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
(CNN) -– Gov. Jerry Brown sees California voters’ openness to temporarily increasing taxes on wealthy individuals’ income as a sign voters nationwide may be open to the idea.
“The cutting and the deficits are out of control,” the California Democrat said Sunday on CNNs “State of the Union.”
New York (CNNMoney) – Among the questions about how Mitt Romney would pay for his $5 trillion tax plan is whether he would curb the biggest tax break of all: the largely invisible tax savings workers get when their employer provides health insurance.
The "health care exclusion" applies to the money a company contributes to help pay for an employee's coverage; that money is considered income to the worker, and the IRS treats it as tax-free.
Watch CNN's comprehensive coverage of Election Day starting at 6 p.m. ET Tuesday on CNN TV and follow online at CNN.com or via CNN's apps for iPhone, iPad and Android. For up-to-the-minute results, go to cnn.com/results and for our real-time Election Day live blog, check out cnn.com/conversation. Need other reasons to watch Election Day coverage on CNN's platforms? Click here for our list.FULL STORY
New York (CNNMoney) - As Congress dithers on resolving the fiscal cliff and long-term debt, 87 CEOs of major companies publicly urged lawmakers to compromise - and fast.
Their prescription: a debt-reduction plan that raises tax revenue and cuts spending.FULL STORY
New York (CNNMoney) - One of the big unknowns about Mitt Romney's $5 trillion tax plan is how he would pay for it.
According to a report released Wednesday, one of the options he has talked about wouldn't raise nearly enough money on its own.FULL STORY
New York (CNNMoney) - The nature of campaigning is to make promises. The nature of governing makes it hard to keep all those promises. And so do unforeseen events, like recessions.
That may be why even those who broadly favor the kind of tax reform that Mitt Romney is proposing - lower tax rates, fewer tax breaks - worry that his $5 trillion plan might not deliver all that he's promised.
Watch CNN's coverage of Tuesday's presidential debate starting at 7 p.m. ET on CNN TV, CNN.com and via CNN's apps for iPhone, iPad and Android. Web users can become video editors with a new clip-and-share feature that allows them to share favorite debate moments on Facebook and Twitter. Click here for 13 reasons to watch the debate only on CNN.FULL STORY