Taxes, Congress | featured news

A standoff with Congress that results in the January expiration of wide-ranging tax cuts would mean 114 million families would see average tax increases of $1,600 next year, the White House says... "So far, the only reason the middle-class tax cuts have not been extended is that Republicans in Congress continue to insist on cutting taxes once again for the wealthiest few," the report said.

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.

Republicans and business groups complain that the 35 percent corporate tax rate is among the highest in the world, leaving American companies at a disadvantage.

Barack Obama is calling on Congress to extend a payroll tax cut for the remainder of the year as a deadline nears for Congress to act or see taxes go up for millions of working Americans.

Republicans in the House on Tuesday rejected the Senate's two-month extension of an expiring payroll tax cut, and moved toward initiating formal talks with Democrats on a final deal.

As President Obama wrestles with congressional Republicans over an extension of the payroll tax cut, a new poll suggests that Obama is winning ...

President Obama's aides are seeking to pressure House Republicans in the hours leading up to a vote tonight on a two-month extension of the payroll tax cut, saying an adverse decision will subject nearly 160 million Americans to a tax hike next year.

Senate Majority Leader Harry Reid (D-Nev.) plans to introduce a compromise measure Monday to extend the payroll tax cut, according to a key Senate Democrat. “Majority Leader Reid called me yesterday and said he will propose tomorrow a compromise plan to extend the payroll tax cut,” Senate Budget Committee Chairman Kent Conrad (D-N.D.) said on “Fox News Sunday.” “He will offer it at that point – I don’t think it’s probably in my purview to announce his plan – but he indicated to me it will be paid for. It will be paid for in a serious way.”

Occupy Wall Street is going on the road – a two-week walk to Washington. A small group of activists plans to leave Manhattan's Zuccotti Park at noon Wednesday and arrive by the Nov. 23 deadline for a congressional committee to decide whether to keep President Barack Obama's extension of Bush-era tax cuts. Protesters say the cuts benefit only rich Americans.

Members of the congressional deficit-reduction committee are cooling to the idea of completing a comprehensive overhaul of the tax code by their November deadline, making it more likely the details of any major tax changes will be handled later by House and Senate tax committees, according to congressional aides from both parties.