Cutting to the chase: It won't pass. Although voters support higher taxes on the rich – even some Democrats are wary that what counts as 'rich' in some states doesn't go as far in others.
President Obama and challenger Mitt Romney agree on the need to overhaul the federal tax code to produce a simpler tax system with lower rates. But they disagree on whether tax reform should also increase government revenues. Here are five tax issues on which they differ.
Former Gov. Mitt Romney has taken a libertarian turn since championing health-care reforms in Massachusetts, including an individual mandate to purchase insurance, which became the model for President Obama's signature law. Here’s a list of areas where the candidates differ.
Congress knows what it means by terms such as 'fiscal cliff' or 'Simpson-Bowles,' but to many outside the Beltway they may as well be speaking Greek. Here's a translation of Washington's shorthand for budgetary issues now before the country – with each entry explained in 50 words or less.
Evidence is mounting that the economy is taking a hit because Congress can't – or won't – deal with the 'fiscal cliff' looming at year's end. The fight on Capitol Hill last summer over the national debt limit also took an economic toll.
There's a lot of talk about cutting the US deficit but very little actual cutting of deficit. One reason? There's not much easy to cut. Decoder explains the six ways Washington spends money.