Frist links wage hike to estate tax cut
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The only opportunity this year to increase the minimum wage and renew popular tax breaks will be linked to a reduction in the estate tax, Senate Majority Leader Bill Frist, R-Tenn., said Tuesday.
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President Bush signed into law a fourth tax cut in less than four years, extending tax relief for married couples, parents and businesses during a well-timed ceremony in this battleground state.
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The little-known tax break has allowed wealthy financiers to cut their total income tax bills by billions of dollars.
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The state House on Wednesday approved a bill to move up the due date of county property taxes to offset lost state revenue sharing dollars.
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Four years ago, presidential candidate George W. Bush promised a record tax cut. He delivered income-tax cuts of $270 billion a year - a statistic he loves to cite.
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By Charlotte Gill  SENIOR savers can earn more than 6pc before tax following the latest moves from Coventry Building Society and Northern Rock.
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Democratic presidential contender Barack Obama proposed up to $85 billion in tax cuts for about 150 million Americans on Tuesday, paid for by raising capital gains and dividend taxes on the wealthy.
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The looming political battle over how to reform the tangled US income tax code could get ugly. But one option, a tax aimed at boosting savings, holds promise.
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The push-and-pull over the 2009 federal pay raise is underway.
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TALLAHASSEE, Florida  - Florida voters on Tuesday approved a property tax reform plan that may cut local taxes by $9.3 billion over the next five years, a proposal heavily promoted by Republican Gov. Charlie Crist.
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The looming political battle over  how to reform the tangled U.S. income tax code could get ugly.  But one option, a tax aimed at boosting savings, holds promise.
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House-Senate negotiators late Wednesday approved extending three popular middle class tax cuts and Republicans, anxious to get the bill to President Bush, predicted swift passage in both chambers of Congress. The conference panel approved the bill after overriding objections from Democrats who said the tax cuts should be paid for by tax increases in other areas, limiting its impact on the government soaring budget deficit.
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WASHINGTON - The House's leading Democratic tax writer will propose a sweeping overhaul of the tax code that would increase taxes on many people with incomes above $200,000 but cut them for most others.
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PORTSMOUTH, N.H.  - President Bush suggested in an  interview published on Wednesday he may be open to raising the  cap on Social Security taxes paid by high-income earners, but  told a crowd in New Hampshire he would reject an increase in  the payroll tax rate.
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The looming political battle over how to reform the tangled U.S. income tax code could get ugly. But one option, a tax aimed at boosting savings, holds promise.
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The Democratic-led U.S. Senate voted on Thursday to raise the federal minimum wage for the first time in a decade and to provide billions of dollars in small-business tax cuts to help offset the cost.
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The chairman of the House taxwriting committee said Tuesday he would be willing to link tax breaks for small business to a hike in the minimum wage but that the $8 billion tax package adopted by the Senate was unacceptable.