Tax

Speaker of the House John Boehner, R-Ohio, said Tuesday that House Republicans would introduce a bill to raise tax rates for millionaires as a “Plan B” in case his negotiations with President Obama on averting the fiscal cliff fail to produce an agreement.

President Barack Obama lowered his tax revenue demand by $200 billion and offered to start tax rate increases at $400,000 in income instead of $250,000, moving closer to a budget deal with House Speaker John Boehner.

House Speaker John Boehner offered to raise income tax rates on households earning more than $1 million a year in exchange for containing the cost of federal entitlement programs, as part of a deal with President Barack Obama to cut the federal deficit, according to two people familiar with the talks.

Hundreds of business leaders who are part of a trio of advocacy groups have signed a letter calling on Congress and President Obama to close corporate tax haven loopholes that cost the U.S. Treasury $100 billion a year.

As talks drag on between President Obama and House Speaker John Boehner, R-Ohio, many business leaders believe there will not be an agreement to avoid the fiscal cliff before the end of the year, according to a new poll by KPMG.

States are creating fiscal risks for themselves by neglecting to control the costs of tax incentives for economic development, according to a new report from the Pew Center on the States.

Tax preparation solution vendor Drake Software is offering a new online tax prep solution, Drake Zero.

A recent Gallup survey found eight in 10 Americans consider it extremely or very important that Congress and President Obama agree on a plan to avoid the so-called fiscal cliff — automatic budget cuts and the expiration of Bush-era tax increases set for Jan. 1.

After a Sunday meeting between President Obama and Speaker of the House John Boehner, R-Ohio, their staff members reportedly continued negotiations Monday on how to avoid the fiscal cliff.

Google Inc. avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show.