tax law

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Republican New York Congressman John Faso has written to the U.S. Treasury Department. He’s asking for guidance concerning proposed tax changes in Democratic Governor Andrew Cuomo’s proposed budget. Cuomo’s proposed changes come after federal tax law capped state and local income tax deductions.

New tax law packed with breaks for businesses

Jan 3, 2013

WASHINGTON (AP) — Tucked into the "fiscal cliff" tax package approved by Congress are billions of dollars in tax breaks that should make the new year a lot happier for businesses of many stripes, including film producers, race track owners and the makers of electric motorcycles.

The dreaded drop off the fiscal cliff has been avoided, so what does it mean for our taxes.  Before the agreement, there were dire predictions that many middle-class Americans could see their yearly tax bills go up by some three thousand dollars, if Congress and the White House did not agree on a tax and spending plan by the time the ball dropped in Times Square.