New York (CNNMoney) – Mitt Romney made $13.7 million last year and paid $1.94 million in federal income taxes, giving him an effective tax rate of 14.1%, his campaign said Friday.
His effective tax rate was up slightly from the 13.9% rate he paid in 2010.FULL STORY
New York (CNNMoney) – Mitt Romney's videotaped remarks made public this week point to at least one true fact: Nearly half of American taxpayers do indeed end up paying no federal income tax.
In footage taped with a hidden camera at a Romney fundraiser in May, the Republican presidential candidate describes the "47% of the people who will vote [for President Obama] no matter what." He says they are "dependent on government" and "believe they are victims." They "pay no income tax," he says.FULL STORY
(CNN) – Layoffs and furloughs. Less help in school for disadvantaged kids. A reduction in immunizations and fewer meals for seniors in need.
Those are just a few examples of the damaging fallout that could occur if Congress does nothing to ward off the indiscriminate spending cuts scheduled for next year.FULL STORY
New York (CNNMoney) - If lawmakers cannot agree on how to address the pending "fiscal cliff," $7 trillion worth of tax increases and spending cuts will begin to go into effect in January.
The smart money says Congress won't come close to an agreement before the November election, and that lawmakers may not even be able to reach one until early next year. At that point, of course, they'd need to undo at least some of the tax increases and spending cuts that went into effect.FULL STORY
New York (CNNMoney) - Congress starts voting this week over competing proposals for how to extend the Bush tax cuts.
None of them is likely to be enacted as is - nor is the debate likely to be resolved before the November elections at the earliest.FULL STORY
New York (CNNMoney) - Turns out there's a price to pay for incessant fighting in Congress and political grandstanding.
The federal government spent an extra $1.3 billion to borrow last year because of the showdown over the debt ceiling, the Government Accountability Office reported Monday.FULL STORY
New York (CNNMoney) - The push to slash federal spending in the name of curbing deficits and getting rid of "big government" could hit the private sector.
The reason: The federal government now spends more than $500 billion a year - or roughly 14% of the federal budget - on private-sector contractors.FULL STORY