Taxes

House Majority Leader Eric Cantor (R-VA) Opposes the Senate’s Fiscal Cliff Deal Bill

January 1, 2013

“Cantor said no decisions have been made on the bill and leaders are looking for the best path forward.”

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U.S. Senate Passes Bill to Avoid the Fiscal Cliff

January 1, 2013

“The agreement also does not address any increase in the nation’s debt ceiling, which — combined with the delay of automatic spending cuts — sets up … another … budget battle in February.”

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President Obama: Fiscal Cliff Deal is “Within Sight” But “Not Done Yet”

December 31, 2012

“Obama said the potential agreement… would prevent federal income taxes from rising on middle-class families, extend tax credits for children and college tuition, provide tax breaks to clean-energy companies and extend unemployment insurance for 2 million Americans.”

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President Obama, Senate Minority Leader Mitch McConnell (R-KY) Inching Towards a Fiscal Cliff Deal

December 31, 2012

“Details of the emerging “fiscal cliff” deal ricocheted through the Capitol on Monday, appearing to please almost no one from either political party, as President Obama urged negotiators toward a conclusion.”

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French Court: President Francois Hollande’s Proposed 75% Tax Rate on Millionaires is Unconstitutional

December 29, 2012

“The ruling comes as the president seeks to cut France’s public deficit to 3 percent of gross domestic product next year from a projected 4.5 percent this year.”

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UPDATE: White House Denies that President Obama will send a “Scaled-Back” Fiscal Cliff Deal to Congress

December 27, 2012

“It is expected that the measure would extend the Bush-era tax breaks for income under $250,000, extend the current estate tax rate, and extend unemployment insurance. The estate tax extension is on Republicans’ wish list for a deal.”

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Analysis: Upcoming ObamaCare Taxes in 2013

December 26, 2012

“Individuals making more than $200,000 annually (and married couples making over $250k combined) will be subjected to a 3.8 percent levy on investment income.”

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UPDATE: House Speaker John Boehner (R-OH) Cancels House Vote on “Plan B” Fiscal Cliff Tax Bill

December 20, 2012

“House Republican leaders canceled a vote on a tax-cut plan linked to fiscal-cliff talks on Thursday night, saying it didn’t have the votes to pass.”

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President Obama and House Speaker Boehner Continue Fiscal Cliff Negotiations Despite the White House’s Recent Rejection

December 19, 2012

“”I believe it’s important to protect as many American tax payers as we can,” Boehner told reporters.”

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House Speaker John Boehner (R-OH): We’ll move onto “Plan B” by voting on legislation to extend tax rates on annual income under $1 million

December 19, 2012

“The bill would allow tax rates on annual income above $1 million to rise from 35 percent to 39.6 percent, but make permanent lower rates on income below that threshold.”

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President Obama and House Speaker Boehner Discussing a $2 Trillion Framework for Fiscal Cliff Negotiations

December 17, 2012

“President Obama and House Speaker Boehner are discussing a $2 trillion framework on a deal to avert the fiscal cliff, that would include roughly a trillion in tax increases and roughly a trillion in savings from entitlement programs.”

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House Speaker John Boehner concedes allowing Tax Rates to rise for the wealthiest Americans in exchange for major entitlement cuts

December 16, 2012

“Boehner suggested hiking the Bush-era tax rates for top wage earners, including those with annual incomes of $1 million or more annually, beginning Jan. 1, two sources said.”

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President Obama: Republican Deficit Reduction Proposals Would Hurt Non-Profit Organizations

December 4, 2012

“”There’s been a lot of talk that somehow we can raise $800 billion or $1 trillion worth of revenue just by closing loopholes and deductions,” Obama said in a Bloomberg TV interview. “The only way to do that would be if you completely eliminated, for example, charitable deductions.”"

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Republicans and Democrats Continue to Fight for Control of the Fiscal Cliff Debt Reduction Negotiations

December 4, 2012

“Obama and Boehner are locked in a struggle for public opinion, the weapon that provides the upper hand in the negotiations. The advantage, at this point, clearly belongs to Obama.”

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Internal Revenue Service (IRS) Releases 159 Pages of Rules to Clarify the ObamaCare Investment Income Tax

December 4, 2012

“The 3.8 percent surtax on investment income, meant to help pay for healthcare, goes into effect in 2013. It is the first surtax to be applied to capital gains and dividend income.”

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