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
New York (CNNMoney) – If Congress fails to cut a deal on the fiscal cliff this year, the scramble to do so in January could run smack dab into yet another high-stakes negotiation - over raising the debt ceiling.
As of late last week, the country's debt was $154 billion below the $16.394 trillion debt ceiling.FULL STORY
New York (CNNMoney) - There's a big difference between raising tax rates and raising tax revenue. And the distinction may prove key in fiscal cliff negotiations between House Speaker John Boehner and President Obama over the next two months.
Boehner on Wednesday laid out in public his opening gambit for that deal-making.FULL STORY
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) – Remember the fiscal cliff?
It's the largest and most immediate domestic problem the next president will face. Yet it was barely mentioned during four presidential and vice presidential debates, and the candidates have said little about how they would address it.FULL STORY
NEW YORK (CNNMoney) - The looming spending cuts at the Pentagon played a starring role in Monday night's foreign policy debate.
Mitt Romney said several times he would "not cut our military budget by $1 trillion."FULL STORY
New York (CNNMoney) - The national debt is not on the official agenda for Monday's presidential debate on foreign policy.
But it may as well as be. A chorus of former military leaders, current administration officials and fiscal hawks have all labeled the country's debt a threat to national security.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