WASHINGTON (Reuters) – Republicans seized on a momentous U.S. Supreme Court ruling on Thursday to accuse President Barack Obama of hiding a tax increase in his healthcare law, an argument likely to intensify a congressional tax policy war already underway.
The court ruled the 2010 law was valid because Congress has the power to impose taxes. The Obama administration played down the tax factor, but Republican opponents pounced on the decision, seeking to elicit political points from a legal issue.
June 15 (Reuters) – Aiming to shoot holes in
Republicans’ budget plans, U.S. President Barack Obama is
challenging reporters to verify his conclusions that they can’t
slash taxes and shrink deficits without gutting popular
government programs and tax breaks.
Obama on Thursday charged that the numbers in Republican
rival Mitt Romney’s plan for taxing, spending and deficits have
been only vaguely sketched out and their math does not add up.
(Reuters) – President Barack Obama challenged reporters on Thursday to check out his analysis of the Republicans’ plan for taxes, the budget and the deficit – a plan sketched so far only in vague terms.
The president said his rival Mitt Romney and other Republicans want to keep the tax cuts approved under President George W. Bush, “add another $5 trillion in tax cuts on top of that,” cut $1 trillion from the budget, and reduce the deficit.
(Reuters) – The United States is on a “dangerous path” that could lead to a European-style fiscal crisis, warned the Senate’s top tax legislator on Monday, while calling for more tax revenue and ending corporate incentives to shift profits and jobs overseas.
Democrat Max Baucus urged fellow lawmakers to resolve by the end of 2012 a host of “crucial spending and tax decisions” that will arise immediately following the November 6 presidential and congressional elections.
WASHINGTON (Reuters) – Facebook co-founder Eduardo Saverin, under fire over the tax consequences of renouncing his U.S. citizenship, said on Thursday he is obligated to and will pay “hundreds of millions of dollars in taxes to the United States government.”
The social media entrepreneur and investor said in a statement, emailed to Reuters by a spokesman, that his decision to move to Singapore was “based solely on my interest in working and living” there. Saverin said he has been there since 2009.
(Reuters) – Facebook co-founder Eduardo Saverin, who has renounced his U.S. citizenship, was accused on Thursday by two U.S. senators of dodging taxes on Facebook stock-market profits.
When the company goes public on Friday, Saverin will make a fortune. Bloomberg first reported last week he had renounced his citizenship and, in so doing, may avoid U.S. taxes on the initial public offering.
WASHINGTON (Reuters) – China and the world’s largest audit firms face credibility risks under an order Beijing issued saying the firms must hire more Chinese citizens to manage operations there, analysts said.
Thursday’s order follows a string of accounting scandals at Chinese companies listed on U.S. stock markets and amid broader questions about China’s willingness and ability to conform with international business standards and rules.
(Reuters) – Nearly two-thirds of Americans support imposing a minimum tax rate of 30 percent on those who earn $1 million or more a year, according to Reuters/Ipsos poll results released on Tuesday.
The poll showed that 64 percent of those surveyed favored a “Buffett tax” as proposed by the Obama administration and named for multibillionaire investor Warren Buffett, who backs it.
By Kevin Drawbaugh
(Reuters) – The captains of Wall Street have picked a presidential candidate for 2012 and it is Republican Mitt Romney, rather than Democratic President Barack Obama, campaign donation records show.
The records released Tuesday by the U.S. Federal Election Commission illustrate a basic shift in political giving at the presidential level by the nation’s financial elite.