Domestic Taxes

House Small Business Committee ranking member Sam Graves (R-Mo.) on Tuesday sent a follow-up letter to Internal Revenue Service Commissioner Doug Shulman asking how he plans to implement the new healthcare law's 1099 reporting rule, which requires businesses and organizations to report all purchases above $600 to the IRS.  

Former Reagan economist Martin Feldstein on Tuesday said President Obama should extend all the Bush-era tax cuts to show he is not (as some have suggested) anti-business or opposed to helping wealthier taxpayers.

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Former DNC Chairman Howard Dean adds that the economy created jobs after Clinton raised taxes. 

Investment strategist and conservative columnist Donald Luskin on Monday warned that if Congress fails to extend all of the Bush-era tax cuts the economy will slide back into a recession. 

He reasons that the expiration of the tax cuts will create an average tax increase on income of 3.3 percent, which will directly affect consumption.

Democratic leaders vowed that extending middle-class tax cuts would be their top priority, but that promise barely scratches the surface.

The nonprofit organization Liberty Central on Friday kicked off its first-ever national ad campaign to prevent tax increases proposed by President Obama. 

The ad, which will run on conservative talk radio websites, seeks to garner 100,000 online signatures to petition against the coming tax hikes that will result if Congress fails to extend all of the tax cuts enacted by President George W. Bush. 

"Raising taxes in a recession is just bad policy," the add states.

Organizations representing a wide array of constituencies have called on Congress to ban tax patents before the end of the year, warning that a failure to do so will inhibit tax preparers from using strategies that could save their clients money. 

House Majority Leader Steny Hoyer (D-Md.) on Thursday said extending the Bush-era tax cuts for the middle class would be his chamber's top priority when lawmakers return after the November elections. 

Asked their top priority for the lame-duck session, several Democrats named voting on the Bush-era tax cuts.

Senate Energy & Natural Resources Chairman Jeff Bingaman (D-N.M.) and Sen. Olympia Snowe (R-Maine) have teamed up to introduce legislation providing tax incentives to the energy sector. 

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