PORTLAND, Maine - Voters whose bottom line is taxes can use a new online tool to calculate what their own bottom line would be with the IRS under a Barack Obama or John McCain administration. The model developed by a business software company and an accounting professor in Maine estimates how individual income taxes would be affected under plans put forth by the two presidential candidates.
America's economy is trapped. While the recession technically has ended, few people can see daylight from under the mountain of unnecessary spending and red tape that's piled on over the past 22 months. So long as President Obama refuses to acknowledge that these policies are digging us in deeper, there's little hope for rescue anytime soon. So there's a lot of anger and there's a lot of frustration and a lot of fear across the country," Mr. Obama said Tuesday at a George Washington University town-hall meeting. "And one of the challenges of this election is to make sure that we understand that as difficult as things are and have been over the last two years, we are moving in the right direction.
Washington -- Thanks to the games people play with numbers, taxes may be the single most disputed and distorted topic in this presidential campaign. A few facts:
Small business owner Joe the Plumber was upset that, under Obama's tax proposal, his decision to purchase a small company would increase the taxes he pays. While Obama's exchange with Joe the Plumber was primarily a disagreement about taxes, Obama's plans to "spread the wealth around" typically haven't involved tax measures. There's a public policy desire to increase distressed business enterprise (DBE) participation, said Jim Fullerton, Esq, an attorney at Fullerton & Knowles, PC and an expert on construction law. The public policy desire to increase DBE participation is so great that the government is, in many cases, willing to pay more for something it could get cheaper just as long as it involves distressed firms. According to the Code of Federal Regulations, specifically 49 CFR...
With the selection of Paul Ryan as Romney's running mate, the "Ryan budget" will be the focus of debate for this election season. Ryan's plan would turn Medicare into a voucher system, severely cut Medicaid spending, give enormous tax breaks to the wealthiest Americans, increase taxes on the middle class, and cut or eliminate unspecified non-defense federal programs such as education, research, parks, environmental protection, and food safety. In short, if Americans elect Romney and give Republicans control of Congress, the Ryan budget would devastate many poor and middle class Americans and undo the progress that has been made toward recovery under President Obama. Ryan claims the lower taxes on corporations and the wealthy would spur an economic boom that will bring in revenue to decr...
WASHINGTON - Applying for benefits under President Obama's health- care overhaul could be as daunting as doing your taxes. The government's draft application runs 15 pages for a three- person family. An outline of the online version has 21 steps, some with additional questions.
WASHINGTON - Employers could face higher taxes in 2014 under an Obama administration budget proposal designed to help states hard hit by the recession and the weak recovery to refill their unemployment insurance funds and repay money borrowed from the federal government.
WASHINGTON, March 15, 2012 /PRNewswire-USNewswire/ -- In light of Energy Secretary Steven Chu's recent comments regarding fuel prices, the American Fuel & Petrochemical Manufacturers urges President Obama to take steps that strengthen the nation's economic and energy security. Current and proposed regulations and programs by the Environmental Protection Agency and the Obama administration, including increased taxes, greenhouse gas controls under the Clean Air Act, Tier 3 gasoline sulfur regulations, and unrealistic biofuel mandates are harming our economy and threatening our national security. (Logo: http://photos.prnewswire.com/prnh/20120125/MM41823LOGO )
Almost 1 1/2 years into Barack Obama's pres- idency, we're still waiting for that mid-dle-class tax cut that he promised during the campaign. "Here's what I can tell the American people: 95 percent of you will get a tax cut," Mr. Obama said in the first presidential debate. "And if you make less than $250,000, less than a quarter- million dollars a year, then you will not see one dime's worth of tax increase. To highlight the difference between the candidate's words and the president's actions, Americans for Tax Reform this week released an "Obama tax hike exemption card." The bearer of this card supposedly can present it to any authorities that try to collect on new taxes imposed under the Obama administration. The list of these taxes grows longer by the day.
WASHINGTON - More than 40,000 estates of between $1 million and $10 million wouldn't have to pay inheritance taxes next year under the deal struck by Republicans and President Obama. The package would leave only about 3,500 of the largest estates subject to federal taxes next year, a boon for the wealthy that many House Democrats say they can't accept.
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