Tax

President Obama urged Republicans in Congress to agree on a compromise on the soon-to-expire tax cuts, even as the prospects for an agreement remained uncertain.

President Obama, chastened by Democratic losses in the midterm elections, said Wednesday he would work with Republican leaders in Congress on the Bush tax cuts and other issues after a “shellacking” in the midterm elections.

Obama administration officials awarded $1 billion in therapeutic discovery project tax credits and grants to nearly 3,000 companies around the country to support promising biomedical research projects.

California voters rejected ballot measures that would legalize and tax marijuana sales, while Washington State voters defeated a proposal to impose a tax on upper-income taxpayers, and Massachusetts voters said no to a ballot question that would have lowered state sales taxes.

Republicans will gain greater leverage in Congress now that they have won control of the House and captured more seats in the Senate, giving them more influence over tax policy and financial regulation.

President Barack Obama reiterated his proposals for cuts in business and individual taxes and called on Republicans and Democrats to work together after the elections.

President Barack Obama visited a Maryland factory Friday and promoted his proposal for allowing businesses to deduct the entire cost of their purchases of new equipment through the end of next year.

Reports have surfaced that the federal debt commission (officially known as the National Commission on Fiscal Responsibility and Reform) is considering the heretofore unimaginable elimination of popular tax breaks, including deductions on mortgage interest, as part of its report due on December 1.

CCH has begun publishing some of its most popular accounting and tax books as eBooks, allowing readers to be able to store them on desktop and laptop computers, as well as Apple iPads and iPhones.

Suppose the White House budget director abruptly resigned, with precious little explanation given for his departure?