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In Budget Plan, Obama Seeks Cuts and Higher Taxes

WASHINGTON -- Forcefully rejecting Republican budget-cutting plans, President Barack Obama on Wednesday proposed lowering the nation's future deficits by $4 trillion over a dozen years and vowed he would not allow benefit cuts for the poor and the elderly to pay for tax breaks for the rich. "That's not right and it's not...

House Republicans Vehemently Oppose Tax Increases

WASHINGTON -- Leading congressional Republicans renewed their vehement opposition to tax increases Wednesday, as President Barack Obama prepared to put forth his new prescription for slow growth and national indebtedness. "Most people understand that Washington doesn't have a revenue problem, it has a spending problem,"...

Illinois Passes 66 Percent Tax Increase; Twitter Responds

In a drastic move to cope with their state's $15 billion budget crisis, Illinois lawmakers have approved a bill that will temporarily raise the income tax rate by 66 percent. Gov. Pat Quinn, a Democrat, has said he supports the bill and will sign it soon. Under the new measure, Illinois' personal tax rate will climb from...

Debate: Spending, Not Taxes, Is the Problem

(April 14) -- Widely used in Europe, the value-added tax (VAT) has always seemed a nonstarter in the United States. That may be changing given apparently insurmountable structural deficits and fear that the financial collapse of Greece could happen here if revenue isn't increased. These days, the VAT is being taken...

Opinion: Red Ink Rising

(Dec. 14) -- While many U.S. households are struggling with their own personal debt, citizens face an even larger – although less visible – threat from the mounting U.S. government debt. True, they don't receive a monthly mortgage statement or credit card bill for their share, but the effects will slowly chip...