It's up to the House: fiscal cliff faces Republican-controlled territory. By Dana Bash, Dana Ford, and Josh Levs, CNN January 2, 2013 -- Updated 0408 GMT (1208 HKT) NEW: House approves the deal late Tuesday nightThe vote was an up-or-down vote on the Senate compromiseLawmakers were under a tight deadline; A new Congress is set to be sworn in Thursday.
Fiscal Cliff Deal: $1 in Spending Cuts for Every $41 in Tax Increases. Norquist Verdict Empowers Boehner in Cliff Talks. “And when you think about what we've gone through over the last couple of months -- a devastating hurricane, and now one of the worst tragedies in our memory -- the country deserves folks to be willing to compromise on behalf of the greater good, and not tangle themselves up in a whole bunch of ideological positions that don’t make much sense.” -- President Obama at a press conference telling reporters why Republican House members should accept his proposal for higher tax rates. $1 Trillion Obamacare Tax Hike Hitting on Jan. 1. Obamacare contains twenty new or higher taxes.
'Milk Cliff' Could Make Prices $8 Per Gallon. Is the U.S. Tax Code Holding Back Our Economic Growth? Yesterday, the Wall Street Journal reported that more U.S. companies are moving their operations overseas in order to avoid the high corporate tax rates they face domestically.
The U.S. has the highest marginal tax rate of developed nations, with the top federal rate for companies reaching 35 percent. Once state and local taxes on corporations are factored in, the combined rate is 39.2 percent. Meanwhile, the average corporate tax rate for developed nations is only 25.4 percent. But, while government officials have proposed lowering the corporate tax rate to stimulate economic growth in the U.S., businesses are still uncertain about whether or not these reforms will go into effect anytime soon. And with Congress delaying on issues such as the fiscal cliff, the debt ceiling and defense cuts, who can blame them? As they wait, American companies are forced to compete with developed nations offering a lower tax rate for companies producing the same products.
Don't Die in 2013: Confiscatory 55% Death Tax Set to Take Effect. This content is provided by the Americans for Tax Reform Foundation.
Current Law The 2001 tax relief bill (EGTRRA), drastically reduced the impact of the death tax over the course of a decade, so that it was eliminated entirely for one year in 2010 — a good year to die, joked a number of pundits. The bill lowered marginal rates and increased the applicable exclusion amount, but it also included a provision allowing individuals to carry over exclusion dollars that were unused by their spouse at the time of his or her death. This “portability” measure effectively increased the applicable exclusion for many households, in some instances putting millions of dollars beyond the reach of the federal government. Obama launches election-year tax offensive against Republicans. Interactive Map: Tax Increase by State 2013. Taxmageddon: Massive Tax Hikes on the Horizon.
Obama takes 'Buffett Rule' on the road. President Obama is set to hit the road on Tuesday to talk up his “Buffett Rule,” as Democrats push an election year message of tax fairness and economic equality. Obama is scheduled to travel to Florida, a swing state that pulled the lever for him in 2008, to press the case for ensuring that those making more than $1 million a year pay a higher tax rate than middle class families. Gramm and McMillin: The Real Causes of Income Inequality. Consumption Tax - Americans For Fair Taxation. There is a simple, transparent and bipartisan solution - the FairTax® Plan - that will strengthen our economy, significantly improve employment, and allow people to keep what they earn.
The reason it's not a topic in Washington is because we, the people, are not making it an issue. When millions of voters make noise, Washington listens. MAKE NOISE. Unemployment in the U.S. has stagnated above 8% for the past 42 months. That's frightening; for us, for our kids, and for our economy. Young and old must unite to send the message to Washington. Sign up. To keep the pressure on Congress and to help us continue fighting the good fight, it takes money. Share our video and share this website. Facebook. Facebook. Buffett Rule fails. Democrats’ leftward drift is blocking tax reform « » Print The Daily Caller.
Is Washington gridlock the GOP’s fault?
That’s what Norman Ornstein of the American Enterprise Institute and Thomas Mann of the Brookings Institution claim in a recent Washington Post op-ed. According to them, Republicans have become “ideologically extreme” and are blocking needed bipartisan reforms. That certainly isn’t true, with respect to tax reform. The landmark Tax Reform Act of 1986, which slashed tax rates in a bipartisan deal, passed both chambers with large majorities. It was designed so as not to raise taxes on any income group. High taxes burden working people. Americans Making Over $50,000 a Year Paid 93.3 Percent of All Taxes in 2010. This handout image provided by the White House shows the front page of President Barack Obama and first lady Michelle Obama's tax return.
The White House says President Barack Obama and his family paid more than $160,000 in federal taxes last year. The president's 2011 federal income tax return shows reported adjusted gross income of about $790,000 last year.