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Dec 31, 2012

Analysis – At cliff’s edge, old ideas to cap U.S. tax breaks are new again

By Kim Dixon and Kevin Drawbaugh

(Reuters) – Imposing overall caps on how much high-income people in the United States can claim on their tax returns in deductions, exemptions and other tax breaks is an idea whose time may have come – again.

In the whirl of “fiscal cliff” talks, bipartisan backing has grown for imposing, or in some cases reinstating, caps on tax breaks for top earners.

Dec 31, 2012

Analysis: At cliff’s edge, old ideas to cap tax breaks are new again

By Kim Dixon and Kevin Drawbaugh

(Reuters) – Imposing overall caps on how much high-income people in the United States can claim on their tax returns in deductions, exemptions and other tax breaks is an idea whose time may have come – again.

In the whirl of “fiscal cliff” talks, bipartisan backing has grown for imposing, or in some cases reinstating, caps on tax breaks for top earners.

Dec 31, 2012

At cliff’s edge, old ideas to cap US tax breaks are new again

Dec 31 (Reuters) – Imposing overall caps on how much
high-income people in the United States can claim on their tax
returns in deductions, exemptions and other tax breaks is an
idea whose time may have come – again.

In the whirl of “fiscal cliff” talks, bipartisan backing has
grown for imposing, or in some cases reinstating, caps on tax
breaks for top earners.

Dec 31, 2012

Factbox: U.S. “fiscal cliff,” tax impact of no deal

WASHINGTON (Reuters) – Higher federal taxes for millions of businesses and individuals will become law on Tuesday unless Congress acts to stop them. These taxes, worth $500 billion, comprise the bulk of what is known as the “fiscal cliff” problem.

The following shows the probable impact on taxpayers if Congress does not act on Monday, or does not come back later and undo these tax increases, based on data from the nonpartisan Tax Policy Center.

Dec 31, 2012

U.S. ‘fiscal cliff,’ tax impact of no deal

WASHINGTON, Dec 31 (Reuters) – Higher federal taxes for
millions of businesses and individuals will become law on
Tuesday unless Congress acts to stop them. These taxes, worth
$500 billion, comprise the bulk of what is known as the “fiscal
cliff” problem.

The following shows the probable impact on taxpayers if
Congress does not act on Monday, or does not come back later and
undo these tax increases, based on data from the nonpartisan Tax
Policy Center.

Dec 31, 2012

Hours from “fiscal cliff,’ still no deal in Congress

WASHINGTON (Reuters) – Taxes were on track to rise for many Americans this week unless lawmakers could cut a last-minute deal on Monday to avoid the “fiscal cliff,” an outcome that seemed unlikely, but still possible.

Financial markets were on edge only hours before the midnight arrival at the long-awaited “cliff,” an assortment of $600 billion in tax hikes and broad federal spending cuts on defense and domestic programs that has defied a political solution.

Dec 27, 2012

Factbox: Key players in scramble to avoid U.S. “fiscal cliff”

WASHINGTON (Reuters) – The outcome of the “fiscal cliff” debate will be decided in four days, with just a handful of powerful leaders in Washington calling the shots, for better or for worse.

Here are some of the politicians and administration figures who are involved in trying to head off the tax increases and federal spending cuts that will take hold in January unless Congress acts, possibly pushing the economy into recession.

Dec 27, 2012

Factbox: “Fiscal cliff” tax, budget provisions in detail

WASHINGTON (Reuters) – The “fiscal cliff” is only days away and efforts to avert it are making little progress, with some U.S. lawmakers predicting the tax increases and federal spending cuts involved will start taking hold in January, unless a deal comes together very quickly.

If these jolts to the economy are allowed to occur, a recession could follow, economists have forecast.

Dec 20, 2012

Republicans push own “fiscal cliff” plan; talks frozen

WASHINGTON (Reuters) – Republicans in the Congress pushed ahead on Thursday with a “fiscal cliff” plan that stands no chance of becoming law as time runs short to reach a deal with President Barack Obama to avert a Washington-induced economic recession.

House of Representatives Speaker John Boehner’s “Plan B” to limit income-tax increases to the wealthiest sliver of the population appeared likely to pass the House on Thursday evening after it narrowly cleared a procedural hurdle in the afternoon.

Dec 20, 2012

U.S. Republicans push own ‘fiscal cliff’ plan; talks frozen

WASHINGTON, Dec 20 (Reuters) – Republicans in the U.S.
Congress pushed ahead on Thursday with a “fiscal cliff” plan
that stands no chance of becoming law as time runs short to
reach a deal with President Barack Obama to avert a
Washington-induced economic recession.

House of Representatives Speaker John Boehner’s “Plan B” to
limit income-tax increases to the wealthiest sliver of the
population appeared likely to pass the House on Thursday evening
after it narrowly cleared a procedural hurdle in the afternoon.