Tax Strategies

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A new report from Ernst & Young finds that allowing tax cuts to expire for upper-income taxpayers would cost the economy approximately 710,000 jobs.

Democratic lawmakers are trying to take a hard line with Republicans, threatening to let tax cuts expire at the end of the year rather than simply extend the Bush tax cuts for upper-income taxpayers.

President Barack Obama took aim at Republican rival Mitt Romney’s tax plan at a campaign event in Cincinnati, citing a new study on the effects of tax cuts on foreign corporate earnings.

Mitt Romney has come under increasing pressure from fellow Republicans in recent days to release more of his tax returns to the public.

Democratic lawmakers on the House Ways and Means Committee have introduced legislation to extend the Research and Development Tax Credit through the end of the year.

A bill to provide tax credits to small businesses that hire new workers has been blocked by Senate Republicans after Democrats refused to allow GOP-sponsored amendments on extending the Bush individual income tax cuts.

For Americans long subject to the complexities and confusions of the Internal Revenue Code, it may come as a shock to find that some believe the U.S. to be a tax haven.

Legislation to provide tax credits for small businesses that hire new workers has made progress in the Senate, with lawmakers voting 80 to 14 to advance the bill past a procedural hurdle Tuesday, but Senate Democrats blocked an attempt Wednesday by Republicans to add an amendment that would extend the Bush tax cuts for another year.

The top Senate tax writer predicted Democrats in the chamber will back President Barack Obama’s latest push to extend part of the Bush-era tax cuts, calling talk of Democratic dissension “background noise.”