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House Passes Bush Tax Cut Package; Bill Now Goes to President
By Patricia Murphy - Politics DailyThe House voted 277 to 148 Thursday to temporarily extend the Bush tax cuts, continue unemployment benefits for 13 months and approve a series of smaller tax credits, cuts and extensions. A coalition of 112 Democrats and 36 Republicans voted against the measure, while 139 Democrats and 138 Republicans voted for it. Because the Senate passed the identical measure on Wednesday, the legislation now goes to President Obama for his signature Friday. The bill's passage marks a significant victory for Obama, who struck out on his own last week to forge a compromise with Senate Republican leaders ...
Some Tips for Grandparents on Smart Giving
By Robert W. Stock - AOL News(Nov. 28) -- When providing financial assistance to grandchildren, grandparents need to keep the tax consequences in mind. That's not so simple, particularly this political season. "Given the situation in Washington," Barry L. Kohler, a financial adviser in Portland, Maine, told AOL News, "we have no idea what's going to happen tax-wise." As it stands, each grandparent can give $13,000 a year to each grandchild without having to file a federal gift tax return. And there are other ways you can contribute that avoid the gift tax -- paying your grandchildren's educational expenses directly to ...
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 ...
Dancing Tom DeLay on Infighting in the 'Leaderless' GOP: 'Even Rush and Hannity Are Doing It'
By Emily Miller - Politics DailyLOS ANGELES -- Walking out of a restaurant in Los Angeles last week, the former House Majority Leader was stopped by a stranger. "Aren't you Tom DeLay?" the man asked. "Yes, I am." "I am so glad you are out of politics," the man crowed. "Well, so am I," he replied; who says common ground is hard to find? ...
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