WASHINGTON, Nov 20 (Reuters) – Whatever happens to the U.S.
Congress’ deficit-fighting “super committee,” world markets are
increasingly concerned about several temporary tax breaks vital
to the economy that are set to expire at year-end.
One is the Obama administration’s payroll tax cut. Another
is a “patch” to prevent the alternative minimum tax (AMT) from
hitting middle-class taxpayers. Still others include deductions
for state and local sales tax and for college tuition.
WASHINGTON (Reuters) – Even if it only spurred buying of yachts and private jets, an overseas profit repatriation tax holiday would give a worthwhile boost to the U.S. economy, Republican Senator John McCain said on Tuesday.
In defense of legislation he is offering in Congress, McCain said his bill would try to ensure that profits brought into the country from abroad at a reduced tax rate would be devoted by corporations to investment and job creation.
(Reuters) – Thirty large and profitable U.S. corporations paid no income taxes in 2008 through 2010, said a study on Thursday that arrives as Congress faces rising demands for tax reform, but seems unable or unwilling to act.
Pepco Holdings, a Washington, D.C.-area power company, had the lowest effective tax rate, at negative 57.6 percent, among the 280 Fortune 500 companies studied.
Nov 3 (Reuters) – Thirty large and profitable U.S.
corporations paid no income taxes in 2008 through 2010, said a
study on Thursday that arrives as Congress faces rising demands
for tax reform, but seems unable or unwilling to act.
Pepco Holdings , a Washington, D.C.-area power
company, had the lowest effective tax rate, at negative 57.6
percent, among the 280 Fortune 500 companies studied.
WASHINGTON, Oct 26 (Reuters) – Tax rates would be slashed
and U.S. corporations would get big tax breaks on their
offshore profits under a plan offered on Wednesday by a senior
In a move that shifts the tax reform and deficit debate,
Dave Camp, chairman of the tax-writing House Ways and Means
Committee, called for cutting the top tax rates for individuals
and corporations to 25 percent from 35 percent.
WASHINGTON (Reuters) – A senior Republican tax writer is set to lay out more details of a plan for tax law changes, including letting multinational corporations pay little or no taxes on their overseas profits.
Representative Dave Camp, chairman of the U.S. House of Representatives Ways and Means Committee, has scheduled a Wednesday afternoon news conference to discuss “tax reform.”
WASHINGTON (Reuters) – Tax reform can happen in the United States. President Ronald Reagan and a divided Congress defiantly proved it 25 years ago this Saturday.
On both sides of the acrimonious tax debate, no event is held in such awe today as the historical moment when Reagan signed tax reform into law on October 22, 1986.
WASHINGTON (Reuters) – The U.S. Internal Revenue Service rejected a watchdog report released on Thursday that said the tax-collecting agency made millions of errors in handling education tax credits.
In a controversy involving a hallmark Obama administration economic stimulus measure, the Treasury Inspector General for Tax Administration said as many as 2.1 million taxpayers may have received $3.2 billion in erroneous education credits.
WASHINGTON (Reuters) – U.S. anti-tax activist Grover Norquist questioned Republican presidential contender Herman Cain’s “999″ tax reform plan on Friday, saying it opened the door to future tax increases.
For Norquist — founder and president of Americans for Tax Reform, a powerful anti-tax lobbying group — that is a future not to be tolerated.
WASHINGTON, Oct 11 (Reuters) – Congress should reject
another big tax break for overseas corporate profits because
the last one in 2004-2005 was a costly failure, U.S.
congressional investigators said in a report that immediately
drew fire on Tuesday from an army of business lobbyists.
The Senate Permanent Subcommittee on Investigations’ report
found that the repatriation tax holiday six years ago cost the
U.S. Treasury $3.3 billion in lost revenue and “produced no
appreciable increase in U.S. jobs or domestic investment.”