Tax deduction cap: How much would it raise and who'd pay?
October 17th, 2012
06:07 PM ET
2 years ago

Tax deduction cap: How much would it raise and who'd pay?

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.

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Filed under: Mitt Romney • Taxes
Obama and Romney on taming deficits
October 16th, 2012
03:14 PM ET
2 years ago

Obama and Romney on taming deficits

NEW YORK (CNNMoney) - Whoever wins the presidential election on Nov. 6 will be under pressure to tame federal deficits. And the subject, directly or indirectly, is likely to come up during Tuesday's town hall debate between President Obama and Mitt Romney.

Indeed, the candidates share a similar goal when it comes to the federal debt: They say they want to get it under control.

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Filed under: 2012 • Deficit • Mitt Romney • President Obama
White House to contractors: Hold off on layoff warnings
September 28th, 2012
07:23 PM ET
2 years ago

White House to contractors: Hold off on layoff warnings

New York (CNNMoney) - The White House on Friday told government contractors worried about fiscal cliff spending cuts to hold off on warning employees about possible layoffs.

The government said it would cover legal costs if contractors are forced to slash their payrolls because of the looming $109 billion in automatic cuts next year and are alleged to have violated the WARN Act.

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Filed under: White House
Corporate taxes: What Obama and Romney would do
September 7th, 2012
05:28 PM ET
2 years ago

Corporate taxes: What Obama and Romney would do

New York (CNNMoney) - Policymakers last overhauled the corporate tax system 26 years ago. The economy, international trade and technology have changed drastically since then.

The result is an outdated corporate tax code, which tax experts and business leaders say hinders rather than spurs U.S. competitiveness.

FULL STORY

Filed under: 2012 • Mitt Romney • President Obama
U.S. debt $417 billion below the debt ceiling
September 5th, 2012
02:02 PM ET
2 years ago

U.S. debt $417 billion below the debt ceiling

New York (CNNMoney) - Republicans are trying to make political hay of the fact that the federal gross debt this week crossed the $16 trillion mark.

But reaching that milestone was expected. And while notable, it overshadows the number that is of more immediate concern to Congress: the amount of debt subject to the legal borrowing limit.

FULL STORY

Filed under: Budget • Congress • Debt
Fiscal cliff to improve debt outlook but cause recession
August 22nd, 2012
11:19 AM ET
2 years ago

Fiscal cliff to improve debt outlook but cause recession

NEW YORK (CNNMoney) - If the so-called fiscal cliff takes effect in 2013, the U.S. deficit outlook will improve, but scheduled tax increases and spending cuts would push the country into recession and unemployment up to 9%.

That's one of the main takeaways from an analysis Wednesday by the Congressional Budget Office, which released its updated budget and economic projections for 2012 through 2022.

FULL STORY
Middle class taxes may rise anyway
July 9th, 2012
03:02 PM ET
2 years ago

Middle class taxes may rise anyway

NEW YORK (CNNMoney) - President Obama and Republicans battled Monday over a familiar dividing line: the Bush tax cuts.

While they disagree over taxing the rich, both support extending the Bush tax cuts for the middle class for one year.

FULL STORY

Filed under: Congress • President Obama • Taxes
CBO: Hard choices ahead on debt
June 5th, 2012
01:32 PM ET
3 years ago

CBO: Hard choices ahead on debt

New York (CNNMoney) - The Congressional Budget Office on Tuesday painted a stark picture of the country's fiscal future, which will be determined in part by tough choices lawmakers face in the coming months on the federal budget.

The CBO, the nonpartisan official beancounter in Washington, painted two scenarios for Congress.

FULL STORY

Filed under: Budget • Congressional Budget Office • Taxes
Was Romney a tax cutter or a tax hiker?
May 31st, 2012
04:17 PM ET
3 years ago

Was Romney a tax cutter or a tax hiker?

New York (CNNMoney) – Mitt Romney has portrayed himself as a tax cutter when he served as governor of Massachusetts - slashing taxes 19 times.

The Obama campaign put out on Thursday claiming that he broke a promise to lower taxes.

FULL STORY

Filed under: 2012 • Mitt Romney • Taxes
Fiscal cliff: What you need to know
May 16th, 2012
02:18 PM ET
3 years ago

Fiscal cliff: What you need to know

New York (CNNMoney) - On Tuesday, House Speaker John Boehner all but promised an ugly fight over the debt ceiling this year unless GOP demands for spending cuts are met.

Sound familiar? The GOP took the same tact last year, leading eventually to an epic Washington fight that led to a first-ever U.S. credit downgrade and a major disruption in global markets.

FULL STORY

Filed under: Budget • Congress
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