(CNN) – Top White House economic adviser Alan Krueger is leaving the Obama administration and returning to Princeton.
"I am deeply grateful to President Obama for the opportunity to serve twice in this administration,” Krueger, the chairman of the president's Council of Economic Advisers, said in a statement on Tuesday. "It has been one of the highest privileges of my life to serve the American people."
New York (CNNMoney) - The U.S. Senate is expected to vote on a long-debated Internet sales tax law Monday, paving the way for millions of consumers to start paying sales tax on online purchases.
The legislation would allow the 45 states (and the District of Columbia) that currently charge sales taxes to require large online retailers to collect tax on purchases made by their residents. The law would only apply to online sellers that have sales of at least $1 million in states where they don't have physical operations, like a store or a warehouse.FULL STORY
Washington (CNNMoney) – Upcoming furloughs mean a 20% pay cut for thousands of federal workers - and some tough budgeting choices. For many, student loan payments will be the first to go.
Laurie Vroman has already made her decision. She has three young children and makes $41,000 a year as a management assistant at an Army arsenal near Albany, N.Y.FULL STORY
New York (CNNMoney) – Millionaires would get a sizable tax cut if Rep. Paul Ryan's budget proposal were to become law.
Those with incomes exceeding $1 million would enjoy an average tax cut of more than $200,000, according to Citizens for Tax Justice, a left-leaning group. And it could be even bigger if Congress doesn't try to limit tax deductions, credits and preferences to offset the costs of the proposed tax cuts.FULL STORY
Washington (CNNMoney) – Republican House Budget Chairman Paul Ryan wants to cut the federal government workforce by 10% - some 210,000 jobs - through a two-year hiring freeze.
It's part of his budget proposal released Tuesday. The move would save $49 billion in his broader plan to get rid of federal deficits by 2023. Ryan takes further aim at federal workers by proposing they pay more toward their pensions, saving another $132 billion in 10 years.FULL STORY
New York (CNNMoney) – Republican House Budget Chairman Paul Ryan proposed Tuesday to eliminate the annual deficit by 2023, in large part by cutting projected spending growth over the next decade by roughly $5 trillion.
The plan, which contains many of the same provisions he offered last year, hits all the GOP high notes: less spending, lower tax rates and a rejection of most of President Obama's health reforms.FULL STORY
New York (CNNMoney) - Gun enthusiasts are buying firearms with unparalleled zeal. As a result, ammunition is in short supply nationwide.
"We can't get any inventory within a 100-mile radius," said Mark Campbell, owner of Mid America Arms in St. Louis. He's having a hard time keeping ammo in stock. "It started right around the election, as soon as President Obama mentioned gun control. But right after the school shooting in [Newtown] Connecticut, that's when it went crazy."FULL STORY
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