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The Senate presented the final price tag of $858 billion for President Obama’s tax deal Republican leaders and began debating the package Thursday night.

The Senate aims to vote on the bill Monday, a week after it was first announced, The Wall Street Journal reported. It is expected to clear the Senate, with backers including Senate Majority Leader Harry Reid, who had previously expressed…

Continue reading Senate Unveils Total Cost of Tax Deal

Senate Unveils Total Cost of Tax Deal originally appeared on DailyFinance on Fri, 10 Dec 2010 07:03:00.

Filed Under: Economy, People, Taxes

Ambac Financial Group, which Monday declared bankruptcy, is suing the U.S. for attempting to seize $700 million in tax refunds. The bond insurer warns that seizing the refunds could ruin its chances of reorganizing.

Continue reading Ambac Sues U.S. Over $700 Million in Tax Returns

Ambac Sues U.S. Over $700 Million in Tax Returns originally appeared on DailyFinance on Tue, 09 Nov 2010 19:15:00.

Filed Under: Company News, Real Estate, Taxes, Credit

Despite the recession and Tea Party cries of “Taxed Enough Already,” a surprising number of communities across the country voted to keep their tax burdens at current levels.

Continue reading Voters Nationwide Push Back Against Local Tax Cuts

Voters Nationwide Push Back Against Local Tax Cuts originally appeared on DailyFinance on Thu, 04 Nov 2010 08:30:00.

The IRS will stop mailing out paper forms and instructions for annual income tax returns as more people file their taxes online.

About 11.5 million people who filed paper tax returns in 2009 got the tax information in the mail, The Washington Post reported. The mailing included 44 pages of instruction last year.

This year, more than 96 million individuals filed their tax returns…

Continue reading IRS Will Stop Mailing Out Tax Return Forms, Instructions

IRS Will Stop Mailing Out Tax Return Forms, Instructions originally appeared on DailyFinance on Tue, 28 Sep 2010 07:28:00.

Filed Under: People, Taxes

The Senate will not vote on extending any of the Bush-era tax cuts until after the November election.

“Democrats believe we must permanently extend tax cuts for the middle-class before they expire at the end of the year, and we will,” Jim Manley, a spokesman for Senate Majority Leader Harry Reid said in an e-mail, Reuters reported.

“Unfortunately, to this point we have received no…

Continue reading Senate Will Not Vote on Extending Bush Tax Cuts Before Election

Senate Will Not Vote on Extending Bush Tax Cuts Before Election originally appeared on DailyFinance on Fri, 24 Sep 2010 06:28:00.

Filed Under: Economy, People, Taxes, Currency