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Posts tagged as “Taxes”

Obama Signs ‘Fiscal Cliff’ Deal to Boost Taxes on Wealthy

By goodblacknews on January 3, 2013
Getty Images News

Getty Images News

HONOLULU (AP) — President Barack Obama has signed a bill that boosts taxes on the wealthiest Americans, while preserving tax cuts for most American households.
The bill, which averts a looming fiscal cliff that had threatened to plunge the nation back into recession, also extends expiring jobless benefits, prevents cuts in Medicare reimbursements to doctors and delays for two months billions of dollars in across-the-board spending cuts in defense and domestic programs.
The Republican-run House approved the measure by a 257-167 vote late Tuesday, nearly 24 hours after the Democratic-led Senate passed it 89-8.  Obama, who is vacationing in Hawaii, signed the bill using an autopen, a mechanical device that copies his signature.
article by The Associated Press via thegrio.com

Obama and Congress Reach Fiscal Cliff Deal

By goodblacknews on December 31, 2012

obama & boehner (at table)

(Via CBS News) – As revelers in Times Square and cities and towns across the country wait for the ball to drop to ring in the new year, politicians in Washington have announced that a ball is not likely to drop on the average taxpayer. Negotiators have come to an agreement on the so-called “fiscal cliff” – and with less than three hours to spare, CBS News has confirmed.

Vice President Joe Biden traveled to Capitol Hill to brief Senate Democrats on the details of the deal; both Senate Majority Leader Harry Reid, D-Nev., and House Minority Leader Nancy Pelosi, D-Calif., have signed off on the agreement, White House and congressional sources told CBS News’ Chief White House Correspondent Major Garrett.

Wall Street Preparing For Obama Victory As Romney Falls Behind In Polls

By goodblacknews on October 1, 2012

wall street barack obama
NEW YORK — As President Barack Obama widened his lead over Mitt Romney in polls this month, traders at hedge funds and investment firms began shooting emails to clients with a similar theme: It’s time to start preparing for an Obama victory.
What many in the market worry about isn’t that high earners may pay more in taxes if Obama wins. They worry that federal spending cuts and tax hikes scheduled for 2013 will kick in on Jan. 1 and start pulling the country into another recession. The higher taxes and lower spending would total $600 billion. They take effect automatically unless Congress and the White House reach a deal before then.