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Nov 15, 2012

Obama’s ‘new ideas’ likely well-worn tax proposals

WASHINGTON, Nov 14 (Reuters) – President Barack Obama stuck
to his script on Wednesday that he wants taxes on the richest 2
percent of Americans to rise, but said he was open to new ideas
to raise new revenues.

If Republicans or Democrats “have a great idea for us to
raise revenue, maintain progressively, make sure the middle
class isn’t getting hit, reduces our deficit, encourages growth,
I’m not going to just slam the door in their face,” Obama said
at his first news conference since his re-election last week.

Nov 14, 2012

Senate Finance chair sees flexibility on Bush tax cuts

WASHINGTON (Reuters) – The chief Democratic tax-writer in the U.S. Senate said on Tuesday that to steer clear of the fiscal cliff, the top rates paid by the richest Americans must rise in any deal between Congress and the White House, but he suggested there is some flexibility in ways to strike a deal.

President Barack Obama has pledged to veto any bill that keeps the Bush-era tax cuts for American households earning more than $250,000 a year, the biggest sticking point in talks to avoid the $600 billion mix of tax hikes and spending cuts known as the fiscal cliff, which looms in early 2013.

Nov 13, 2012

Without fix, U.S. alternative minimum tax could hit 28 million taxpayers – IRS

WASHINGTON (Reuters) – Some 28 million Americans including some in the middle class would face an unintended tax hike if a U.S. tax aimed at ensuring the wealthy pay a minimum isn’t fixed before the end of the year, the U.S. tax commissioner said on Tuesday.

The so-called alternative minimum tax was set up decades ago when it was discovered some wealthy Americans were able to avoid taxes using legal tax breaks and loopholes. It was not indexed for inflation however, and so needs to be updated every year, or “patched,” in Washington parlance.

Nov 13, 2012

Without fix, alternative minimum tax could hit 28 million taxpayers: IRS

WASHINGTON (Reuters) – Some 28 million Americans including some in the middle class would face an unintended tax hike if a U.S. tax aimed at ensuring the wealthy pay a minimum isn’t fixed before the end of the year, the U.S. tax commissioner said on Tuesday.

The so-called alternative minimum tax was set up decades ago when it was discovered some wealthy Americans were able to avoid taxes using legal tax breaks and loopholes. It was not indexed for inflation however, and so needs to be updated every year, or “patched,” in Washington parlance.

Nov 13, 2012

Without fix, US alternative minimum tax could hit 28 mln taxpayers-IRS

WASHINGTON, Nov 13 (Reuters) – Some 28 million Americans
including some in the middle class would face an unintended tax
hike if a U.S. tax aimed at ensuring the wealthy pay a minimum
isn’t fixed before the end of the year, the U.S. tax
commissioner said on Tuesday.

The so-called alternative minimum tax was set up decades ago
when it was discovered some wealthy Americans were able to avoid
taxes using legal tax breaks and loopholes. It was not indexed
for inflation however, and so needs to be updated every year, or
“patched,” in Washington parlance.

Nov 13, 2012

U.S. Senate Democrat suggests flexibility on Bush tax cuts

WASHINGTON, Nov 13 (Reuters) – The chief Democratic
tax-writer in the U.S. Senate on Tuesday said the top tax rates
for the richest Americans must rise in any deal reached between
Congress and the White House to steer clear of the fiscal cliff,
but he suggested there is some flexibility in ways to strike a
deal.

President Barack Obama has pledged to veto any bill that
keeps the Bush-era tax cuts for American households earning more
than $250,000 a year, the biggest sticking point in talks to
avoid the $600 billion mix of tax hikes and spending cuts known
as the fiscal cliff that looms in early 2013.

Nov 13, 2012

Curtain rises on Washington’s “fiscal cliff” drama

WASHINGTON (Reuters) – The full cast of lawmakers in the U.S. “fiscal cliff” debate gathered in Washington on Tuesday for the first time since the elections, setting the stage for a week of trial balloons and rhetorical repositioning.

The U.S. Congress returned from a break after the November 6 elections, with Senate Republican Leader Mitch McConnell and Democratic House of Representatives Leader Nancy Pelosi set to meet with rookie lawmakers from their respective parties.

Nov 13, 2012

Businesses turn to tax fight, some stung by Romney bets

WASHINGTON, Nov 13 (Reuters) – As major U.S. businesses dive
into the Washington tax policy debate now that the presidential
election is over, some are finding themselves in an awkward
position after betting heavily on Mitt Romney.

The Republican, who lost in last week’s vote, was backed
overwhelmingly not only by Wall Street, but also by the oil and
gas, agribusiness, construction, private equity and
transportation sectors, according to data from the Center for
Responsive Politics.

Nov 13, 2012

Analysis: Businesses turn to tax fight, some stung by Romney bets

WASHINGTON (Reuters) – Major U.S. businesses are plunging into the Washington tax policy debate now that the elections are over and some are in an awkward position after betting heavily on Mitt Romney.

The Republican, who lost in last week’s presidential vote, was backed overwhelmingly not only by Wall Street, but also by the oil and gas, agribusiness, construction, private equity and transportation sectors, according to data from the Center for Responsive Politics.

Nov 9, 2012

Tax hike for wealthy won’t kill growth: CBO

WASHINGTON (Reuters) – Allowing income tax rates to rise for wealthy Americans, and maintaining rates for the less affluent, would not hurt U.S. economic growth much in 2013, the Congressional Budget Office said on Thursday, stepping into a dispute between Republicans and Democrats over how to resolve the so-called “fiscal cliff.”

The report by the authoritative non-partisan arm of Congress is expected to fuel President Barack Obama’s demand for higher taxes on the rich, part of his proposal to avoid the full impact of the expiring tax cuts and across-the-board spending reductions set to begin in early 2013 unless Congress acts.