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
New York (CNNMoney) - Leaders in Washington say they want to make a "down payment" on deficit reduction and avert the fiscal cliff.
But the size of any down payment depends in large part on whether the two sides can agree on taxing the rich.FULL STORY
Washington (CNN) – Nothing riles up the tea party chattering class like a broken pledge against raising taxes.
Just ask Sen. Saxby Chambliss, a veteran Georgia Republican who this week turned his back on the Taxpayer Protection Pledge he signed years ago as a rite of passage of right-wing politics.FULL STORY
(CNN) – A top Republican U.S. senator brushed off the anti-tax pledge pushed by activist Grover Norquist and embraced widely for years by GOP lawmakers.
"I care more about my country than I do about a 20-year-old pledge," Sen. Saxby Chambliss told Georgia television station WMAZ, a CNN affiliate, on Wednesday. "If we do it his way, then we'll continue in debt and I just have a disagreement with him about that."
New York (CNNMoney) - Republicans have officially gotten on board with raising revenue for deficit reduction - by curbing tax breaks in conjunction with lowering tax rates.
The idea of curbing tax breaks isn't new. Tax policy experts have touted it for years and Democrats, including President Obama, have proposed it in one form or another. That's why it may offer a key to resolving the fiscal cliff.FULL STORY