(CNN) - Monday is tax day, and in case you're wondering where your money went last year, President Barack Obama is eager to let you know. He's giving you a detailed receipt.
For the third year, taxpayers can visit the White House website for the nitty-gritty on how the government spends tax dollars from American households.FULL STORY
Washington (CNNMoney) - President Obama and the first family saw their income drop slightly in 2012, according to tax returns released by the White House on Friday.
The returns show the president and First Lady Michelle Obama earned $608,611 last year, and paid $112,214 in taxes. Sales from his best-selling books slowed even further in 2012, bringing his overall gross adjusted income down 30% compared to 2011.FULL STORY
Washington (CNN) - Despite a ballyhooed charm offensive by President Barack Obama, political leaders continued talking past each other on Tuesday in proposing partisan ideas on taxes and spending that have zero chance of winning congressional approval.
Obama met with Senate Democrats in the first of three visits to Capitol Hill this week for face time with legislators from both parties.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
(CNN) - Senate Democrats are working on a temporary measure, which includes new tax measures, to avoid steep automatic spending cuts looming on March 1, CNN has learned.
While a source familiar with the plan did not specify any cuts that would be part of the package, he did outline three areas for possible revenue increases to be proposed "in the next couple of weeks."
(CNNMoney) - A tax break that has saved struggling homeowners from paying thousands of dollars to the IRS is just days away from expiring.
If the Mortgage Forgiveness Debt Relief Act of 2007 does not get extended by Congress by the end of the year, homeowners will have to start paying income taxes on the portion of their mortgage that is forgiven in a foreclosure, short sale or principal reduction.FULL STORY
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
(CNNMoney) - As the countdown to a fiscal cliff reaches its final days, four key tax breaks for parents are hanging in the balance.
Lawmakers and President Obama continue to butt heads about which tax cuts should be extended. And unless a deal is inked by the end of the year, the Child Tax Credit, Earned Income Tax Credit, Child and Dependent Care Credit and the American Opportunity Credit will revert to lower levels on Jan. 1.FULL STORY