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Dec 17, 2014

Senate passes bill temporarily renewing tax breaks

WASHINGTON (Reuters) – Dozens of temporary tax breaks, including big ones for business research, wind power and foreign profits, were renewed by the U.S. Senate late on Tuesday, putting to rest worries that further delays in dealing with the so-called tax extenders might foul up the approaching tax-filing season.

The Senate approved legislation sent from the House of Representatives that renews retroactively, back to Jan. 1, 2014, a 55-item package of tax breaks. Most of them expired at the end of 2013 and have since been in limbo.

Dec 15, 2014

Tax extenders expected to win U.S. Senate approval within days

WASHINGTON (Reuters) – The U.S. Senate was expected this week to renew dozens of temporary tax breaks, known as the “extenders,” including big ones for business research, wind power and foreign profits.

Ordinary Americans are also affected by extender provisions for state and local sales tax, canceled mortgage debt, college tuition, schoolteacher supplies and health insurance.

Dec 11, 2014

Burger King to save millions in U.S. taxes in ‘inversion’: study

WASHINGTON (Reuters) – Fast food chain Burger King (BKW.N: Quote, Profile, Research, Stock Buzz) will avoid hundreds of millions of dollars in U.S. taxes if, as planned, it completes its pending buyout of Canadian coffee-and-doughnuts chain Tim Hortons (THI.TO: Quote, Profile, Research, Stock Buzz), a tax activist group said on Thursday.

In one of the most notable of several corporate tax “inversion” deals this year, Florida-based Burger King announced in late August it would buy Tim Hortons and put the headquarters of the combined company in Canada.

Dec 11, 2014

Republicans mount late bid to make charity tax breaks permanent

WASHINGTON, Dec 10 (Reuters) – At the 11th hour of a
scramble by the U.S. Congress to keep the federal government
funded and open, Republicans in the House of Representatives on
Wednesday called for making a handful of temporary tax breaks
for charitable giving permanent.

The last-minute move, led by Republican Representative Dave
Camp, drew criticism from Democrats. They said his plan would
add $11 billion to the national debt because it offers no new
sources of tax revenue to offset the drain on the federal budget
that making the tax breaks permanent would impose.

Dec 9, 2014

Congress expected to reboot Internet tax issues in 2015

WASHINGTON (Reuters) – The U.S. Congress is expected this week to put off until 2015 any decisive action on a tangle of Internet tax issues, including online access taxes and online state sales taxes.

Though technically separate, the two have become entwined by political maneuvering, with a holding action in the works on Capitol Hill, according to analysts and lobbyists.

Dec 3, 2014

U.S. House backs 1-year renewal of ‘extenders’ tax breaks

WASHINGTON, Dec 3 (Reuters) – Moving to allay uncertainty
about the 2014 tax year, the U.S. House of Representatives voted
overwhelmingly on Wednesday to renew a wide-ranging package of
temporary tax breaks, known as the “extenders,” postponing
further debate on them to 2015.

The 55-item package of tax breaks includes ones for business
research costs and depreciation schedules, multinational
corporations’ tax avoidance strategies, teachers, commuters,
green energy, racehorse owners and Hollywood studios.

Dec 3, 2014

‘Extenders’ tax breaks renewal expected in U.S. House

WASHINGTON (Reuters) – Dozens of special-interest tax breaks would be renewed under a bill expected to win U.S. House of Representatives approval on Wednesday, in a move to let taxpayers claim the tax breaks for 2014 while kicking a broader debate about them into 2015.

Known as the “extenders” package, the temporary tax breaks, affecting a wide range of corporations and ordinary Americans, have been in limbo since they expired at the end of 2013.

Dec 2, 2014

Brief renewal ahead for U.S. ‘extenders’ tax breaks

WASHINGTON (Reuters) – Congressional Republicans stepped back on Tuesday from a fight to overhaul a package of special-interest U.S. tax breaks, known as the “extenders,” by saying all of them would soon be renewed retroactively, but only through the end of this year.

The Obama administration also weighed in, with Treasury Secretary Jacob Lew meeting with congressional Democrats and saying in a statement that the White House was “open to supporting shorter-term alternatives” on the extenders.

Nov 18, 2014

Seven big U.S. companies paid CEOs more than Uncle Sam in 2013-study

WASHINGTON, Nov 18 (Reuters) – Seven of the 30 largest U.S.
corporations paid more money to their chief executive officers
last year than they paid in U.S. federal income taxes, according
to a study released on Tuesday that was disputed by at least one
of the companies.

Amid talk in Washington about corporate tax reform, the
study said the seven companies, which in 2013 reported more than
$74 billion in combined U.S. pre-tax profits, came out ahead on
their taxes, gaining $1.9 billion more than they owed.

Nov 12, 2014

Republican knives out for Obama’s medical devices tax

WASHINGTON, Nov 12 (Reuters) – Republicans in the U.S.
Congress will move soon to kill a medical device tax that was
imposed less than two years ago under President Barack Obama’s
healthcare law, congressional aides and analysts said on
Wednesday.

The 2.3-percent excise tax on sales of most medical devices
sold in the United States helps fund the healthcare law, known
as Obamacare, and applies to products ranging from bedpans to
costly heart pacemakers. It took effect in January 2013.