Topic: Center on Budget and Policy Priorities

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US tax time: A later deadline and other tax facts

Thanks to a holiday in Washington, D.C., the federal tax-filing deadline this year is April 17, two days later than usual. The extra time provides an opportunity to peruse some random tax-related facts.
Top 5 states for business

The economy may be looking better for some states this year, but budget woes are a challenge from east to west. In its fifth annual ranking of America’s Top States for Business, CNBC for the first time took into account state budget gaps among the 43 metrics that go into its rankings. That made for some interesting changes this year, with last year's Nos. 1, 3, and 5 states falling while other states climbed in rank. Here are the Top 5 states for business:

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US tax time: A later deadline and other tax facts

Thanks to a holiday in Washington, D.C., the federal tax-filing deadline this year is April 17, two days later than usual. The extra time provides an opportunity to peruse some random tax-related facts.
Tax VOX
Will 'Obamacare' add to the deficit?

One study predicts health care reform would add billions to the deficit, while another predicts just the opposite. Which is right?
Robert Reich
The downward mobility of the American middle class.

January’s increase in hiring is good news, but most of the new jobs being created are in the lower-wage sectors of the economy. The middle class, meanwhile, is becoming poorer and poorer.
Rising child poverty rates could be a 'taste' of what's ahead

A new Census report shows child poverty up since 2007. With many benefits for the poor – such as the Earned Income Tax Credit – expiring at the end of the year, things could get worse.
Absent a super committee, now who'll lean on Congress to cut US deficit?

Global markets or deadlines for extending tax breaks may yet force Congress to try again for a 'grand bargain' to shrink the US deficit. But big action before the 2012 election is unlikely.
Deficit super committee fails: Who's to blame?

The members of the super committee tasked with cutting $1.2 trillion from federal budgets announced that it failed to reach a deal. Polls and newspapers chime in on why that happened.
Super committee failure threatens key tax breaks

Super committee deal would have made it easier for Congress to extend temporary tax breaks that are buoying the economy. The likely debacle of the super committee could trim growth by ending those tax breaks.
Balanced budget amendment falls 23 votes short in House

The House's bid to pass a balanced budget amendment failed to get the two-thirds majority it needed to proceed. All but four Republicans voted to make federal deficits unconstitutional.
States' bottom line improves, but can the good news last?

States' 2011 budgets are heading in the right direction as tax revenue increases, new indicators report. But with federal support waning and local demand on programs like Medicaid up, will the good news last?
Fewer cops, more potholes: How debt deal could hit states hardest

Federal spending cuts mean fewer dollars will flow to the states for unemployment benefits, education, health care, and other state-run programs. Many states will have to cut services or raise taxes.
Washington deadlocked? States lead in cutting deficits

New Jersey, Ohio, and others have tackled tough budget deficits. They're addressing deficits by cutting spending, not hiking taxes, and looking at the long term.
GOP intensifies push for a balanced budget amendment. Why now?

Republicans in Congress want a vote on a balanced budget amendment to the US Constitution by mid-July. It would precede any vote to raise the national debt limit.
Top 5 states for business

The economy may be looking better for some states this year, but budget woes are a challenge from east to west. In its fifth annual ranking of America’s Top States for Business, CNBC for the first time took into account state budget gaps among the 43 metrics that go into its rankings. That made for some interesting changes this year, with last year's Nos. 1, 3, and 5 states falling while other states climbed in rank. Here are the Top 5 states for business:
White House insists taxes must be part of the debt and deficit solution

As debt talks shift to Obama, GOP Speaker John Boehner, and Democratic Senate leader Harry Reid, taxes remain the logjam. No one wants to be seen as giving ground on that issue too quickly.
Tax VOX
Should everybody pay income taxes?

A broad swath of Americans don't pay taxes. Do they have 'skin in the game' in America's success?
Many industries reap tax breaks. Is picking on Big Oil unfair?

The oil industry is under fire from congressional Democrats for reaping big tax breaks even while amassing huge profits. Executives from major oil companies testified Thursday on Capitol Hill.
Robert Reich
The Republican plan with lipstick

Republicans have disguised a plan to reduce the deficit with caps and procedures
Budget stalemate: Why America won't raise taxes

Budget stalemate has many on Capitol Hill crunching numbers. With any new budget, taxes may be the real third rail of politics. Can the U.S. solve its fiscal woes without more revenue?
Ohio poised to limit collective bargaining. Will such moves save money?

The Ohio House passed collective-bargaining legislation on Wednesday, and the bill heads back to the Senate for another vote. Gov. John Kasich promises to sign the bill into law.
Did Wisconsin Senate choose nuclear option in collective-bargaining fight?

Republicans in the Wisconsin Senate vote to strip key public-sector unions of collective bargaining rights, despite the fact that no Democrats were present. The vote is a bid to protect core budget cuts to public-employee benefits, Republicans say. But is that necessary?
Slightest signs of compromise emerge in Wisconsin labor fight

The warring factions could be taking note of voter restlessness over the long standoff between the governor and Wisconsin's state workers – or they could simply be wearing down. Either way, hint of compromise is in the air.
In Wisconsin's long shadow, unions and tea partyers face off across US

Police have separated union activists and tea party supporters in Atlanta, Denver, Des Moines, and Columbus, as tensions rise over a Wisconsin push to curtail collective bargaining.
Social Security: a target without a cause

Conservative Republicans want to cut Social Security, even though it's not a major contributor to US debt. A better solution to future Social Security shortfalls is a thriving economy.
Unemployment 101: Who pays for jobless benefits, anyway?

Employers pay state and federal taxes to cover all those unemployment checks. But with unemployment at 9 percent, those taxes aren't enough, leaving some states in dire straits.
Federal budget battle: Can Congress avoid a government shutdown?

GOP proposals to cut the federal budget range from $100 billion to $500 billion to a symbolic $1.5 trillion. With Democrats wary of stifling the economic recovery, the divide just may be too wide.