Rep. Chris Van Hollen (D-MD) says, the president's plan "would provide tax relief for 100% of the American people"
Bolstered by a new poll that shows him leading in Ohio and two other battleground states, President Barack Obama on Wednesday made his ninth campaign trip this year to the Buckeye State to attack Republican rival Mitt Romney's tax plan as unfair to middle-class Americans.
Republicans and Democrats on Capitol Hill are gearing up for a vote this week on a House Republican bill to extend all the current tax cuts, but the debate is really aimed at the vote that comes less than 100 days from now.
Taxmaggedon is coming. Unless President Obama and Congress act, Americans will be hit with what would be in total dollars the largest tax increase in history in little more than five months.
By announcing that he will release no further tax returns beyond his 2010 and 2011 returns, Mitt Romney appears to have exempted himself from the proud bipartisan tradition of presidential nominees displaying genuine financial candor with the electorate.
Earlier this week, President Barack Obama proposed to extend the Bush-era income tax cuts, which expire at the end of this year, for one year for people with income below $250,000. People with higher income would continue to receive all of the benefits of lower taxes on their first $250,000 of income, but the tax rate they face on income above that amount would rise.
President Obama calls for the renewal of Bush-era tax cuts for Americans who make under $250,000.
Tax refund fraud is rampant, and officials blame the IRS for not doing enough to stop it. CNN's Randi Kaye reports.
Criminals who file fraudulent tax returns by stealing people's identities could rake in an estimated $26 billion over the next five years because the IRS cannot keep up with the amount of the fraud, Treasury Inspector General J. Russell George said Tuesday.
Tuesday is tax day, and the only thing more frustrating than paying taxes is Washington's refusal to fix the tax code.
Last week we learned that Barack and Michelle Obama's effective tax rate for 2011 was 20.5%. They had adjusted gross income of $789,674. We also learned that their tax rate was slightly lower than President Obama's secretary, who had about $95,000 of income.
It turns out that Richard Nixon was a hippie.
The Buffett Rule makes for great stump speeches in an election year. But as tax policy it leaves much to be desired.
Dissident artist Ai Weiwei discusses the scrutiny he's under in Beijing and why he's posted his taxes online.
Criminals across the country are raking in billions of dollars in tax refunds through a new and brazen form of fraud that takes advantage of the IRS's fast online returns, law enforcement officials say.
Money Magazine: 5 tricky tax challengesupdated: Sat Mar 03 2012 07:04:00
With the Bush tax cuts slated to expire at the end of this election year, consider this filing season the calm before the tax storm: You'll face few new rules, tax rates are the same as last year, and popular deductions are still in place.
Mitt Romney's new tax plan would mean lower taxes for most Americans. But some would benefit more than others.
Mitt Romney made two big changes to his tax plan last week, and according to a new analysis, they will be very expensive.
Compare and contrast the economic plan Mitt Romney released in September with the speech he delivered Friday in Detroit.
Arizona Gov. Jan Brewer explains why she is endorsing Mitt Romney as the GOP presidential candidate.
U.S. corporations pay one of the highest tax rates in the world. There's little debate about that.
During a speech at the Boeing facility in Washington, Pres. Obama commends Congress for extending the payroll tax cut.
President Barack Obama on Wednesday signed into law the agreement passed by Congress last week to extend the payroll tax cut and unemployment benefits while preventing a cut in payments to Medicare doctors.
After more than a year in the making, the Obama administration on Wednesday released its plan to overhaul the corporate tax code.
CNN's Christine Romans explains what's in President Obama's corporate tax plan.
The Treasury Department will unveil President Barack Obama's corporate tax reform plan Wednesday -- a framework that would reduce the overall rate paid by corporations, a senior administration official told CNN.
Outspoken New Jersey Gov. Chris Christie had some rather harsh words for billionaire investor Warren Buffett on Tuesday.
The Treasury Department will unveil President Barack Obama's corporate tax reform plan on Wednesday, senior administration officials told CNN.
The last legislative freight train has left the station, and a set of expired business tax breaks that regularly get extended was left on the platform.
Pretty much everyone in Washington agrees that the tax code is complicated, inefficient and -- in general -- a major drag.
House Speaker John Boehner says a payroll tax agreement with Democrats was the only way to prevent a tax hike.
Raise taxes on those making more than $250,000. Limit deductions for the wealthy. Make an expanded college tax credit permanent.
President Obama unveiled a $3.8 trillion budget request Monday that hikes taxes on the rich, spends new money on infrastructure and education, but does little to reform the entitlement programs that pose the biggest long-term threat to the federal budget.
President Obama unveiled a $3.8 trillion budget request Monday that hikes taxes on the rich, spends new money on infrastructure and education, but does little to reform the entitlement programs that pose the biggest long-term threat to the federal budget.
President Barack Obama's new chief of staff on Sunday stopped short of predicting Congress would agree to extend the payroll tax cut for the rest of 2012.
President Obama will propose a budget on Monday that forecasts a $901 billion deficit in 2013, and includes plans to make targeted investments in areas like infrastructure while hiking taxes on the rich.
Facebook's upcoming IPO will make founder and CEO Mark Zuckerberg a billionaire -- but it will also stick him with an eye-popping tax bill that could reach as high as $2 billion.
CNNMoney: Obama's tax recordupdated: Mon Jan 30 2012 11:39:00
Republicans portray President Obama as the tax-hiker-in-chief.
Joseph J. Thorndike is a contributing editor at Tax Analysts and a columnist for Tax Notes Today, where a longer version of this article first appeared. He is also director of the Tax History Project at Tax Analysts, which includes an archive of presidential tax returns. The opinions expressed in this commentary are solely his own.
President Barack Obama on Wednesday launched a three-day visit to five battleground states in the November election by pressing State of the Union themes of core American values and having the wealthy pay more taxes.
President Obama delivered a State of the Union address Tuesday that was deeply saturated with the message of income inequality, a populist idea that the White House hopes will resonate on the campaign trail.
For a century, the bedrock principle of our tax code has been progressivity: The rich pay a larger share of income than the middle class and poor. Yet Mitt Romney's revelation that he paid 14% in federal income taxes on more than $40 million in income in 2010 and 2011 reveals an increasingly open secret: Progressivity is dead for the superrich.
Newt Gingrich is the latest Republican candidate to challenge the conventional wisdom that Mitt Romney is destined to capture his party's nomination.
One of the lessons of modern American presidential history is that there is nothing more devastating than turning a candidate's supposed strength into a weakness. Karl Rove masterfully made John Kerry's distinguished military service a liability through a series of Swift Boat attacks in the 2004 campaign.
Mitt Romney says he pays full taxes and he's honest in his dealings; Gingrich and Santorum respond, talk about their taxes.
So Mitt Romney thinks his effective tax rate is about 15%.
During Monday's Republican presidential debate, former Massachusetts Gov. Mitt Romney said he probably would release a tax return in April -- though he declined to commit -- asserting that recent GOP nominees waited until tax season in election years.
The IRS not only doled out fewer tax refunds last year, but it also cut smaller checks with the average refund slipping by nearly $100.
How would millionaire and billionaire investors like Warren Buffett fare under the GOP presidential hopefuls' tax plans?
If Republican primary voters are inclined to reward candidates who have big, bold, game-changing plans for the tax code, Mitt Romney might be in trouble.
Presidential candidate Rick Santorum's proposals to change taxes haven't drawn much attention yet. But that is likely to change now that his standing in the Republican field has risen.
The rich have gotten richer, thanks to the stock market and the Bush tax cuts, a recent report has found.
Same-sex spouses are paying as much as $6,000 a year in extra taxes because the federal government doesn't recognize gay marriage, according to an analysis conducted for CNNMoney by tax specialists.
CNNMoney asked tax preparer H&R Block to run a variety of scenarios comparing tax liabilities of same-sex and opposite-sex families for our story about gay marriage and taxes. Here's how H&R Block's Tax Institute did the math.
A top White House economic adviser said on Wednesday that congressional deadlock on extending payroll tax cuts and unemployment insurance benefits could threaten the U.S. economy.
If Congress fails to pass an extension of the payroll tax holiday, it would put a serious dent into economic growth in 2012 and could even help tip the U.S. back into a recession, according to economists.
My fiancé and I are in our late 20s and we contribute to our 401(k) plans. But we'd like to supplement our retirement savings by making additional small contributions (maybe $100 a month) over time. We wouldn't touch this money except in an absolute emergency. Any suggestions? -- M. Barber
House Republicans say the two-month payroll tax cut extension passed overwhelmingly by the Senate would inject uncertainty into the economy.
Every Republican presidential hopeful has a plan to cut taxes.
Republicans demanding specific ideological provisions as part of a deal to extend the payroll tax cut appear to be going against their party's anti-tax orthodoxy, White House spokesman Jay Carney said Monday.
President Obama calls on Congress to do what's right for the American people by extending the payroll tax cut.
Setting up a showdown with the White House and Senate Democrats, House Republican leaders Thursday proceeded with plans to vote next week on a proposal to extend the payroll tax cut and unemployment benefits while easing the path for approval of the Keystone XL oil pipeline.
Senators Collins and McCaskill propose bipartisan payroll tax cut plan
Based on recent history and what's likely to happen to the nation's infrastructure, it's an inescapable conclusion: We will need new and different sources of funding if we are to have the type of transportation system that is needed to support economic prosperity.
All kinds of ideas are flying around Capitol Hill about how to extend the payroll tax cut set to expire at the end of the year, but a long-standing battle over tax increases and divisions among congressional Republicans have prevented any from gaining traction so far.
A perpetual deadlock in Congress has resulted in eight extensions of the national transportation bill, causing roads to crumble, bridges to fall, and transit to break down.
Remember your first road trip? That sweet taste of independence as you were finally unleashed on America's free and open highways?
In case you haven't heard, President Obama wants the wealthiest to pay more in taxes.
President Obama urged Congress to act on the payroll tax cut before the Christmas recess.
Senate Democrats on Monday offered a new proposal to extend the payroll tax cut before it expires at the end of the year, and President Barack Obama quickly urged Congress to help middle-class Americans by passing it.
Amazon and eBay had it out in a public brawl in Washington on Wednesday during a congressional hearing about allowing states to collect sales tax on Internet purchases.
The Senate blocked competing Democratic and Republican proposals for a payroll tax cut extension.
A top Republican leader agreed Thursday with President Barack Obama and Democrats that extending the payroll tax cut would help the economy, but the parties remained divided over how to pay for the move.
Come January, will 160 million American workers owe a) more than; b) less than; c) the same as they've been paying in payroll taxes this year?
The debate in Congress this week about whether to pay for extending the payroll tax cut by imposing a new tax on millionaires will have nothing to do with solving our nation's economic challenges and everything to do with election-year politics. Senate Democratic leaders have already signaled they will use the debate as a purely partisan exercise designed to embarrass Republicans into opposing tax cuts for the poor while defending tax cuts for the rich.
President Barack Obama on Wednesday challenged Republicans to "fight as hard for middle-class families as you do for those who are more fortunate," telling a Pennsylvania crowd to push Congress to extend the payroll tax cut enacted a year ago.
When Newt Gingrich first released his economic plan, Donald Trump was still considering a 2012 bid and NASA had a space shuttle program.
Congress has a way of waiting to the very last minute to resolve big issues, so December is usually a busy month on Capitol Hill. This year will be no exception. But next year? Next year will be no exception on steroids.
Senate Democrats this week will propose extending the payroll tax cut and imposing a surtax on people earning more than $1 million to pay for it, Sen. Charles Schumer of New York said Sunday.
No one ever said tax reform would be easy. But the failure of the super committee points up just how hard it will be in the next year.
Members of Congress's so-called super committee huddled in small groups behind closed doors on Capitol Hill on Friday, battling growing pessimism over their seeming inability to meet a now-imminent deadline for a bipartisan deficit reduction deal.
Brooke Baldwin talks to Bob Cusack of "The Hill" about the supercommittee's deadline for a plan to cut $1.2 trillion
A week before their deadline, Democrats and Republicans on a special joint deficit committee blamed each other for a failure to compromise on how to reform the tax code and entitlement programs such as Medicare and Social Security.
A group of two dozen millionaires stormed Capitol Hill on Wednesday, demanding lawmakers raise their taxes.
They have been meeting for two months, poring over concepts and ideas already hashed out by three other groups over the past year.
It's been a big bone of contention from Day 1 on the congressional debt committee. Will Republicans accept any kind of revenue dedicated to debt reduction, and if so what kind and how much?
Republicans on Capitol Hill gave conflicting messages to the debt committee this week.
The corporate tax rate is 35%. But an examination of 280 of the nation's largest corporations suggests that many aren't paying anything close to that.
"Wherever the olive tree grows, you won't find much tax being collected," the mayor of a small town in southern Spain told me a few years ago. He shrugged; such was life.
CNN's Max Foster takes a look at the history of the euro and the controversy surrounding it.
No matter how you slice it, the richest Americans would do better under Rick Perry's tax proposals, but the picture is more of a mixed bag for those on the lower rungs, according to an analysis released Monday by a nonpartisan tax research group.
Howard Gleckman is a resident fellow at the Urban Institute and editor of TaxVox, the blog of the nonpartisan research organization Tax Policy Center. The opinions expressed in this commentary are solely those of the writer.
CNN's Erin Burnett talks to David Malpass, economic adviser to Rick Perry, about the governor's new flat tax proposal.
The Greek government says it seized 555 yachts last year in a clamp-down on tax evasion.
Rick Perry has said he wants to scrap the tax code and make taxes simpler.
A new Obama campaign memo slams Texas Gov. Rick Perry's and former Massachusetts Gov. Mitt Romney's tax proposals, leveling a charge that's now a campaign theme: the rich will benefit at the expense of the middle class if a Republican claims the White House in 2012.
GOP presidential hopeful Herman Cain changes the math on his 9-9-9 tax plan. CNN's Joe Johns reports.
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