How your paycheck would be impacted by the Trump and Harris tax plans
Each presidential candidate is proposing significant changes to the tax code. Here's who would win and lose.
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Each presidential candidate is proposing significant changes to the tax code. Here's who would win and lose.
With just two days to spare, President Joe Biden has signed legislation that lifts the nation's debt ceiling.
To pass their debt ceiling deal, House Speaker Kevin McCarthy and President Joe Biden will now have to sell it to their respective parties.
"I respectfully urge Congress to act promptly to protect the full faith and credit of the United States," Yellen wrote to congressional leaders.
Nation is edging closer to statutory debt ceiling of $31.4 trillion. "We are addicted to debt," one expert said.
Fanning the flames of Republican discord, President Donald Trump accused GOP congressional leaders Thursday of botching efforts to avoid an unprecedented default on the national debt.
If elected president, Senator Marco Rubio said he would solve the nation's debt crisis by reforming Medicare, Social Security and forcing Congress to balance the federal budget.
With the government shutdown plan pitched by Senators Marco Rubio, Ted Cruz, and Mike Lee looking less and less likely; the GOP-led House is preparing to threaten to crash the U.S. economy if President Barack Obama and Senate Democrats don't acquiesce to Republican policy demands.
A staggering new Wall Street Journal/NBC News poll showed a plurality of the country was fine with the country crashing through the national debt ceiling.
Senator Marco Rubio is prepared to shut down the United States government if the Affordable Care Act isn't completely defunded by any short-term budget agreement.
Minutes after President Barack Obama finished his annual State of the Union address before a joint session of Congress, Senator Marco Rubio stepped before the cameras and into the national spotlight to deliver the Republican response.
As President Barack Obama and Congressional Republicans continue to fight over issues from spending to guns, the electorate is backing the president on most issues, according to a new Washington Post poll.
As Congressional Republicans and President Barack Obama begin to clash over the raising of national debt ceiling, a plan relying on one or two coins save the nation has started to gain momentum.
The smoke has barely cleared from the prolonged fight over the fiscal cliff on Capitol Hill, but already Congressional leaders and the White House are drawing lines in the sand over the debt ceiling.
MIAMI (CBSMiami) – Much of the talk over the next week will not center around the New Year or football, but instead on the so-called "fiscal cliff." It's a catch-all term that's being applied to a massive round of austerity and tax increases set to go into effect on January 1, 2013. But what exactly makes up the fiscal cliff? It starts with the so-called "Bush Tax Cuts" passed in 2001 and 2004. At the time, then-President George W. Bush pushed through two major tax hikes immediately after the government began running surpluses at the end of the Clinton administration. Bush's tax cuts dropped the rates for all Americans, though Democrats argue they disproportionately helped the wealthiest Americans the most. The tax cuts were set to sunset, or end, in 2010, but another deal between President Barack Obama and Republicans in Congress extended them to December 2012. If both parties can't agree on what to do about the tax cuts, the overall tax rates will revert to what they were in 2000 under President Clinton. According to CBS News, this would impact 88 percent of taxpayers with their taxes rising by an average of $3,500 a year. For a family making between $50,000 and $75,000 a year, the average tax bill would jump by $2,400. The loss of the extra revenue for the families would impact their spending power, which then would hamper businesses, which would turn and cut jobs to continue making profits. But the tax hike in overall rate isn't the only tax that will be impacted. A payroll tax cut was enacted in 2010 to help give the economy some stimulus, but both sides appear willing to let that tax cut expire and let payroll taxes rise by 2 percent in 2013. Tax hikes make up only half of the fiscal cliff. The other half is made up of deep spending cuts/austerity that could cripple the government and contractors nationwide. During the 2011 national debt crisis started by Congressional Republicans, a deal was finally struck to increase the nation's debt limit, but a sequester was put on the military and domestic spending. The sequester was put in place to try and spur government action. As part of the deal, both Republicans and Democrats put together a joint committee to seek trillions in deficit reduction. Republicans refused to allow any tax/revenue increases and Democrats balked at major changes to Social Security and Medicare. When both sides declared failure, the sequester kicked in. It imposes deep spending cuts to domestic discretionary spending as well as deep defense department cuts for military spending. Democrats oppose the discretionary spending and Republicans oppose the defense cuts. According to CBS News, budget cuts of 8-9 percent would hit most of the federal government, from law enforcement to the military to weather forecasting. Only a few areas, like Social Security benefits and Veterans affairs, will be spared the deep cuts. Still, the cuts would be phased in slowly over the next decade, which could help minimize the damage if they are not repealed in early 2013. Even if the nation goes off the "fiscal cliff," Congress can pass tax cuts in early 2013 and make them retroactive to any date they so choose. Congress can also choose to delay or cancel any spending cuts they wish. Some pundits believe this is the likeliest scenario to happen. Because Republicans refuse to allow any tax increases, the belief is that both parties will allow the country to go off the "fiscal cliff." At that point, President Obama can put together a massive tax cut package and send it to Congress. Neither party is likely to oppose a tax cut package, but Obama would have the ability to call for the cuts to be applied to only those making less than $250,000 or another similar level. Republicans and Democrats could quickly pass that measure and both sides could declare victory over the other. The tax rate damage would be averted, but both sides would have to deal with the spending cuts in the sequester. The depth of the spending cuts will likely depend on how much revenue is gained from the tax cuts. Cutting taxes for those below $250,000 and letting the others rise will generate significantly more revenue, which can help minimize the cuts to some degree. However, in exchange for allowing the cuts, Republicans may demand other cuts to programs to offset the overall cost of the cuts. It would create a problem because if Democrats balked at other cuts, Republicans may have to choose between voting against a tax cut, or allowing the cuts to go through without any offsets. One key element of any deal will be the debt ceiling. The last time Republicans wielded the debt ceiling as a weapon, the nation's credit rating was dropped for the first time in history and hit the economy hard. Treasury secretary Timothy Geithner said Wednesday the nation will hit its borrowing limit on December 31. Geithner and the Treasury Department will take "extraordinary" measures to allow the government to keep functioning for a few months. However, at a certain point, Geithner will run out of options. If Congress doesn't authorize a hike in the debt ceiling, the U.S. will default on its bills. This could cripple not only the U.S. economy, but also the global economy. President Obama wants a grand deal on tax cuts and everything to include a two-year automatic extension on the debt ceiling. Republicans have balked at this proposal and another showdown could be in the works in 2013. Republicans will want massive offsets in exchange for any hike in the debt ceiling, which Obama and Democrats are likely to oppose. It all sets up for a very hectic end of 2012 and beginning of 2013. In the middle of it all, a brand new Congress will be sworn in and have to deal with all of the issues immediately if no deal is struck before then, which is looking increasingly less likely. But what exactly makes up the fiscal cliff?
You could call 1248 Coral Way in Coral Gables a one of a kind. Four massive lots on tree lined roadway and a home dating back to 1929. It certainly is a Coral Gables original.
Senate Republicans and a few Senate Democrats are expected to block President Barack Obama's jobs plan Tuesday which includes tax increases on the rich.
Moody's Investor Services has fired another shot across the bow of both the federal government and individual states. Tuesday afternoon, Moody's put five states on review for a downgrade of their credit ratings.
Many in the state of Florida rely on Social Security and Medicare as a lifeline, but as the days countdown to a U.S. default, everyone in the Sunshine State has reason to worry.
As the debt debate continues to threaten to bring down the American economy and way of life; a new poll found that Obama is the best of the worst when it comes to handling the debt and the economy.
As South Florida continues to battle record unemployment, especially in Miami-Dade County, Congressional Republicans continue flirting with having the U.S. default on its debt.
South Florida's seniors may be able to breathe a slight sigh of relief Thursday after senior Republicans in Washington said a controversial plan to overhaul Medicare and Social Security is likely off the table, according to the Washington Post.
Freshman Florida U.S. Senator Marco Rubio put himself in the company of just a few other senators Wednesday when he announced he would not vote to raise the U.S. national debt limit next month.
A Savannah, Georgia flight bound for Miami hit turbulence just moments after takeoff, and we're not talking about the skies.
Bogdan Bogdanovic scored a season-high 30 points, helping the Los Angeles Clippers beat the Miami Heat 119-104.
MDSO arrested the two on organized fraud charges for allegedly extorting money from over 15 family businesses.
CBP Home is a phone app previously used for people seeking asylum in the U.S. But, it has since been revived with a different purpose.
The delay in funding raises critical concerns about the future of families already on the brink of homelessness.
A Savannah, Georgia flight bound for Miami hit turbulence just moments after takeoff, and we're not talking about the skies.
Bogdan Bogdanovic scored a season-high 30 points, helping the Los Angeles Clippers beat the Miami Heat 119-104.
MDSO arrested the two on organized fraud charges for allegedly extorting money from over 15 family businesses.
The layoffs are part of a broader effort led by Elon Musk's DOGE to shrink the federal workforce.
CBP Home is a phone app previously used for people seeking asylum in the U.S. But, it has since been revived with a different purpose.
A former prison guard trainee has been sentenced to death for the 2019 execution-style killings of five women inside a Florida bank.
Florida coach Billy Napier is getting a fourth season to try to get the Gators back to their winning ways.
A Florida man has filed a federal lawsuit against Jacksonville sheriff's officers who severely beat him last year after he ran from a traffic stop.
The Marion County Sheriff's deputy told authorities that he accidentally shot and killed his girlfriend while cleaning his gun.
The American Automobile Association said this is a dangerous time of year for young drivers.
The positions will be eliminated "immediately," according to a memo by Environmental Protection Agency Administrator Lee Zeldin.
The bill would expand the utility commission and make other changes.
President Trump said Monday that Mahmoud Khalil's arrest was just the first "of many to come."
The Department of Education said staff affected by the job cuts would be placed on leave starting Friday, March 21.
Ukraine said it would accept a 30-day ceasefire with Russia after talks with the U.S. in Saudi Arabia on Tuesday.
There has been a major development in the aftermath of our CBS News Miami documentary "Warehoused: The Life and Death of Tristin Murphy."
The former lieutenant governor sat down with "Facing South Florida" for her first interview since becoming FIU's interim president.
"Facing South Florida" devotes the entire half hour to taking an up-close look at President Donald Trump's first month in office.
"Facing South Florida" devotes the entire half hour to the immigration bill DeSantis signed and the tumultuous events leading up to it.
Jim talks to Republican State Senator Blaise Ingoglia, who has been in the immigration battle from the beginning.
For millions of Americans, paying for medical care often means going into debt, new data shows.
More than 97% of measles cases across North and South America have been in the U.S. or Canada.
James Harrison, an Australian man credited with saving 2.4 million babies through his record-breaking blood plasma donations over six decades, has died, his family says. He was 88.
Pope Francis had a peaceful night with no crises after a bronchial crisis prompted a worsening of his health.
A World Health Organization official said the FDA "participated as in the past" in the process.
These gifts from Stanley, Apple, AllTrails and more won't bust your budget.
From top-rated smart mugs to cold brew starter kits, we've rounded up the coffee lover presents to gift this Christmas.
Just in time for the holiday season, Nintendo has released Nintendo Switch bundles and special editions.
For that authentic grilling experience, you can't beat a charcoal grill. We've rounded up the best grill options.
Discover the best tech gifts during the 2024 holiday season that your friends and loved ones will absolutely adore.
Less than two days after Delta Air Lines offered $30,000 to each passenger on board the flight that crashed and flipped in Toronto on Monday afternoon, the company is facing its first two lawsuits in the incident — and they likely won't be the last.
Activists are calling for a nationwide boycott of Target stores following the company's decision to roll back its diversity, equity and inclusion initiatives.
Discount store chain Target says it's joining rival Walmart and a number of other prominent American brands in scaling back corporate diversity, equity and inclusion initiatives.
Miami-Dade is considering four possible sites, including two that are 2 miles or less from the city of Miramar.
A viral TikTok recipe that includes melting Jolly Ranchers landed a 9-year-old in the hospital with severe burns.
In her long-awaited return to fiction, the author of "Americanah" presents her intricately-woven novel that explores love, ambition, family expectations, and the forces that shape women's choices.
Gene Hackman and Betsy Arakawa were found dead in their home last week in a gated community in Santa Fe, New Mexico.
Carl Dean, the husband of Dolly Parton, died Monday in Nashville, the singer said in a statement.
Gene Hackman died of heart disease and Betsy Arakawa's cause of death was hantavirus pulmonary syndrome, officials said.
"Sunday Morning" looks back on the brilliant career of Gene Hackman, and talks with Brad Dourif (Hackman's co-star in "Mississippi Burning") and Hollywood Reporter chief film critic David Rooney about a star who refused to be typecast.