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.
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
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.
WASHINGTON, Nov 5 (Reuters) – Staffers at the National
Association of Manufacturers traded high-fives inside the
group’s election war room Tuesday night, as pro-business
lobbying groups enthusiastically greeted Republicans’ victory in
retaking control of the Senate.
With the Republicans’ victory, business lobbyists see a
golden opportunity to advance their clients’ interests on issues
ranging from taxes and trade to banking and energy.
WASHINGTON (Reuters) – U.S. prosecutors did not present enough hard evidence to link a former top UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) banker to subordinates’ schemes to help wealthy Americans hide $20 billion in secret accounts from tax authorities, jurors from the trial told Reuters on Tuesday.
A federal jury in South Florida on Monday took a little over one hour to acquit Raoul Weil, who headed the Swiss bank’s global wealth management unit, of conspiring to defraud the Internal Revenue Service. The verdict was a major setback for Washington’s efforts to crack down on offshore tax evasion by Americans, and raised questions about how aggressively the government will pursue similar cases against senior executives.
WASHINGTON, Nov 4 (Reuters) – U.S. prosecutors did not
present enough hard evidence to link a former top UBS AG
banker to subordinates’ schemes to help wealthy
Americans hide $20 billion in secret accounts from tax
authorities, jurors from the trial told Reuters on Tuesday.
A federal jury in South Florida on Monday took a little
over one hour to acquit Raoul Weil, who headed the Swiss bank’s
global wealth management unit, of conspiring to defraud the
Internal Revenue Service. The verdict was a major setback for
Washington’s efforts to crack down on offshore tax evasion by
Americans, and raised questions about how aggressively the
government will pursue similar cases against senior executives.
WASHINGTON (Reuters) – When the U.S. Congress returns to work next week after Tuesday’s midterm elections, one of its first tasks will be dealing with dozens of expired corporate tax breaks, whose renewal and extension are seen as likely though not guaranteed.
Known as “extenders,” the 55 temporary laws – including tax breaks for depreciation and research – have been in limbo since the end of 2013, when their last authorized extension ran out.
WASHINGTON (Reuters) – A new math for tax policy is attracting fresh attention in Washington as polls suggest that Republicans could capture full control of the U.S. Congress next month.
Known as “dynamic scoring,” the approach is about how to estimate the federal budget impact of tax law changes and it has long been backed by Republicans but opposed by some Democrats.
WASHINGTON/NEW YORK (Reuters) – Tough new U.S. rules on corporate “inversions” on Tuesday sent a chill through the market for the tax-avoidance deals, both pending and potential, with share prices falling sharply in nearly a dozen companies on both sides of the Atlantic.
As investors sold stocks involved in inversions, in which U.S. companies escape high taxes at home by redomiciling abroad, analysts and tax lawyers were surveying the damage to deals currently in the works and the outlook for future transactions.
WASHINGTON (Reuters) – Moving against tax-avoidance by corporations, the Obama administration is taking several actions to curb deals known as “inversions” that allow companies to escape U.S. taxes by reincorporating abroad.
The Treasury Department on Monday announced new rules, effective immediately, that will reduce tax benefits accessible to companies that have inverted and make new inversions more difficult and less potentially rewarding.
WASHINGTON (Reuters) – More large U.S. businesses are organizing as partnerships, rather than corporations, and the tax-collecting U.S. Internal Revenue Service is not doing enough to keep an eye on them, a government watchdog said on Thursday.
Echoing concerns raised by other Washington officials about the surge, the Government Accountability Office (GAO) said more than 10,000 large businesses were set up as partnerships in 2011, three time as many as in 2002.