BREAKING - your taxes are going up

What the Tax Deal Means to Your Wallet
The pressure is off -- at least for now. With the Bush-era Tax Cuts extended for all Americans for at least the next two years under the law signed today by President Obama, government leaders have managed to postpone some tough decisions to be made surrounding the U.S. tax code until 2012. The law has been labeled “Compromise” Legislation, and for good reason. In exchange for the tax-cuts extension, Republicans agreed to extend jobless benefits for the long-term unemployed. They als...

Dionne: Krauthammer Heart Obama
As someone who savors the ironies of life and politics, I have gotten a kick out of seeing my conservative colleague Charles Krauthammer emerge -- temporarily, no doubt -- as the Obama White House's favorite columnist. For two weeks running, he has argued how brilliant Obama's Tax Cut deal is, how he swindled Republicans in Congress, and how he has immensely strengthened his hand for the 2012 election. "Holding no high cards," Krauthammer wrote today of the president, "he nonet...

The tax deal's biggest losers
It's easy to declare the winners in the new tax bill, but let's not forget the unluckiest of them all -- those who have been jobless for 99 weeks. Now is just not the time for higher taxes. That's the message delivered by President Obama's tax deal, an $858 billion package that will extend Tax Breaks enacted under former president George W. Bush. The bill will prevent taxes from rising on New Year's Day for virtually every American household. What's more, it will create major incentives for bus...

Obama signs tax-cut bill, hails the compromise as progress
WASHINGTON — President Obama signed into law a huge tax package extending cuts for all Americans yesterday, saluting a new spirit of political Compromise as Republicans applauded and liberals seethed. The benefits range from Tax Cuts for Millionaires and the Middle Class to longer-term help for the jobless. The most significant tax Legislation in nearly a decade will avert big increases that would have hit millions of people two weeks after New Year’s Day. “We are here with so...

Grab bag of goodies in Obama’s tax plan
WASHINGTON - President Barack Obama’s $858 billion tax package is a grab bag of goodies for investors, the affluent and workers, but the richer you are the more you get. Congress passed the bill after Liberal Democrats lost their bid to make it less generous to the wealthy, and Obama signed it into law Friday. There is something in the bill for virtually every Taxpayer. Low and moderate income workers see a Payroll Tax cut, and expansion of a Tax Credit for Working Families — priorit...

New tax Law: What it means for you
The new tax law signed by President Barack Obama Friday will spare millions of Americans from a big Tax Increase on Jan. 1. It also includes a new cut in Social Security Payroll taxes next year. A look at how typical Taxpayers will fare in 2011: ------ Taxpayer: A single person with no Children, making $50,000 a year in wages. The taxpayer rents an apartment and pays $3,500 in college expenses. Tax bill without the law: $9,255. Tax bill with the law: $5,975. Savings: $3,280. Why: Income taxes w...

Obama salutes spirit of compromise, signs tax bill
WASHINGTON—President Barack Obama signed into law a huge, holiday-season tax bill extending cuts for all Americans on Friday, saluting a new spirit of political Compromise as Republicans applauded and liberals seethed. The benefits range from Tax Cuts for Millionaires and the Middle Class to longer-term help for the jobless. The most significant tax Legislation in nearly a decade will avert big increases that would have hit millions of people starting in two weeks on New Year's Day. Decla...

Obama Seals the Tax-Cut Deal
President Barack Obama this afternoon signed into law the $858 billion tax-cut bill that he negotiated with Republicans earlier this month. Compared with Obama’s previous signing ceremonies for major Legislation, it was a subdued affair. House Speaker Nancy Pelosi wasn’t standing by the president’s side with a big smile on her face—in fact, the San Francisco Democrat wasn’t even at the signing, which was held at the Eisenhower Executive Office Building, not the White House. S

Krauthammer ♥ Obama
As someone who savors the ironies of life and politics, I have gotten a kick out of seeing my conservative colleague Charles Krauthammer emerge -- temporarily, no doubt -- as the Obama White House's favorite columnist. For two weeks running, he has argued how brilliant Obama's Tax Cut deal is, how he swindled Republicans in Congress, and how he has immensely strengthened his hand for the 2012 election. "Holding no high cards," Krauthammer wrote today of the president, "he nonetheless managed to ...

Controversial tax measure signed
WASHINGTON — President Obama signed into law a huge, holiday-season tax measure extending cuts for most Americans on Friday, saluting a new spirit of political Compromise as Republicans applauded and liberals seethed. The benefits range from Tax Cuts for Millionaires and the Middle Class to longer-term help for the jobless. The most significant tax Legislation in nearly a decade will avert big increases that would have hit millions of people starting New Year's Day. "We are here with som...

Obama applauds bipartisan cooperation as he signs tax cut deal
• Extends Bush-era Tax Cuts on income, capital gains and dividends for all Americans for two years. • Extends Unemployment Benefits for 13 months for the long-term unemployed. • Cuts Social Security Payroll taxes 2 percentage points for a year. • Caps the top Estate Tax rate at 35 percent for next year, after an exemption of $5 million per person. WASHINGTON • With an end-of-year deadline bearing down on them both, President Barack Obama and Senate Republican Leader...

Nancy Pelosi: A Ruler of Fools
Nancy Pelosi doesn't have much longer as Speaker of the House. But if there's one constant in our ever-changing world, it's that Pelosi will remain unconscionable until the gavel is wrested from her hand. During a recent Speech on the House floor, she expressed opinions about Unemployment Insurance and tax policy that seem irrational even for her. Pelosi supports extending Unemployment Insurance beyond the current 99-week limit. To substantiate her position, she touted Unemployment Benefits as a...

Tax Cuts for Everyone
A $858 billion tax-cut package is headed to President Barack Obama for his signature after the House passed the bill by a 277-148 vote a few seconds before midnight Thursday. The Legislation extends all of the Bush-era Income Tax cuts, which were scheduled to expire December 31, for two years. It also gives workers a one-year Payroll Tax cut and extends emergency Unemployment Benefits for 13 months. The package, which was negotiated between Obama and congressional Republicans, also extends tax...

Grab bag of goodies in Obama’s tax plan
WASHINGTON - President Barack Obama’s $858 billion tax package is a grab bag of goodies for investors, the affluent and workers, but the richer you are the more you get. Congress passed the bill after Liberal Democrats lost their bid to make it less generous to the wealthy, and Obama signed it into law Friday. There is something in the bill for virtually every Taxpayer. Low and moderate income workers see a Payroll Tax cut, and expansion of a Tax Credit for Working Families — priorit...

House Passes Bush Tax Cut Rate Extension 277-148 in Late-Night Vote Raw Video 12/16/10
The U.S. House of Representatives has passed the bill extending the Bush Tax Cut Rates by a 277-148 vote. The vote came around midnight last night, and sends the bill on to President Obama where he will sign it into law. The bill leaves the current Tax Rate in place on all income levels, and also provides a one-year Social Security “tax holiday” - with virtually all U.S. workers paying 2% less in Payroll taxes in 2011. ...

Obama hails extending (Bush) tax cuts as middle-class victory; is compromise erupting?
Remarks by Vice President Biden and President Obama, as provided by the White House THE VICE PRESIDENT:  Thank you all very, very much. Please be seated.  Ladies and gentlemen, this is a -- I wasn’t going say, a Big Deal, but an important deal. (Laughter.) I can no longer say “big deal.”  (Laughter.) Thank God, my mother wasn’t around. The famed 18th century British statesman, Edmund Burke, once said, “All government, indeed every human benefit and enjoyme

Obama salutes spirit of compromise, signs tax bill
President Barack Obama signed into law a huge, holiday-season tax bill extending cuts for all Americans on Friday, saluting a new spirit of political Compromise as Republicans applauded and liberals seethed. The benefits range from Tax Cuts for Millionaires and the Middle Class to longer-term help for the jobless. The most significant tax Legislation in nearly a decade will avert big increases that would have hit millions of people starting in two weeks on New Year's Day. Declared Obama: "We are...

What the Tax Deal Means to Your Wallet
The pressure is off -- at least for now. With the Bush-era Tax Cuts extended for all Americans for at least the next two years under the law signed today by President Obama, government leaders have managed to postpone some tough decisions to be made surrounding the U.S. tax code until 2012. The law has been labeled “Compromise” Legislation, and for good reason. In exchange for the tax-cuts extension, Republicans agreed to extend jobless benefits for the long-term unemployed. They als...

What Will The New Tax Law Mean For You?
H&R; Block breaks it down Associated Press The law extends most of the Tax Cuts for two years, including lower rates for the rich, the Middle Class and the working poor, a $1,000-per-child Tax Credit, Tax Breaks for College Students and lower taxes on capital gains and dividends At the request of The Associated Press, The Tax Institute at H&R Block developed detailed estimates for how the new law will affect families at various income levels next year : —A single Taxpayer making $50,...

New tax Law: What it means for you
The new tax law signed by President Barack Obama Friday will spare millions of Americans from a big Tax Increase on Jan. 1. It also includes a new cut in Social Security Payroll taxes next year. Taxpayer: A single person with no Children, making $50,000 a year in wages. The taxpayer rents an apartment and pays $3,500 in college expenses. Tax bill without the law: $9,255. Tax bill with the law: $5,975. Why: Income taxes would be lower because of lower Tax Rates and a more generous Tax Credit ...

Down The Road To Decline
Commentary By Ron Beasley Congress Sends $801 Billion Tax Cut Bill to Obama and he signs it.  Well what does the man who sold us Supply Side Economics over 30 years ago think of it?  Not Much! You will notice that while he blames the politicians he blames the FED and Wall Street even more.   The FED has engineered a serial bubble that has created the illusion of wealth by encouraging the Wall Street casino.  He says that the original Bush Tax Cuts were a 10 billio...

Down The Road To Decline
Congress Sends $801 Billion Tax Cut Bill to Obama and he signs it. Well what does the man who sold us Supply Side Economics over 30 years ago think of it? Not Much! You will notice that while he blames the politicians he blames the FED and Wall Street even more. The FED has engineered a serial bubble that has created the illusion of wealth by encouraging the Wall Street casino. He says that the original Bush Tax Cuts were a 10 billion dollar mistake and extending them will make it worth. And ab...

Cornyn: Voters blocked Obamas pandering to left-wing base on taxes
Sen. John Cornyn (R-Texas) on Saturday thanked voters who expanded the GOP’s ranks on Capitol Hill for the extension of all Bush-era Tax Cuts. Cornyn, in the weekly GOP address, called the Bipartisan tax deal signed into law Friday a victory for Republicans. And, a day after Senate Minority Leader Mitch McConnell (R-Ky.) appeared alongside President Obama for a photo-op signing, Cornyn also took fresh shots at the White House. “This Bipartisan agreement was made possible because voters gav...

Obama salutes spirit of compromise, signs tax bill
WASHINGTON—President Barack Obama signed into law a huge, holiday-season tax bill extending cuts for all Americans on Friday, saluting a new spirit of political Compromise as Republicans applauded and liberals seethed. The benefits range from Tax Cuts for Millionaires and the Middle Class to longer-term help for the jobless. The most significant tax Legislation in nearly a decade will avert big increases that would have hit millions of people starting in two weeks on New Year's Day. Decla...

Obama salutes spirit of compromise, signs tax bill
WASHINGTON (AP) — President Barack Obama signed into law a huge, holiday-season tax bill extending cuts for all Americans on Friday, saluting a new spirit of political Compromise as Republicans applauded and liberals seethed. The benefits range from Tax Cuts for Millionaires and the Middle Class to longer-term help for the jobless. The most significant tax Legislation in nearly a decade will avert big increases that would have hit millions of people starting in two weeks on New Year’...