Investors can deduct $3,000 in capital losses against ordinary income, a benefit that cushions the sting of a failed investment. It’s a tax break frozen in time, stuck at the same nominal dollar amount since 1977.
The opposition Labour Party called for greater limits on benefit payments to European migrants to Britain to make the system “fairer,” as it sought to capitalize on anti-immigration sentiment among voters.
The Democratic chairman and the top Republican on the Senate Finance Committee are pressing the Obama administration for information on tax credits paid to people who may not be eligible to work in the U.S.
Eleven years ago, eliminating income taxes for low-income Americans was an applause line for a Republican president. Mitt Romney in 2012 sees the number of people paying nothing as a political problem.
Republican presidential candidate Mitt Romney has been strategically slippery about his tax plan, largely refusing to explain how he would pay for the sweeping tax cuts that represent his primary promise to voters.
When U.S. House Speaker John Boehner and President Barack Obama started their "fiscal cliff" negotiations last year, there was great hope that the U.S. was heading toward a repeat of 1986, when President Ronald Reagan secured major reforms to simplify the income-tax code.