Tax News Nov. 22-24

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News
WEDNESDAY
More Than 80 Percent of Americans Say Keeping Bush Tax Cuts a Priority
More than 80 percent of Americans say it is at least "somewhat important" that Congress extend the Bush tax cuts before they expire at the end of this year.
Liberal Millionaires Urge Democrats to Compromise on Bush Tax Cuts
Group would keep Bush tax cuts for families earning up to, oh say, $1 million.
Your paycheck is about to shrink
Are you ready to give up $30 a month? That's what may come out of your paycheck if -- as expected -- the Making Work Pay tax credit expires at the end of the year.

TUESDAY
Tax cuts, federal budget await Congress' return from holiday
Coming off an election in which voters unleashed their fury over Washington's perceived inability to grapple with tough issues, lawmakers spent much of the first week of the lame-duck session going after low-hanging fruit while leaving a number of big-ticket items on the table.
If tax breaks for the wealthy expire, would small business suffer?
Republicans say an extension would encourage spending and job creation. Most Democrats say the majority of small firms wouldn't be affected anyway.
Bush tax cuts: What happens if Congress punts
Congress' dithering over the Bush tax cuts could mean smaller paychecks for everyone come Jan. 1 -- no matter what lawmakers decide to do.

MONDAY
States Raise Payroll Taxes to Repay Loans
Demands on Depleted Unemployment-Insurance Funds Led to Borrowing of Nearly $41 Billion From Federal Government.

Economist Comments
WEDNESDAY
Year-end tax strategies for small-business owners
Tax tips to keep more of your profit in your pocket.
Tax hikes aimed at the rich hit everyone
It is time to set the record straight. Small-business employers and their employees face a looming crisis come Jan. 1. That is when hefty tax increases will take effect if Congress does not act to reinstate the 2001 and 2003 tax rates. Worse, there is a misperception among policymakers and the general public that increases to the top-tier rates will only be a tax on the rich.

TUESDAY
FEULNER: The trouble with tax hikes
When we raise taxes on the rich, they react as any of us would: by doing what they can to shrink their taxable income. That means not investing as much in the kinds of projects that create jobs. This sets up a chain reaction: Lower-income workers wind up with fewer opportunities and smaller salaries - those fortunate enough to remain employed, that is.
Estate Tax
The estate tax has gotten a lot of press this year because, well, it doesn’t exist this year and Congress is set to discuss what they want to do with it, along with tax rates, in subsequent years.
RAHN: Thoughtless taxation
We're past the point of diminishing returns.
Buffett's Wealth of Dollars, Lack of Insight
Billionaire investor Warren Buffett says the rich should have a higher tax bill. He's free to hold this opinion. But he's not free to turn his ideas into law. For this, the nation should be grateful.

MONDAY
The Blur Between Spending and Taxes
The Bowles-Simpson proposal is not perfect, but it is far better than the status quo. The question ahead is whether we can get Senator Porkbelly and Congressman Blowhard to agree.
Higher Taxes Won't Reduce the Deficit
History shows that when Congress gets more revenue, the pols spend it.

Blogs
TUESDAY
Deficit Hawks, Tax Chickens
In other words, both plans to cut the deficit are hawkish, and the response to them largely represents hawks revealing their inner chickens.
Tax Loopholes Are Corrupt and Inefficient, but They Should only Be Eliminated if Every Penny of New Revenue Is Used to Lower Tax Rates
The problem is on the spending side of the fiscal ledger. The Simpson-Bowles Commission and the Domenici-Rivlin Task Force were charged with figuring out how to reduce red ink. We already know from Congressional Budget Office data, however, that we can balance the budget fairly quickly by limiting the growth of government spending.

Reports
None.