The White House is defending President Barack Obama's proposal to set a higher threshold for tax increases than what he vowed to do during his presidential campaign. The White House says Obama has moved halfway to meet House Speaker John Boehner on a "fiscal cliff" deal that raises $1.2 trillion in tax revenue, down from the $1.6 trillion Obama had initially requested.White House spokesman Jay...
Factbox: U.S. House "Plan B" tax bill likely to have short shelf life
Labels: BusinessThe U.S. House of Representatives is likely to vote this week on what is being called "Plan B" on avoiding the "fiscal cliff."The Republican-sponsored legislation aims to extend current low tax rates for most families. Without such action by Congress, across-the-board income tax rates will rise on January 1.The combination of $500 billion in tax hikes and $100 billion in spending cuts, which are scheduled...
U.S. charges three Swiss bankers in offshore account case
Labels: Business Three Swiss bankers accused of conspiring with American clients to hide more than $420 million from the tax-collecting U.S. Internal Revenue Service were indicted, the U.S. Attorney's Office in Manhattan said on Wednesday.The indictment named Stephan Fellmann, Otto Huppi and Christof Reist, all former client advisers with an unnamed Swiss bank. None of the bankers have been arrested, authorities...
"Fiscal cliff" turmoil could hit 100 million taxpayers: U.S. IRS
Labels: BusinessWASHINGTON (Reuters) - U.S. tax authorities warned on Wednesday that as many as 100 million taxpayers - far more than previously estimated - could face refund delays if lawmakers' "fiscal cliff" negotiations fail to fix the alternative minimum tax (AMT) before year-end.The Internal Revenue Service said in a letter to lawmakers that it was raising its estimate on AMT impact from 60 million."It is becoming...
What's on the table now in 'fiscal cliff' talks
Labels: BusinessAn update on the latest offers on the table in negotiations to avert a year-end avalanche of federal tax increases and spending cuts known as the "fiscal cliff":___INCOME TAXESHouse Speaker John Boehner would allow income tax rates to rise for people making more than $1 million per year and would hold rates where they are for everyone making less. The top rate on income exceeding $1 million would...
Dec
25
AP source: Dolphins' Smith has knee bruise
Labels: SportsA person familiar with the diagnosis says Miami Dolphins cornerback Sean Smith escaped serious injury when he hurt his left knee in the team's victory over Buffalo.An MRI test Monday determined the injury was only a bruise, the person told The Associated Press, speaking on condition of anonymity because the Dolphins are not releasing details about the injury.Smith, a fourth-year pro and Miami's best...
NFL-Pagano joins playoff bound Colts after battle with cancer
Labels: Sports The Indianapolis Colts and their fans got an early Christmas gift when head coach Chuck Pagano returned to work on Monday, three months after being forced to the sidelines to battle cancer.Diagnosed with leukemia in late September, Pagano spent the last three months undergoing treatment, including chemotherapy, while his inspired team led by rookie quarterback Andrew Luck battled on the field...
Pagano back to coach Colts after cancer treatment
Labels: Sports Chuck Pagano stepped to the podium Monday, hugged his team owner, thanked his family for its support and wiped a tear from his eye.He might, finally, turn out the lights in his office, too.Nearly three months to the day after being diagnosed with leukemia, the Colts' first-year coach returned to a team eager to reunite with a boss healthy enough to go back to work."I told you my best day of...
Pagano joins playoff bound Colts after battle with cancer
Labels: SportsThe Indianapolis Colts and their fans got an early Christmas gift when head coach Chuck Pagano returned to work on Monday, three months after being forced to the sidelines to battle cancer.Diagnosed with leukemia in late September, Pagano spent the last three months undergoing treatment, including chemotherapy, while his inspired team led by rookie quarterback Andrew Luck battled on the field earning...
Ryan says Tebow would have done wildcat if asked
Labels: Sports Tim Tebow would have done whatever Rex Ryan asked — if the New York Jets coach had asked him.Ryan acknowledged Monday that Tebow wasn't happy when the coach chose Greg McElroy to start for the benched Mark Sanchez, but insisted Tebow was willing to play in any role Sunday against San Diego — including the wildcat."He was disappointed, there's no question," Ryan said Monday. "He was disappointed...
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