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Aug 9, 2011

US Senate’s Baucus in deficit super committee trio

WASHINGTON, Aug 9 (Reuters) – Max Baucus, the top tax
legislator in the U.S. Senate, was named on Tuesday to serve on
a deficit reduction super committee, possibly boosting
prospects for serious tax and entitlement reform.

Baucus was tapped, along with fellow Democrats John Kerry
and Patty Murray, to serve on the Joint Select Committee on
Deficit Reduction, which markets are hoping will do more than
kick tough tax and entitlement reform issues down the road.

Aug 8, 2011

Downgrade raises stakes for deficit super panel

WASHINGTON (Reuters) – Shaken by a historic debt downgrade, markets looked for signs that a congressional deficit reduction “super committee” would produce a fiscal policy breakthrough, but they were likely to be disappointed.

The panel — whose 12 members must be named within one week — was expected to do the bare minimum required of it, then kick the truly tough tax and entitlement reform issues down the road into 2012 and 2013, aides and analysts said on Monday.

Aug 5, 2011

Coming soon to U.S. Congress: Tax Deadlock 2?

WASHINGTON (Reuters) – U.S. tax code changes on matters ranging from corporate jet depreciation to yacht and beach-home deductions will be in play once a congressional super committee to reduce the deficit gets down to work.

A comprehensive tax reform package is unlikely to emerge from the panel in the next four months, aides and analysts said on Thursday, citing the divisive power of 2012 election politics and the lack of adequate time for such a project.

Aug 4, 2011

Analysis: Coming soon to Congress: Tax Deadlock 2?

WASHINGTON (Reuters) – U.S. tax code changes on matters ranging from corporate jet depreciation to yacht and beach-home deductions will be in play once a congressional super committee to reduce the deficit gets down to work.

A comprehensive tax reform package is unlikely to emerge from the panel in the next four months, aides and analysts said on Thursday, citing the divisive power of 2012 election politics and the lack of adequate time for such a project.

Aug 1, 2011

Storms ahead as U.S. debt deal sets up tax fight

WASHINGTON (Reuters) – If Congress passes the debt ceiling deal by Tuesday, as expected, it could trigger a battle over tax reform within weeks and turn Washington once again into a dateline for deadlock.

The deal calls for a 12-member special congressional panel to locate $1.5 trillion in budget savings by late November. Some panel members will push for the first major tax code overhaul in 25 years.

Aug 1, 2011

Analysis: Storms ahead as debt deal sets up tax fight

WASHINGTON (Reuters) – If Congress passes the debt ceiling deal by Tuesday, as expected, it could trigger a battle over tax reform within weeks and turn Washington once again into a dateline for deadlock.

The deal calls for a 12-member special congressional panel to locate $1.5 trillion in budget savings by late November. Some panel members will push for the first major tax code overhaul in 25 years.

Jul 25, 2011

Tax crusader sees slim chance of reform for now

WASHINGTON (Reuters) – When the last top-to-bottom overhaul of the U.S. tax code happened, almost miraculously, in 1986, Bob McIntyre helped usher it in.

The unassuming and dogged tax activist — whose research on corporations turned the head of President Ronald Reagan — is pessimistic about another reform anytime soon, despite growing talk of a tax code overhaul in the urgent debt ceiling talks.

Jul 20, 2011

Left warns, CEOs laud Gang of Six on overseas tax

WASHINGTON (Reuters) – Left-wing activists and politicians on Wednesday sharply criticized a plan to end U.S. taxation of most corporate offshore profits as endorsed by the Senate’s so-called “Gang of Six.”

In backing the idea of a territorial tax system, a deficit-reduction plan from the Gang of Six would hand multinational corporations a victory in their fight for lower and simpler taxes on profits they post outside the country.

Jul 15, 2011

Senate bill would kill stock option tax break

WASHINGTON (Reuters) – A tax code loophole that gives corporations large deductions on executive stock options would be closed under legislation unveiled on Friday.

As Congress and the White House struggled with budget issues, Democratic Senator Carl Levin offered the measure, calling it a promising revenue-raiser that would discontinue “a taxpayer subsidy for the pay of corporate executives.”

Jul 14, 2011

IRS allows more time on new US anti-tax evasion law

WASHINGTON, July 14 (Reuters) – Foreign financial
institutions will get another six months to start complying
with a new law to prevent offshore tax evasion by Americans
under a phased-in compliance schedule released on Thursday.

The Internal Revenue Service said it would give the
institutions until June 30, 2013, to reach agreements with the
agency on cooperation. These agreements previously had been
expected to be concluded by the end of 2012.