U.S. deficit.

Bill Clinton said Thursday that he's "very sorry" for comments he made days earlier that appeared to undermine President Obama's position on extending certain tax rates, chalking it up to a misunderstanding over when lawmakers needed to act ahead of a looming "fiscal cliff."

President Barack Obama will release a plan on Monday calling for more than $3 trillion in deficit cuts over 10 years, with about half of the savings coming from higher taxes on the wealthy and big corporations.

A new survey of Obama voters by Survey USA found that by a margin of 82%-18% they are more likely to support him again in 2012 if he raises taxes on the rich. The good news for Obama is that 66% of those who voted for him in 2008 approve of his handling of the economy compared to 27% who disapprove. Sixty three percent of those who disapprove are doing so because they believe that Obama has been too willing to compromise with Republicans. The president’s voters made it very clear what they want.

Democratic lawmakers passed a rare on-time state budget Wednesday over Republican objections, but the plan — balanced with a blend of taxes, cuts and clever accounting — faces an uncertain fate at the hands of Gov. Jerry Brown.

With high gas prices and federal deficits in the political spotlight, senior Democrats believe that Senate Republicans will support an idea they otherwise might not like.

State Rep. Terri Hodge, D-Dallas, pleaded guilty early this morning to lying on her tax returns in connection with the FBI's Dallas City Hall public corruption investigation, an act that ends her 14-year political career.