U.S. Attorney General Eric Holder said on Tuesday he had ordered the FBI to open a criminal probe in a growing scandal over the Internal Revenue Service's targeting of conservative political groups.» Read More
WASHINGTON, Dec 27- 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. *Barack Obama, Democratic president: Reelected last month, the former Democratic U.S. senator from Illinois campaigned on the need to raise taxes on high-income Americans.
WASHINGTON, Dec 14- The tax break that U.S. states, cities and counties get on the bonds they issue is in growing jeopardy now that Republicans, in addition to Democrats, are considering limits on the exemption. The "fiscal cliff" refers to sharp tax increases and spending cuts that take effect in 18 days unless Congress intervenes soon.
WASHINGTON, Dec 13- Democratic lawmakers on Thursday lauded an updated congressional report that suggested there is no conclusive link between higher taxes on the affluent and economic growth, challenging a key tenet of Republican ideology amid the fiscal cliff debate.
Sen. Orrin Hatch (R-UT) weighs in on whether Republicans will budge on raising taxes on the top two percent of taxpayers, and the odds of reaching a deal by the end of the year.
*Lifts Cold War-era trade restriction on Russia. WASHINGTON, Dec 6- The U.S. Senate on Thursday approved legislation to punish Russian human rights violators as part of a broader bill to expand U.S. trade with Washington's former Cold War enemy.
*Lifts Cold War-era trade restrictions on Russia. "The Senate's historic bipartisan vote today moves us closer to having our trade with Russia covered by the rules of the World Trade Organization," the Obama administration's trade representative Ron Kirk said in a statement.
*Russia would get normal trade relations with U.S. The House voted 365-43 last month to approve the bill, which grants "permanent normal trade relations" to Russia by lifting a Cold War-era restriction on trade.
Republicans may have some leverage in their fiscal cliffhanger with President Barack Obama: the threat of forcing a disproportionate number of Democrats to pay the so-called alternative minimum tax.
Only some 4 million taxpayers pay the AMT because Congress routinely "patches" the AMT for inflation to spare middle-income taxpayers. Without a patch for 2012, up to 33 million taxpayers will have to pay an AMT liability, according to the Internal Revenue Service.
Nov 30- In a sign lawmakers may be getting down to details on fixing the tax code, a top U.S. Senate Republican on Friday criticized a Democratic proposal to repeal an accounting technique that lets manufacturers reduce their income taxes.
WASHINGTON, Nov 2- After the Nov. 6 elections, urgent tax and spending issues must be addressed, forcing Washington's power players to make some tough decisions before the end of the year. Regardless of who wins the Nov. 6 presidential election, Obama will be in the White House during the final months of 2012 when the ``fiscal cliff'' must be dealt with.
WASHINGTON, Nov 1- A U.S. government agency has withdrawn a report that challenged Republican ideas about taxes and economic growth- an action that drew fire from Democrats who accused it on Thursday of bowing to political pressure.
Joint Committee on Taxation Chief of Staff Thomas Barthold wrote in the letter to lawmakers that he conducted an "experiment" after meeting with members of the Senate Finance Committee about tax reform in September.
WASHINGTON, Oct 9- A top Senate Democrat on Tuesday said new tax revenues should go to reducing the federal deficit, not cutting tax rates, dismissing as "obsolete" a Reagan-era model of tax reform.
WASHINGTON, Oct 9- A top Senate Democrat on Tuesday called for scrapping a venerated U. S. tax r eform model in re marks t hat hardened his party's negotiating position ah ead of talks set to gain momentum soon on the so- called "fiscal cliff".
Sen. Orrin Hatch, (R-UT), explains why he believes Mitt Romney and Paul Ryan have the right vision and plan for the nation.