Tax day: Where did the money go in 2012?
April 15th, 2013
07:03 AM ET
1 year ago

Tax day: Where did the money go in 2012?

(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.

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Filed under: Taxes
Obama's tax returns: Income drops
April 12th, 2013
02:48 PM ET
1 year ago

Obama's tax returns: Income drops

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.

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Filed under: President Obama • Taxes
Parties still talking past each other on taxes and spending
March 12th, 2013
04:40 PM ET
1 year ago

Parties still talking past each other on taxes and spending

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.

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Filed under: Budget • Congress • Taxes
The rich pay majority of U.S. income taxes
March 12th, 2013
07:39 AM ET
1 year ago

The rich pay majority of U.S. income taxes

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.

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Filed under: CNNMoney.com • Taxes
Democrats Talk Tax Hikes, Part II
February 7th, 2013
06:51 PM ET
1 year ago

Democrats Talk Tax Hikes, Part II

(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."
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Filed under: Democrats • Senate • Taxes
Tax breaks: Where big money is
February 5th, 2013
08:12 AM ET
1 year ago

Tax breaks: Where big money is

New York (CNNMoney) – If Congress and President Obama are ever going to get serious about tax reform, they will have to rethink some of the biggest and most popular tax breaks.

It won't be easy.

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Filed under: Taxes
Biggest budget busters: Spending or tax cuts?
February 4th, 2013
08:08 AM ET
1 year ago

Biggest budget busters: Spending or tax cuts?

New York (CNNMoney) - What's to blame for the big growth in federal debt? Republicans blame runaway spending. Democrats blame tax cuts.

Neither is quite right. The fact is both spending and taxes play a role.

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Filed under: Budget • Taxes
Clock ticking on mortgage tax break for struggling homeowners
December 24th, 2012
08:01 AM ET
2 years ago

Clock ticking on mortgage tax break for struggling homeowners

(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.

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Filed under: Taxes
What happens if the payroll tax cut expires
December 19th, 2012
05:50 AM ET
2 years ago

What happens if the payroll tax cut expires

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.

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Filed under: CNNMoney.com • Fiscal Cliff • Taxes
Parents await fate of four key tax breaks
December 18th, 2012
07:29 AM ET
2 years ago

Parents await fate of four key tax breaks

(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

Filed under: Fiscal Cliff • Taxes
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