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Arkansas Prepares for $35 Million Tax Cut Package

LITTLE ROCK, Ark. -- Arkansas is poised to become one of the first states in the nation to enact a significant tax cut this year, showing the sentiment for scaling back government even in places where state spending is limited and no fiscal crisis exists. State representatives Monday are expected to approve cutting the...

Florida Budget Cuts: Gov. Rick Scott's 5 Most Dramatic Proposals

Earlier this month, New York Gov. Andrew Cuomo announced a series of drastic budget cuts in an attempt to close a $10 billion shortfall. Now it's Florida's turn. Newly elected Gov. Rick Scott, a Republican backed by the tea party, has released his first budget proposal for the state. Under Scott's plan, Florida's...

Federal Budget Deficit on Track to Hit Record $1.5 Trillion

WASHINGTON -- Far from slowing, the government's deficit spending will surge to a record $1.5 trillion flood of red ink this year, congressional budget experts estimated Wednesday, blaming the slow economic recovery and last month's tax-cut law. The report was sobering new evidence that it will take more than President...

Reactions to the State of the Union: Cut Spending by Eliminating Tax Breaks?

Only a few commentators have picked up on an interesting characterization in President Barack Obama's State of the Union speech. Discussing the deficit, President Obama referred to a bipartisan fiscal commission, which was created by the president to address the country's fiscal problems. In doing so, the president...

Obama Signing $860 Billion Tax Cut Bill [LIVE STREAM]

President Barack Obama is set to sign an $860 billion tax bill that made its way through the House Thursday. The measure will, among other things, extend the Bush-era tax cuts and spend $57 billion on unemployment benefits for out-of-work Americans. (For more on the legislation, see "Obama's $860 Billion Tax Deal: By the...

Background on tax cuts

A tax cut is a reduction in taxes. The immediate effects of a tax cut are a decrease in the real income of the government and an increase in the real income of those whose tax rate has been lowered.

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