Kevin's Feed
Sep 13, 2011

Tax reform vital to deficit panel’s work: Senator Wyden

WASHINGTON (Reuters) – As lawmakers on the congressional “super committee” grapple with the deficit, they keep talking about an objective that they and the experts swear cannot possibly be achieved soon — tax reform.

“I’ve been encouraged at how many times members of the committee have brought up tax reform,” said Democratic Senator Ron Wyden, co-author of a bipartisan tax reform bill that offers a model of how an overhaul might happen.

Sep 8, 2011

U.S. debt panel meets for first time, vow compromise

WASHINGTON (Reuters) – Members of a congressional “super committee,” charged with finding at least $1.2 trillion in new deficit reductions, vowed to help get America’s fiscal house in order when they met for the first time on Thursday.

The panel of 12 congressional Democrats and Republicans acknowledged they had a tough road ahead of them and must keep open minds to reach an agreement. They used the opening meeting to make brief statements and set rules for operating,

Sep 7, 2011

House Democrats eye super committee tax options

WASHINGTON (Reuters) – A menu of tax reform ideas — ranging from ending breaks for corporate jets and hedge fund managers — is being weighed by congressional Democrats ahead of Thursday’s first meeting of a special deficit-reduction panel, according to documents obtained by Reuters.

Written by aides to Democrats on the tax-writing House Ways and Means Committee, the documents have been presented to lawmakers on the panel, House aides said on Wednesday.

Aug 24, 2011

Deficit “super” panelists studying others’ work

WASHINGTON (Reuters) – The heads of a U.S. Congress deficit “super committee” said on Wednesday most members were reviewing budget-balancing studies of recent years in a sign the panel was unlikely to try to reinvent the wheel.

“Most of the committee members are reviewing the deficit reduction work that many others have engaged in over the past several years,” said a joint statement from Democratic Senator Patty Murray and Republican Representative Jeb Hensarling.

Aug 24, 2011

Showdown looms on US overseas profit tax break

WASHINGTON, Aug 24 (Reuters) – Backed by powerful companies
spending millions of dollars, Washington lobbyists are fighting
in the marble corridors of Congress for a tax break on $1.5
trillion in profits held overseas to escape the U.S. tax man.

When lawmakers return next month from summer break,
powerful high-tech and pharmaceutical companies will step up
their push for an overseas profit tax repatriation holiday and
pose a test for President Barack Obama. (For a graphic please
click on r.reuters.com/fuj43s)

Aug 24, 2011

Insight: Showdown ahead on U.S. overseas profit tax holiday

WASHINGTON (Reuters) – Backed by powerful companies spending millions of dollars, Washington lobbyists are fighting in the marble corridors of Congress for a tax break on $1.5 trillion in profits held overseas to escape the U.S. tax man.

When lawmakers return next month from summer break, powerful high-tech and pharmaceutical companies will step up their push for an overseas profit tax repatriation holiday and pose a test for President Barack Obama.

Aug 24, 2011

Showdown ahead on U.S. overseas profit tax holiday

WASHINGTON, Aug 24 (Reuters) – Backed by powerful companies
spending millions of dollars, Washington lobbyists are fighting
in the marble corridors of Congress for a tax break on $1.5
trillion in profits held overseas to escape the U.S. tax man.

When lawmakers return next month from summer break,
powerful high-tech and pharmaceutical companies will step up
their push for an overseas profit tax repatriation holiday and
pose a test for President Barack Obama.

Aug 15, 2011

Repatriation needed, tax reform unlikely-Rep Brady

WASHINGTON, Aug 15 (Reuters) – A senior Republican tax
writer in the U.S. Congress called on Monday for a major
corporate tax holiday, though he said it seems increasingly
unlikely that broad tax reform will happen this year.

Representative Kevin Brady said multinational corporations
should be allowed to bring back into the country much of an
estimated $1.5 trillion in overseas profits at a tax rate of
5.25 percent, rather than the 35 percent statutory rate.

Aug 10, 2011

Republican tax hardliners on US debt super panel

WASHINGTON, Aug 10 (Reuters) – Republicans named their six
members on Wednesday to a U.S. congressional deficit-reduction
super committee, including a favorite of the conservative Tea
Party movement and other no-new-taxes hardliners.

In a move that could deadlock the 12-member panel over
taxes, but perhaps set the stage for changes later, Senate
Republican Leader Mitch McConnell named Tea Party ally Patrick
Toomey to the panel with Jon Kyl and Rob Portman.

Aug 10, 2011

Six Republicans named to U.S. deficit super panel

WASHINGTON, Aug 10 (Reuters) – Republicans named six
members on Wednesday to a U.S. congressional deficit-reduction
super committee that was set up to seek bipartisan agreement on
taxes and government spending.

The panel is known as the Joint Select Committee on Deficit
Reduction and was established to find $1.5 trillion in
additional budget savings over 10 years, but markets have been
looking for signs that it may be able to do even more.