The promise of health reform is to make care more accessible for everybody -- and to reduce the federal deficit by slowing the growth rate in costs.
Normally Paul Krugman, the liberal pundit and Nobel laureate in economics, and Paul Ryan, a conservative Republican congressman from Wisconsin, share little in common except their first names and a scorching passion for views they champion from opposite political poles. So when the two combatants agree on a fundamental threat to the U.S. economy, Americans should heed this alarm as the real thing. What's worrying both Krugman and Ryan is the rapid increase in the federal debt - not so much the stimulus-driven rise to mountainous levels in the next few years, but the huge structural deficits that, under all projections, keep building the burden far into the future to unsustainable, ruinous heights. "The long-term outlook remains worrying," warned Krugman in his New York Times column. Krugman strongly supports President Obama's spending plans but bemoans the shortfall in taxes to pay for them.
Facing mounting budget deficits and seeing few areas left to cut spending, states increasingly are turning to the only option they have left: raising taxes.
President Obama says his proposals to crack down on corporate tax loopholes will do a lot of things, including create more U.S. jobs.
President Obama on Monday spelled out his proposals to close corporate tax loopholes on U.S. multinational corporations and crack down on overseas tax havens.
Make the tax code fairer? That's one of the things President Obama wants to do in the 2010 budget, which Congress resumes work on this week.
Barack Obama has been more critical of corporate America than any recent President. After his speech on the economy on April 14, Washington editor Nina Easton submitted written questions about his views on business. The answers he sent Fortune sounded notably conciliatory. Excerpts:
For most Americans, Wednesday is the day they have to make sure they're square with the tax man.
President Obama touted his tax cut Wednesday as an important component of his plan to right the U.S. economy and put working families on a more prosperous path.
President Barack Obama on Wednesday touted his tax cut as an important component of his plan to right the U.S. economy and put working families on a more prosperous path.
The promise of health reform is to make care more accessible for everybody -- and to reduce the federal deficit by slowing the growth rate in costs.
Normally Paul Krugman, the liberal pundit and Nobel laureate in economics, and Paul Ryan, a conservative Republican congressman from Wisconsin, share little in common except their first names and a scorching passion for views they champion from opposite political poles. So when the two combatants agree on a fundamental threat to the U.S. economy, Americans should heed this alarm as the real thing. What's worrying both Krugman and Ryan is the rapid increase in the federal debt - not so much the stimulus-driven rise to mountainous levels in the next few years, but the huge structural deficits that, under all projections, keep building the burden far into the future to unsustainable, ruinous heights. "The long-term outlook remains worrying," warned Krugman in his New York Times column. Krugman strongly supports President Obama's spending plans but bemoans the shortfall in taxes to pay for them.
Facing mounting budget deficits and seeing few areas left to cut spending, states increasingly are turning to the only option they have left: raising taxes.
President Obama says his proposals to crack down on corporate tax loopholes will do a lot of things, including create more U.S. jobs.
President Obama on Monday spelled out his proposals to close corporate tax loopholes on U.S. multinational corporations and crack down on overseas tax havens.
Make the tax code fairer? That's one of the things President Obama wants to do in the 2010 budget, which Congress resumes work on this week.
Barack Obama has been more critical of corporate America than any recent President. After his speech on the economy on April 14, Washington editor Nina Easton submitted written questions about his views on business. The answers he sent Fortune sounded notably conciliatory. Excerpts:
For most Americans, Wednesday is the day they have to make sure they're square with the tax man.
President Obama touted his tax cut Wednesday as an important component of his plan to right the U.S. economy and put working families on a more prosperous path.
President Barack Obama on Wednesday touted his tax cut as an important component of his plan to right the U.S. economy and put working families on a more prosperous path.
Even under the best of economic circumstances, tax season is a tense time for American households. The number of hours we collectively spend working on our returns is probably a lot more than government agencies claim.
Changing tax policies is always fraught with political and economic risk. Never more so than now, given the country's deep fiscal hole and competing theories on how best to aid economic recovery.
Larry Jukes said he remembers when he could buy 10 cigarette packs for $2.50.
I came to Washington, DC, for one reason -- to represent Utah to Washington. When I'm in our nation's capital, I am a voice for the people of Utah. But when I come home, it's their voices I want to hear. I want to be there to listen to frustrations, but also to celebrate successes.
One of the people named this week to President Obama's new Task Force on Tax Reform is a member of the AIG board of directors.
President Obama has now added tax reform to his to-do list.
Public outrage can be a potent agent for change, but it doesn't always make for great policy.
The Senate is taking up a controversial bill that would impose a hefty tax on bonuses paid out by companies propped up by taxpayer money.
Borrowing and spending are the lifeblood of the economy, but both have tightened up dramatically in recent months.
President Obama will ask wealthy Americans to deal with a tax increase and pay higher Medicare premiums to help fund a $634 billion health care "reserve fund" aimed at reforming the system, according to senior administration officials familiar with the budget being unveiled Thursday.
Roughly 97% of American households could see tax savings as a result of the American Recovery and Reinvestment Act, according to a new analysis by a nonpartisan research group.
Former President Bill Clinton was in Austin, Texas, over the weekend to host the Clinton Global Initiative University, which encourages college students and administrators to come up with creative ways to address global issues.
Last week, Obama told an audience in Florida that if his economic recovery plan does not work, "then you'll have a new president."
These are extraordinary times, and like a lot of Republicans I believe that a well-crafted stimulus plan is needed to put people back to work. But the Obama spending bill would stimulate the government, not the economy.
You've probably noticed: The Obama administration and Congress are talking about spending an unprecedented sum of money to try to revive the economy.
Democrats hold a strong majority in Congress, but with power comes a power struggle, and a potential headache for President Obama.
A new national poll suggests that a majority of Americans think it will take the country two years or longer to recover from the current recession.
As President-elect Barack Obama prepares to take office, the incoming administration and Congress continue to shape a massive stimulus package to help the struggling economy.
House Democrats on Friday introduced the tax portion of their proposed $825 billion economic recovery package.
After weeks of talks with President-elect Barack Obama's top aides, House Democrats on Thursday released an expansive economic recovery plan that calls for $550 billion in spending and aid to states and $275 billion in tax cuts.
As lawmakers head into the second week of debate over President-elect Barack Obama's proposed economic stimulus plan, new details continue to shed light on what promises to be a sprawling and complex piece of legislation in American history.
Congressional leaders from both parties were optimistic Monday after meeting with President-elect Barack Obama to discuss his package of tax cuts and spending proposals aimed at reviving the beleaguered economy.
President-elect Barack Obama launched his campaign Monday for a massive package of tax cuts and spending proposals aimed at reviving an economy mired in recession.
So it looks like about 40% of President-elect Barack Obama's stimulus plan will come in the form of tax cuts.
For many cash-strapped workers, Barack Obama's plan to stimulate the economy could mean more take-home money in their paychecks.
When the Obama administration takes office in January, it will propose a fiscal stimulus consisting of increased government spending and lower taxes.
Joe the Plumber must be pleased: President-elect Barack Obama has recently hinted he'll delay his plan to raise taxes on individuals earning more than $250,000 a year. But what will this reprieve really mean for small business owners - should they prepare for an eventual tax hike?
A budget plan by Gov. David Paterson that would plug budget shortfalls by slashing spending and raising taxes on items from sugary soft drinks to iTunes downloads is drawing criticism in New York.
Remember all the talk during the presidential campaign about a middle-class tax cut? It could be showing up in your paycheck early next year.
Higher taxes on alcohol can make a night out more expensive but could save lives, according to a study released Thursday.
It's finally here. By the end of today, we should know who the 44th president of the United States will be. And whoever wins probably will do so because voters decided that he has the best plan to repair this shattered economy.
Tax breaks, tax breaks, tax breaks. For months now, Barack Obama and John McCain have promised voters that they will lessen the financial burden on Americans - even as the economic crisis worsens and the country racks up record deficits.
Democratic presidential contender Barack Obama says his economic plan would offer a tax break to 95% of working Americans.
Sen. Barack Obama told CNN on Friday that turning around the economy and energy independence are his priorities for 2009 if he is elected president.
Bill Kwon is the embodiment of the American dream. His father - who was arrested by North Korean Communists in the early 1950s for championing democracy - brought the family from Seoul to Illinois when he was a baby. Bill worked himself ragged pursuing every opportunity America's heartland offered, never leaving Peoria.
Sen. John McCain stepped up his rhetoric against his Democratic rival on taxes in his weekly radio address Saturday, comparing his plan to "socialist" programs.
In speech after speech, presidential candidate John McCain hammers on the claim that his rival Barack Obama will raise taxes on many small businesses.
Housing prices have plummeted, but property tax bills probably won't budge.
The gap between presidential candidates Barack Obama and John McCain is widening ... the capital gains tax gap, that is.
Sen. John McCain on Tuesday sought to discredit Sen. Barack Obama's economic record, telling voters that "perhaps never before in history have the American people been asked to risk so much based on so little."
Sens. John McCain and Barack Obama weighed in Friday on the passage of the economic bailout bill, which was signed into law by President Bush.
For some strange reason, the government keeps writing me checks. Every year Uncle Sam hands me cash to help with my family's health insurance. I also get free money as a reward for buying stocks to fund my own retirement.
Sen. Barack Obama blasted Congress for not passing a financial rescue package Monday, while Sen. John McCain's campaign accused Obama and Democrats of putting "politics ahead of country."
Sen. Barack Obama on Sunday tried to paint Sen. John McCain as a candidate who is out of touch with the middle class.
Alan Greenspan says the country can't afford tax cuts of the magnitude proposed by Republican presidential contender John McCain
The two presidential candidates are in full Rudolph Valentino mode, breathing sweet nothings into the ears of small-business owners.
Democrat Barack Obama says he would delay rescinding President Bush's tax cuts on wealthy Americans if he becomes the next president and the economy is in a recession
Republican presidential nominee John McCain has hammered home the message that he hates pork and wants to balance the budget by 2013.
There are only about 1,500 hours to go before Election Day. And that's also about how many times you'll hear snappy sound bites about the economic proposals of John McCain and Barack Obama.
Despite a stadium packed far past capacity, with nearly 90,000 supporters wildly applauding nominee Barack Obama as he spoke Thursday, Republicans responded with one hand gesture: thumbs down.
As hard-working Americans struggle through the current economic downturn, it is important that voters fully understand the fiscal policies of the two men vying to be our next commander-in-chief.
President Bill Clinton's appearance at the Democratic National Convention last night served as a reminder of the economy we can have with policies that balance fiscal responsibility with investments in our people.
They're not running for poet laureate. But surely John McCain and Barack Obama are aware of the cautionary verse from Scottish poet Robert Burns: "The best-laid plans of mice and men often go awry."
Sens. John McCain and Barack Obama are focusing on the economy Monday and telling voters that they offer the better solution when it comes to creating jobs.
Senator, what do you see as the gravest long-term threat to the U.S. economy?" That was the first question we put to John McCain when he sat down for an interview with Fortune on a sunny afternoon in June. The moment felt charged. Hillary Clinton had finally conceded to Barack Obama, and now the contest for the highest office in the land was down to two sparkling finalists - "the most impressive choice America has had for a very long time," The Economist observed from overseas. Both were long shots when all this began. Each prevailed despite deep differences with key blocs in their party bases. Both promised change.
Most voters are aware that Barack Obama wants to raise taxes on high-income taxpayers if he's elected president in November.
It's great to be back in Oregon. Over the last fifteen months, we've travelled to every corner of the United States. Now I know that if you listen to Washington or pay attention to the pundits, you hear a lot about how divided we are as a people. But that's not what I've found as I've travelled across this great country.
Republican presidential candidate John McCain threw some red meat to the small-business crowd on Tuesday, promising that if elected president he would drastically overhaul the tax system, end corporate welfare, introduce tax credits to make health insurance more affordable, and help the GOP "reclaim our good name as the party of spending restraint."
The economy is the No. 1 issue on the minds of American voters, and Sens. John McCain and Barack Obama offer vastly different plans to improve it.
John McCain and Barack Obama have starkly different philosophies about tax policy - how to raise the revenue needed to support government programs, spur growth and ensure economic fairness.
Republican presidential candidate John McCain outlined his agenda on tax cuts to a group of small business leaders Tuesday, vowing to keep taxes low in the face of a weak economy and rising oil prices.
Barack Obama's emergence as the presumptive Democratic nominee on Tuesday sets the stage for a sharp partisan debate over the issue weighing most heavily on voters: the economy.
The fact that Barack Obama is now the presumptive Democratic nominee for president seems to sit well with Wall Street. After all, the securities industry has been funding his campaign for months.
President Bush on Monday called on lawmakers to make his 2001 and 2003 tax cuts permanent or risk what the White House has tagged "the largest tax increase in history."
It's a good thing they're not running for accountant in chief.
In his most wide-ranging speech on the economy, presumptive Republican nominee John McCain on Tuesday laid out an agenda that would change the tax code, freeze discretionary spending and temporarily suspend federal gas taxes.
Regardless of how much money you make, you have skin in this game.
The presidential candidates all have big plans for their time in the White House. Reform health care. Reduce taxes. Close corporate loopholes. Encourage savings. The list goes on.
Dear FSB: I work for a wholesale distribution business that is considering building a new distribution center this year. The U.S. Congress is currently debating an economic stimulus package that would include bonus depreciation that would certainly have an impact on our decision to make an investment now. How can we best express our need for tax relief for small business?
President Bush, citing concerns about the country's economic future, called Monday for swift passage of a $150 billion program intended to counter slowing growth.
The state of the slowing economy and how to energize it - now and beyond - will be a focal point of President Bush's State of the Union address Monday night.
In last night's debate, held days before Tuesday's Republican primary in Boca Raton, Florida, GOP candidates came up with a few new factual distortions and repeated several old ones. Among them:
President Bush on Friday proposed a temporary, broad-based tax relief package aimed at spurring the nation's slowing economy.
You may be getting an extra few hundred extra bucks for your wallet this year courtesy of the federal government. And if you could spend it as fast as you get it, lawmakers would be most appreciative.
Martin Feldstein, the Harvard economist credited with being one of the fathers of the Bush administration tax cuts, says the U.S. economy is now likely to slip into a recession, and that avoiding one will take a new round of tax cuts and interest rate cuts from the Federal Reserve.
Five top Republican presidential contenders sparred over taxes and spending Sunday night in a debate that touched on the value of Washington experience.
Word is that President Bush may propose new measures to boost the economy by the time he gives his State of the Union address later this month.
Every presidential candidate bemoans something about income taxes: they're unfair, they're too complex, they hinder economic growth, you name it. And every candidate is sure their proposals can set things right and still result in green glory for the Treasury.
The debate over the Alternative Minimum Tax isn't nearly as gripping as an episode of "24," but like Jack Bauer, Congress is under the gun.
The Senate voted Thursday to block a looming tax increase averaging $2,000 for millions of taxpayers after Senate Republicans succeeded in thwarting a Democratic plan to also raise taxes on investors.
Presidential campaigning is a promise-making fiesta, and never more so than when it comes to taxes.
Warren Buffett thinks those who use the phrase "death tax" are intellectually dishonest because the phrase in his words is "clever, Orwellian and dead wrong."
President Bush vetoed a $600 billion spending bill Tuesday, accusing Democratic leaders of wasting money and plotting tax increases, then took his budget fight with Congress on the road.
The leading Democratic candidates for president have said they'd favor higher investment taxes on upper-income taxpayers - and Wall Streeters don't like it.
If a tax-system overhaul proposed last week were to pass into law, there would be a substantial redistribution of the tax burden.
No one actually expects lawmakers to overhaul the tax code this year, but House Ways and Means Chairman Charles Rangel (D-NY) planted his flag Thursday morning by unveiling a bill that he calls the "mother of all tax reforms."
A bill representing the "mother of all tax reforms" is set to be revealed Thursday, according to House Ways and Means Chairman Charles Rangel (D-NY).
The Bush administration said in a new report Monday that Social Security is facing a $13.6 trillion shortfall and that delaying needed reforms is not fair to younger workers.
Sen. Barack Obama on Tuesday proposed overhauling the tax code to lower taxes for the poor and middle class, increase them for the rich and make it so most Americans can file their taxes in five minutes.
Talk to most private equity fund managers about the bill before Congress to raise taxes on "carried interest," and they'll tell you the proposal is downright un-American. (For more on the bill and its genesis, see Allan Sloan's column, The Deal) Leo Hindery Jr., managing partner of InterMedia Partners, is not most managers. On Sept. 6, Hindery, who's also a former CEO of AT&T Broadband and the YES Network - and John Edwards's economic advisor - went before the House Ways and Means Committee and endorsed the proposal.
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