Dire Predictions Amid Another Looming Fiscal Battle

Tue, 05/29/2012 - 03:03 EDT - NPR - National Public Radio (Business News)

The Bush-era tax cuts expire at the end of the year, along with the payroll tax break; the nation's borrowing authority bumps against its limit; and huge mandatory spending cuts — half targeting defense — are set to kick in. All this could trigger another recession, but Congress is unlikely to do much about it until after November's election.» E-Mail This » Add to Del.icio.us

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Do-nothing Congress may find a way to raise taxes
THE Supercommittee has failed. When Congress finally struck its deal to raise the debt ceiling during the summer, it agreed to find just over a trillion in budget savings through a bipartisan committee (said supercommittee), which would be empowered to develop recommendations that would then be subject to a Congressional vote in a process mercifully stripped of most of the procedural bottlenecks that now choke so much legislation. Should Congress fail in this endeavour, a number of automatic cuts would instead kick in in 2013.
Obama Would Pay More — Romney, A Lot More — If Bush-Era Tax Cuts End
About 80 percent of Americans would see their taxes go up if all the tax cuts signed into law by President George W. Bush were to expire as scheduled at the end of this year. And nearly 100 percent of the highest income earners would have to pay more — including both the Obamas and the Romneys.» E-Mail This » Add to Del.icio.us
Let’s Hit the “Reset” Button on the Bush Tax Cuts
Bush Tax Cuts: The New Middle-Class Norm
Much of the political focus when discussing the Bush-era tax cuts is on the wealthy, but they're not the only ones who would be affected if the tax cuts are allowed to expire at the end of this year.» E-Mail This » Add to Del.icio.us
Bush Tax Cuts: The New Middle-Class Norm
Much of the political focus when discussing the Bush-era tax cuts is on the wealthy, but they're not the only ones who would be affected if the tax cuts are allowed to expire at the end of this year.» E-Mail This » Add to Del.icio.us
Giving In On Tax Cuts for the Rich to Raise Taxes on the Rich?
Saturday night’s news on the debt ceiling talks is depressing even if not surprising. As the Washington Post’s Paul Kane and Lori Montgomery report:
For High Earners, Expiring Tax Cuts Would Hit Hard
About 80 percent of Americans would see their tax bills rise if the Bush-era tax cuts are allowed to expire at the end of this year. But those who would take the largest hit are those with the highest incomes.» E-Mail This » Add to Del.icio.us
Delay On Tax Cut Vote Creates Uncertainty
Congress has pushed back the deadline for deciding what to about the Bush-era tax cuts due to expire at the end of the year. The decision to not do anything until after the midterm elections is raising uncertainty for small-business owners and for individuals facing an estate tax. » E-Mail This » Add to Del.icio.us
Will Payroll Tax Cut Survive Fiscal Talks?
The Bush-era tax cuts are taking center stage on discussions about deficit reduction. But the payroll tax holiday is also at risk, which could cost the typical family $1,000 a year. Host Michel Martin talks with The Wall Street Journal's Sudeep Reddy about the fiscal cliff and how the outcome could affect consumers.
“Benign Neglect” Tax Policy
Yesterday (on “Tax Day”) NPR’s Scott Horsley was wondering about the prospects for doing something better about the Bush tax cuts this year. He got a similar reaction from me, NYC Mayor Michael Bloomberg, and the Tax Policy Center’s Bob Williams–although I got to pull out an expression I believe my mom first taught me,

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Dire Predictions Amid Another Looming Fiscal Battle

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