New York (CNNMoney) – The payroll tax cut that boosted paychecks for millions of working Americans over the past two years may be on the brink of extinction.
As Republicans and Democrats search for a plan to avert a fiscal cliff, it's looking more likely that the payroll tax holiday introduced under President Obama in 2010 won't be extended. Should this benefit expire, 125 million households would see their paychecks shrink, the Tax Policy Center estimates.FULL STORY
New York (CNNMoney) - They hate the idea of higher taxes, but some small business owners say they can handle paying a little more.
That's how they feel about President Obama's plan to raise tax rates on income above $200,000, which would mean a higher tax bill for some businesses, including the Uptown Cheapskate retail franchise started by Chelsea Sloan.FULL STORY
(CNN) - Jimmy Hoffa, president of the International Brotherhood of Teamsters, said Tuesday he expects Michigan unions and lawmakers to break out into "civil war" after the state legislature passed right-to-work bills that would weaken unions' power.
"This is just the first round of a battle that's going to divide this state. We're going to have a civil war," Hoffa said on CNN's "Newsroom."
New York (CNNMoney) – The longer Congress waits to avoid the fiscal cliff, the more complicated it will be for businesses to figure out how much to pay workers early next year.
The confusion poses the biggest threat to the nation's 27 million small businesses, because the vast majority do their own payroll. That means they'll have to understand what Congress decides and calculate the changes fast.FULL STORY
Washington (CNNMoney) – The White House initial proposal to avert the fiscal cliff includes $200 billion in economic boosters - a stimulus plan Republican critics are railing against when they say the country needs to start reducing debt.
But even deficit hawks say spending more now is fine and even warranted to support a fledgling economic recovery. The key is long-term cuts that take effect down the road.FULL STORY
(CNN) – Goldman Sachs CEO Lloyd Blankfein said Wednesday he'd be open to moving the top marginal tax rate for families making above $250,000 a year from 35% to the Clinton-era level of 39.6% if it was an essential step to avoid the fiscal cliff.
"I think if that's what it took to make the math work, when you looked at the entitlement side and when you looked at the revenue side, I wouldn't preclude that," Blankfein said on CNN's "The Situation Room." "I think it's better to have as low a marginal rate as possible ... but if we had to lift up the marginal rate, I would do that."FULL STORY
New York (CNNMoney) – Newark Mayor Cory Booker rescued a neighbor from a burning building, invited Hurricane Sandy victims to his home, and rushed to the aid of a pedestrian hit by a car. Now he's going to live on a food stamp budget for a week in solidarity with Americans who feed their families on the government assistance program.
The mayor's office has yet to announce the full details of his plan, but the budget should amount to about $4.44 a day for food, based on data from the United States Department of Agriculture.FULL STORY
Washington (CNNMoney) – Fiscal cliff negotiations are proving to be the perfect excuse for President Obama and the business community to smooth over a rocky four years.
The White House has struggled to make and keep friends in the business community, thanks to contentious policy fights over financial and health care reforms. Obama famously dubbed Wall Street as "fat cat bankers" and bashed health insurers for raising premiums and denying coverage.FULL STORY
New York (CNNMoney) – If Congress fails to cut a deal on the fiscal cliff this year, the scramble to do so in January could run smack dab into yet another high-stakes negotiation - over raising the debt ceiling.
As of late last week, the country's debt was $154 billion below the $16.394 trillion debt ceiling.FULL STORY