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The Late Edition: November 7, 2012

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Today’s Taxpayer News!

With the election over, President Obama will need to make plans to avoid the $600 billion in higher taxes and across-the-board-spending cuts set to take effect January 1st unless he can craft a deal with House Republicans.

House Speaker John Boehner (R-OH) said today he is willing to accept increased revenues to the federal government as one of the means to deficit reduction, but stressed that he would not support raising taxes to do so. Speaker Boehner instead proposed closing loopholes that warp the tax code.

One of the biggest ballot blows to taxpayers in yesterday’s election was undoubtedly the passage of Propostion 30 in California. Gov. Jerry Brown's massive package of sales and income tax increases is estimated to burden Golden State taxpayers with between $6.8 billion and $9 billion a year.

Alabama, Montana, and Wyoming all passed variations of a measure to spurn ObamaCare, though the Supreme Court’s ruling marginalizes their effectiveness.