Taxes, White House | featured news

It may not sound like it from the rhetoric, but both the House and Senate have passed separate bills to delay big tax increases awaiting nearly every taxpayer next year if Congress and the White House can't agree on a plan to avert the "fiscal cliff."...

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 White House and Congressional leaders are weighing options for reducing the federal deficit, including a bipartisan commission that could force tax increases and spending cuts.

As administration prepares to unveil economic plan, some of its economic officials react coolly to Congress's efforts to punitively tax payments.