Congress Extends Middle-Class Tax Breaks
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With lopsided margins in both houses, Congress gave President Bush his fourth tax cut in four years, extending three popular middle-class tax breaks and reviving some expired business tax incentives just six weeks before the election.
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Unless Congress acts soon to prevent a special "millionaires" tax from hitting middle-income families, as many as 50 million taxpayers, or 37 percent of the total, will face an unexpected tax increase, a delay in receiving refunds or a delay in having their tax return processed.
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WASHINGTON - With lopsided margins in both houses, Congress gave President Bush his fourth tax cut in four years, extending three popular middle-class tax breaks and reviving some expired business tax incentives just six weeks before the election.    Many Democrats complained during the debate Thursday that majority Republicans who control Congress should have offset the lost revenue to keep the nation's soaring deficits from getting worse...
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WASHINGTON -- The Senate cleared the way for an increase in the minimum wage Tuesday, but only with business tax breaks that House Democrats want removed.
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Congress is now poised to hand President Bush an election-year tax cut victory after Senate and House of Representatives negotiators on Wednesday night agreed to extend popular tax breaks for children and couples for five years.
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Democrats controlling Congress are looking at tax rebates, extended unemployment benefits and more food stamps to stimulate the sagging economy.
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Congressional negotiators appeared to have beaten back efforts yesterday to expand or preserve the tax refunds for poor families, even as they added $12.
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Sen. Barack Obama on Tuesday proposed overhauling the tax code to lower taxes for the poor and middle class, increase them for the rich and make it so most Americans can file their taxes in five minutes.
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Maryland's efforts to close a gaping budget shortfall next year could result in higher income taxes for the state's more affluent residents -- and a possible break for those earning less.
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The House overwhelmingly approved business tax breaks worth $1.8 billion over 10 years on Friday, a key step toward forging a congressional compromise on increasing the minimum wage. The vote on the tax cuts was 360-45.
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The twin pressures of a looming recession and an election year combined to speed a $168 billion economic rescue plan through Congress, sweeping aside lawmakers' political differences in favor of rushing $600-$1,200 checks to their constituents.
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WASHINGTON -- Democrats in Congress are preparing a long-awaited plan that seeks to deliver a major tax break to millions of middle-class families -- paid for by raising taxes on upper-income earners.
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Congress acted in its final hours Wednesday to block growth of the alternative minimum tax, putting off an economic hardship affecting more than 20 million taxpayers and avoiding what would have been a political black mark for both parties
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Congress is spending its last working days before a long summer break by attending to pocketbook issues, with votes to increase the minimum wage, cut estate taxes and shore up pensions.
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Democratic presidential rivals called for higher taxes on the wealthiest Americans and on some corporations Thursday and said any thought of balancing the federal budget would have to wait.
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President Bush urged Congress today to quickly pass the economic stimulus plan that would give Americans tax rebate checks. But many Senate Democrats want to include extended unemployment benefits in the plan -- a provision House Democrats agreed to drop.
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The US Congress on Thursday agreed to extend popular tax cuts for children and married couples, giving President Bush an election-year victory on his core economic issue.