Inside these posts: Income tax

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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.

Democrats mull alternative to Obama tax plan

Democrats in the U.S. House of Representatives are considering a counterproposal to the one drafted by President Barack Obama and Republicans to extend all Bush-era tax cuts, Democratic Representative Adam Schiff said on Thursday. Get the full story »

Bill on outsourced jobs fails Senate test

As expected, a Senate bill designed to end tax breaks for U.S. companies that move jobs and manufacturing plants overseas failed a key test vote Tuesday.

With a 53-45 vote, Senate Republicans blocked a Democratic efforts to end debate and ultimately vote on a “jobs” bill. Get the full story »

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.

GOP leader urges 2-year freeze on tax rates

U.S. House of Representatives Republican leader John Boehner called Wednesday for a two-year freeze on all current U.S. tax rates, including Bush-era tax cuts for the rich set to expire at the end of this year. Get the full story »

Business wants hearings on Bush tax cuts

The biggest U.S. companies stepped up their lobbying Monday to block Democrats’ plans to let taxes on wealthier Americans rise at year’s end, asking lawmakers not to cut short the hearing process in Congress.

The Senate is set to take up expiration of tax cuts on nearly all individuals enacted under former President George W. Bush when it reconvenes in September. The thorniest issue involves taxes for the top income classes — families earning at least $250,000 a year — which President Barack Obama and most Democrats want to let expire. Get the full story »

Quinn OKs grace period for back taxes

Taxpayers who owe the state will be able to pay up without facing fines for five weeks this fall. Gov. Pat Quinn quietly signed a measure into law today setting up a grace period that runs from Oct. 1 to Nov. 8. State officials estimate the amnesty could bring in about $250 million for Illinois’ depleted coffers.

The law covers unpaid back taxes from July 2002 to July 2009. If taxpayers fail to make good during the amnesty, interest and penalties will be doubled, according to a spokeswoman for the Illinois Department of Revenue.

Senate to act on middle class tax cuts this year

Senate Finance Committee Chairman Max Baucus Tuesday said he expects the Senate to extend middle-income tax cuts before they expire by the end of the year.

But Baucus said lawmakers were still weighing the details, including tax rates for dividends and families earning more than $250,000 a year. But he added that “clearly we will want to extend the middle income tax cuts at the very least.” Get the full story »