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The result is an outdated corporate tax code, which tax experts and business leaders say hinders rather than spurs U.S. competitiveness.FULL STORY
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
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
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
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
New York (CNNMoney) - A key senator said Tuesday he would try to revive the so-called Bowles-Simpson plan as a starting point in negotiations over a long-term debt-reduction plan.
Democrat Kent Conrad, the Senate Budget Committee chairman, announced he would present the plan as his opening bid at the committee's budget mark-up on Wednesday.FULL STORY
(CNN) – A proposal to implement the Buffett Rule was blocked in the Senate on Monday, but proponents of the millionaire tax vowed to keep the issue alive in the months ahead.
Republicans, as expected, garnered enough support to reject Democrats' attempt to bring up the proposal for debate. The Democrats fell nine votes short.FULL STORY