Inside these posts: Bush tax cuts

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Most Americans say tax rich to balance budget

Most Americans think the United States should raise taxes for the rich to balance the budget, according to a 60 Minutes/Vanity Fair poll released Monday.

President Barack Obama last month signed into law a two-year extension of Bush-era tax cuts for millions of Americans, including the wealthiest, in a compromise with Republicans.

Republicans, who this week take control of the House of Representatives, want to extend all Bush-era tax cuts “permanently” for the middle class and wealthier Americans. They are also demanding spending cuts to curb the $1.3 trillion deficit. Get the full story »

Obama signs bill extending Bush tax cuts

President Barack Obama signed into law a huge, holiday-season tax bill extending cuts for all Americans on Friday, saluting a new spirit of political compromise as Republicans applauded and liberals seethed. The benefits range from tax cuts for millionaires and the middle class to longer help for the jobless. Get the full story »

Poll: Americans support extending tax cuts

As the Senate gears up for a key vote on the package to extend tax cuts, polls released Monday showed that the American people, regardless of political party or persuasion, strongly favored the agreement hammered out by the Obama administration and Republicans.

According to the latest poll by the Pew Research Center for the People & the Press, 60 percent of those questioned said they favored the agreement, which has been attacked by House liberals and Senate conservatives. About 22 percent said they disapproved. Political support is about even, with 63 percent of Democrats saying they back it, as do 62 percent of Republicans and 60 percent of independents.

Senate test vote today on Obama-GOP tax deal

Senators get their first chance Monday to vote on the tax-cut deal struck by President Barack Obama and Republicans, but whatever the outcome of the test vote, the White House expects the bill to pass by year’s end.

“Everybody understands what it would mean for the economy if we don’t get this done,” Obama adviser David Axelrod said Sunday. The No. 2 Senate Democrat, Dick Durbin of Illinois, said a “good cross-section” of senators in his party are ready to accept the deal. Get the full story »

Clinton implores Democrats to back tax-cut deal

Bill Clinton implored Democrats to back the tax-cut deal that President Barack Obama negotiated with Republicans as the former president made a surprise appearance with Obama in the White House briefing room Friday — and later took over the podium.

White House: More changes in tax deal possible

There could be more changes to the tentative tax agreement between President Barack Obama and congressional Republicans, the White House said Friday. Get the full story »

IRS can hold tax hikes at bay for a bit

If U.S. lawmakers fail to renew Bush-era tax cuts before the end of the year, the Internal Revenue Service could offer millions of Americans an immediate respite from higher taxes.

That could mean a time-out for anxious investors worried that nearly every taxpayer will take a hit amid the tepid economic recovery and give breathing room to millions of employers waiting for clarity. Get the full story »

Tax cuts, unemployment could be extended in deal

A deal on a temporary extension of the Bush-era tax rates could emerge that would also renew unemployment benefits for 2 million Americans about to lose them, top lawmakers said Tuesday. Get the full story »

Obama opposes permanent tax cuts for rich

U.S. President Barack Obama said on Friday he does not want to permanently extend tax cuts for the wealthiest Americans, sending another signal he is willing to forge some sort of compromise with newly emboldened Republicans to win an extension for the middle class.

The White House has been hinting it may be willing to come to some kind of deal on the cuts, which Republicans, heartened by their election successes this month, want to extend for the rich as well as the middle class. Get the full story »

Bush: I have ‘clear conscience’ on financial crisis

Former President George W. Bush said Wednesday he has a “clear conscience” about recognizing the problems that led to the financial crisis and he blamed Congress for blocking attempts to address them.

Bush, who initially kept a low-profile after leaving the White House, has been doing a series of high-profile interviews to promote his newly released memoir, “Decision Points.” Get the full story »

CEOs wary of health costs, end of Bush tax cuts

U.S. chief executives are becoming more confident about the economy, though many worry high employee health care costs and the possible end of Bush-era tax cuts for the wealthiest Americans could hurt businesses.

Vistage International, an organization for chief executives, said on Monday its confidence index edged up to 95.1 in the third quarter from 94.4 in the prior three months. The index is 12 percent above its year-earlier level of 84.9.

The survey, which was conducted between September 14-24 and covered about 1,800 CEOs of small-to-medium sized companies, found that 92 percent of the respondents expected health costs to rise as companies implement the healthcare reform plan, designed to provide insurance to 32 million Americans who don’t have coverage. Get the full story »

Geithner welcomes GOP support for Obama tax plan

Treasury Secretary Timothy Geithner says the administration is encouraged to hear Republicans say they would support President Barack Obama’s plan to extend tax cuts to the middle class.

White House hopes Boehner serious about tax cuts

White House press secretary Robert Gibbs says the Obama administration hopes the top House Republican was serious in expressing support for renewing tax cuts for the middle class, adding that GOP hopes to also extend reductions for the rich lack common sense.

Business likes Obama plan plus Bush tax cuts

The business community likes President Barack Obama’s proposal to accelerate tax writeoffs for companies buying equipment and other big-ticket items. But it is clamoring for more — extension of all of the soon-expiring Bush-era tax cuts.

Obama will tout the write-offs Wednesday when he unveils a $180-billion stimulus package. But he isn’t likely to back down on his stand on continuing the marginal tax rate cuts only for households and businesses earning less than $250,000, analysts said.

Ex-Obama aide: Extend all tax cuts for 2 years

U.S. tax cuts should be extended for all Americans to help spur the economy, but even the middle-class cuts should end in two years, former U.S. budget director Peter Orszag said Tuesday.

Orszag’s views differed from those of his former boss, President Barack Obama. Get the full story »