Finance

The United States and Hungary have signed a new income tax treaty that brings an existing agreement signed by the two countries in 1979 into closer conformity with current U.S. international tax policy.

An unenthusiastic Senate granted Ben S. Bernanke a secondterm as Chairman of the Federal Reserve, with a 70-30 vote underscoring thecriticism leveled at the central bank for its part leading to the financialcrisis.

The economy grew at afaster-than-expected 5.7 percent clip in the fourth quarter, the fastest pacein roughly six years, according to figures from the Commerce Department.

While there were no real surprises in the State of the Union speech, it did flesh out some tax proposals that will be acted on in the days ahead, according to observers.

President Obama is widely expected to call for a three-year spending freeze on key areas of his discretionary budget during the State of the Union address on Wednesday evening, but critics are already warning that now is not the time to cut spending just as the country is emerging from a recession.

President Barack Obama and Vice President Joe Biden previewed some of the major themes in the president’s upcoming State of the Union address, including a proposal to increase some tax credits for middle-class families.

The Internal Revenue Service listed the guidelines for the tax deductions that taxpayers can take for the contributions they make toward Haiti earthquake relief this year.

The eligibility period for COBRA subsidies for laid-off workers has been extended through February, with 15 months of subsidy available now to those who qualify.

The Senate has unanimously passed legislation that allows taxpayers to deduct charitable contributions to aid victims of the devastating earthquake in Haiti.

President Barack Obama proposed new restrictions Thursday on the size and scope of financial institutions to limit their ability to engage in risky trading practices.

The House of Representatives unanimously passed legislation Wednesday that would allow individuals who make charitable contributions to victims of the earthquake in Haiti to claim an itemized charitable deduction on their 2009 tax return instead of having to wait until next year to claim the deductions on their 2010 tax return.

President Barack Obama ordered the Treasury Department, the Office of Management and Budget, and other federal agencies to block contractors who are seriously delinquent in their taxes from receiving new government contracts.

The devastating earthquake in Haiti last week is spurring relief efforts from countries around the world, but the U.S. is playing a key role in providing both help and security, along with much-needed funds.

A bipartisan group of lawmakers in Congress plan to introduce legislation that would allow individuals who make charitable contributions to help victims of the earthquake in Haiti to claim an itemized charitable deduction on their tax return this year instead of waiting until next year.

As Wall Street firms prepare to hand out record levels of bonuses, a group of lawmakers on Capitol Hill have co-sponsored a bill that would slap a 50 percent tax on many of the bonuses.

The White House has reportedly cemented a deal with labor union leaders scaling back the tax on so-called “Cadillac” health insurance plans.

President Barack Obama has proposed levying a fee on large financial firms and banks to pay for the costs of the financial bailout.

The leaders of a group of Wall Street banks admitted to mistakes made by the financial industry while appearing before a commission charged with uncovering the reasons behind the financial meltdown.

Attorney General Eric Holder said a newly established government task force would crack down on the kinds of financial fraud that led to the Madoff Ponzi scheme and other losses.

The Obama administration is handing out $2.3 billion in Recovery Act Advanced Energy Manufacturing Tax Credits for clean energy projects to provide jobs across the U.S. after announcing a disappointing employment report for December.