Inside these posts: 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 »

Exelon says new tax law will hit its earnings

Power company Exelon Corp. forecast a 5 cent and 3 cent reduction for its 2010 and 2011 earnings respectively, hit by the combined effect of pension contributions and the recently passed tax legislation.

The Chicago-based company said the direct impacts of the tax legislation will reduce its 2010 earnings by about 1 cent per share and 2011 earnings by about 11 cents per share because of a cut in the manufacturing tax deduction for which it was eligible. 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 »

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 »

House passes symbolic tax-cut renewal

The House of Representatives on Thursday voted to extend Bush-era tax cuts on individual income up to $200,000 a year and $250,000 for families, letting extra cuts for the wealthiest to expire. Get the full story »

Jobless benefits expire for 800K at midnight

A Democrat-sponsored bill to extend unemployment benefits by one year was introduced in the Senate Monday, but it is likely to face stiff opposition from Republicans. The bill’s sponsor, Senator Max Baucus, D-Mont., said in a statement that the proposed legislation would reauthorize benefits for nearly 800,000 out-of-work Americans who are about to exhaust their benefits next week.

It would also extend benefits for 2 million more Americans facing the same fate at the end of the year, he said. Get the full story »

Geithner urges quick resolution of tax cut issue

Treasury Secretary Timothy Geithner says the administration remains opposed to a permanent extension of tax cuts for the wealthiest Americans, something strongly favored by Republicans. He says it is critical for Congress to resolve the issue before the end of the year.

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.

White House: August jobs report reassuring

The White House on Friday greeted a better than expected August employment report as reassuring news after a recent spate of “unsettling” economic data, and reiterated it was working with Congress to take additional steps to boost U.S. growth and hiring. Get the full story »

Obama makes small-business tax cuts Job 1

President Barack Obama says Congress should make passing a long-languishing aid package to small business its first order of business when it gets back from summer vacation.

He said in remarks in the Rose Garden Monday that he’ll also have other specific ideas on the nation’s teetering economy in the days and weeks ahead. 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 »