New York (CNNMoney) – Many people think that the rich are able to weasel their way out of taxes, but they actually pay an overwhelming majority of the taxes in the United States.
What's more, their share of the tax burden is increasing.FULL STORY
New York (CNNMoney) – Las Vegas Sands Corp said it "likely" violated the federal Foreign Corrupt Practices Act, which prohibits American companies from bribing foreign officials.
In a regulatory filing, the Las Vegas Sands Corp., run by controversial Republican party donor Sheldon Adelson, also admitted that the company was under investigation by the Department of Justice and the Securities & Exchange Commission for violating the international bribery law.FULL STORY
New York (CNNMoney) – The political bickering over the automatic spending cuts has done little but cloud the public's understanding of what's going on and why.
So we'll try to set the record straight on at least a few oft-repeated misconceptions.FULL STORY
New York (CNNMoney) - As Washington braces for automatic spending cuts, small businesses in the military town of Colorado Springs say they have been losing government business for months.
The general uncertainty facing federal agencies has trickled down to the companies that rely on federal contracts.FULL STORY
New York (CNNMoney) – When it comes to budgeting for the federal government, things are about to get strange.
Starting Friday, federal agencies will be forced to make cuts to their programs without knowing what their actual budgets for this year will be. Why? Because Congress never passed a budget, just a stopgap funding measure that expires soon.FULL STORY
New York (CNNMoney) - Chances are slim that Congress will avert the automatic spending cuts before they take effect on Friday. It's more likely lawmakers will reach a deal to replace the cuts after they begin.
But there's no telling when.
Funding for numerous federal agencies and programs will be slashed, half from defense and half from nondefense spending.FULL STORY
New York (CNNMoney) – Erskine Bowles and Alan Simpson proposed a new framework Tuesday to cut the country's debt by $2.4 trillion over the next decade.
Bowles and Simpson were the co-chairmen of President Obama's bipartisan fiscal commission in 2010, and their recommendations came to serve as a yardstick for other debt-reduction proposals.FULL STORY
Washington (CNNMoney) – Federal workers could start facing furloughs as early as April, according to federal agencies trying to prepare for the worst.
Unless Congress steps in, some $85 billion in massive spending reductions will hit the federal government, doling out furloughs to much of the nation's 2.1 million federal workforce, experts say.FULL STORY
Washington (CNNMoney) – Treasury Secretary nominee Jack Lew faced some tough questions during his first confirmation hearing on Wednesday, as Republicans targeted his experience at Citigroup during the financial crisis.
In particular, lawmakers on the Senate Finance Committee asked Lew, now the White House Chief of Staff, about a fund organized in the Cayman Islands that he and other Citigroup employees invested in while he was employed there.FULL STORY
Washington (CNNMoney) – President Obama will nominate Mary Jo White, a former federal prosecutor in New York, to head the Securities and Exchange Commission, the watchdog agency that monitors Wall Street and corporate financial disclosures.
The nomination will be announced later Thursday, an administration official told CNN. In addition, Obama will nominate Richard Cordray to a full term as director of the Consumer Financial Protection Bureau. Cordray has already been heading the agency, but has been serving on a recess appointment due to Republican opposition to the agency itself, which has blocked a Senate vote on his confirmation.FULL STORY