(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
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
New York (CNNMoney) - Often missing from the hyper-politicized debate over spending cuts and tax increases is a central point: Why the federal budget is on an unsustainable course.
Today, the United States spends about 71 cents of every federal tax dollar it collects on the Big 4: Medicare, Medicaid, Social Security and interest on the debt.FULL STORY
(CNN) – Divergent Republican views on raising tax rates for the wealthy were on display Sunday, as time grew shorter for reaching a deal to avoid fiscal crisis at the end of the year.
Reps. Marsha Blackburn and Tom Cole both said on CNN's "State of the Union" they didn't want to see rates increase for top-earning Americans, which President Barack Obama has said must be included in a deal to cut the nation's federal deficit. But the two disagreed on whether it was politically wise for Republicans to steadfastly oppose those tax hikes on the top 2% of American incomes.
New York (CNNMoney) – In all the rhetorical noise about the fiscal cliff, the discussion has focused most heavily on the Bush-era income tax cuts.
Neither party wants to raise income taxes on the middle class, which has come to be defined as families making below $250,000.FULL STORY
New York (CNNMoney) - The line in the sand in the fiscal cliff talks is clear: Democrats will only agree to a deal that raises the tax burden on high-income households.
Democrats want to accomplish that goal largely through higher tax rates. Republicans hate that idea and say any new revenue should be raised by curbing tax breaks.FULL STORY