Sander Levin

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The top 10 tax deductions, credits and exclusions will keep $12 trillion out of federal government coffers over the next decade, and several of them mainly benefit the wealthiest Americans, a new study from the Congressional Budget Office shows.The top 20% of income earners will reap more than half of the $900 billion in benefits from these tax breaks that will accrue in 2013, the non-partisan CBO said on Wednesday.Further, 17% of the total benefits would go to the top 1% of income earners -- families earning roughly $450,000 or more. The same group that was hit with a tax rate hike in January.The benefits of preferential tax rates on capital gains and dividends, a break worth $161 billion this year, go almost entirely to the wealthy, including 68% to the top one percent of earners.House Democrats, who requested that Congress' budget referee conduct the study, argued that it backs up President Barack Obama's proposed approach to tax reform and deficit reduction: raise revenues by limit...

What to Expect at the IRS Hearings

The "social welfare" mission for tax-exempt nonprofit groups certainly covers issues about government spending, government debt, federal taxes, "how the government i...
A Small Business Wishlist for Tax Reform

Joint Committee on Taxation releases lengthy tax-code analysis and wish-list, including more than 1,300 suggestions from the public.
U.S., Japan agree on approach to Trans-Pacific Partnership talks

The United States and Japan on Friday agreed on language aimed at giving Japanese Prime Minister Shinzo Abe political cover to bring the world's third-largest econom...
In Defense of Charitable Tax Deducations

Giving is a virtue under the U.S. tax code, but concern is growing among philanthropic leaders about the charitable contributions deduction, a key fund-raising tool ...
Power Play 12/12/2012

Conservatives say make Obama own it
How will right-to-work legislation impact MI jobs?

Rep. Sander Levin speaks out
Fed Expected to Revamp Bond Buying Program

FBN’s Diane Macedo breaks down the stories moving the markets around the world.
Same old 'fiscal cliff' quagmire ahead?

With power structure in Washington left unchanged, are Pres. Obama and Congress serious this time about confronting looming defense cuts and tax hikes?
Special Report Online: 9/5/12

Discussion of developments at the DNC
Lawmakers Show Early Divisions Over Extending Payroll-Tax Break

Congressional lawmakers signaled a broad desire Tuesday to extend the payroll-tax break and federal jobless benefits for the rest of the year, but fault lines emerge...
Dems Vow to Push China Currency Legislation

U.S. Democratic lawmakers vowed Friday to keep pressing for a vote on China currency legislation, now blocked by Republican leaders, which they said is vital for U.S...
U.S. Trade Pact Clears Hurdle

A U.S. congressional committee Wednesday strongly backed deals with South Korea, Colombia and Panama, setting them on course for expected final approval and ending a...