AOL News has a new home! The Huffington Post.
Click here to visit the new home of Politics Daily!Hot on HuffPost:
See More Stories
Executive Behind Lavish Conference Leaves Agency
Walker Recall Effort Struggles To Gain Momentum
Alternative Minimum Tax
House Passes Middle-Class Tax Cuts
By not in system - AOL News
The House of Representatives voted 234 to 188 Thursday to permanently extend the Bush tax cuts on incomes up to $250,000. Also included in the bill were a two-year delay of the Alternative Minimum Tax, an elimination of the marriage penalty tax, and permanent increases to the child tax credit and the earned-income tax credit. Twenty Democrats voted against the bill, and three Republican supported it. Although the bill passed, a vocal minority of Republicans objected to an earlier vote by House Democrats to prevent GOP members from offering their own bill to make the tax cuts permanent for ...
Taxes and the Elections: What You Need to Know
By Patricia Murphy - Politics DailyThe Basics The big debate is over the fate of the massive packages of tax cuts Congress passed under President George W. Bush, starting in 2001. Most Republicans, who traditionally support lower taxes, say that letting the tax cuts expire would amount to a tax increase -- not what the country needs during a recession. Most Democrats counter that with the record-high federal deficit, the U.S. cannot afford to take more money out of the treasury, especially to finance lower taxes for the richest Americans. The issue's fate likely resides center-spectrum, where conservative Democrats have said ...
Battle Looming Over Bush Tax Cuts -- Will Your Tax Bill Go Up?
By Patricia Murphy - Politics DailyTo extend or not extend the Bush tax cuts? That question is at the heart of the debate between Democrats and Republicans on Capitol Hill, as lawmakers line up to let the tax cuts expire, make them permanent, or do a little mix and match. Most Republicans, who have traditionally advocated for lower taxes, say that letting Bush's tax cuts expire amounts to a tax increase -- the last thing a country should do in the middle of a recession. Democrats counter that with the federal deficit at a record high, the country cannot afford to take more money out of the treasury, especially to finance lower ...
AMT Patch Comes With a Price
By Justin Paulette - Politics DailyAs expected, the House has voted to repeal the alternative minimum tax (as I briefly wrote on here). The question has been whether Congress would attempt to recoup the lost tax revenue (as Democrats prefer) or simply repeal the AMT as a tax cut (the GOP intent). Along party lines, Democrats prevailed on the floor vote, increasing taxes on private equity, hedge fund and venture capitalists from the current 15% capital gains rate to 35%. Of course, the Senate will prove a harder sell and the president is threatening to veto any tax hike. The Democrats are now in a precarious position. The AMT ...
Follow Politics Daily
POPULAR
- Nancy Pelosi Confirms House May Skip Up or Down Vote on Senate Health Bill
- Debrahlee Lorenzana: A Double Take on Those Double D's
- Campbell Brown Quits CNN With Shockingly Frank Farewell
- Palin Earnings Estimated at $12 Million
- The Five Most Racist Obama Cartoons?
- Jimmy Carter Leaves Church Over Treatment of Women
- Soraya M., Stoned to Death for Being an "Inconvenient Wife''
- No posts are available.
News From Our Partners
- Dragon arrives at space station in historic 1st
- Picking new leader, Egyptians search for superman
- Egyptians vote in first free presidential vote
- Moon chips from Vegas casino mogul sent to NASA
- Egyptians vote to rid nation of autocratic rule
- More Stories »
- 'Masters of the Universe' Sure Have Fragile Egos
- Romney: My Mistakes 'Haunt Me'
- Newt Lauds Romney: He's Like Eisenhower
- Irked Senate Panel Votes 30-0 to Cut Pakistan Aid
- GSA Bash Organizer Steps Down
- More Stories »
- Know Your Enemy
- Obama’s Challenge in Egypt
- The Edwards Waiting Game
- Are Doctors Doing Too Much?
- The Pagan Cult of Reagan
- More Stories »
- Ambition Counteracting Ambition
- Robert Blagojevich Speaks Out
- In Iowa, Obama Calls Romney's Words 'A Cow Pie of Distortion'
- In Iowa, Obama Calls On Congress to Act on Clean Energy Tax Credits
- Romney Has Interesting Morning in Inner-City Philly
- More Stories »
Top News
More News
More on Aol
Local News
More Blog/Sites
Sites and Services
HuffPost Politics