Kevin's Feed
Nov 22, 2011

Payroll tax cut, jobless aid deal likely: aides

WASHINGTON (Reuters) – After another fiscal fight next month, U.S. lawmakers are likely to agree to extend payroll tax cuts and emergency unemployment assistance, senior congressional aides said on Tuesday.

Stunts designed to score political points may intercede, but in the end, the direct hit to Americans’ wallets and risks to the economy posed by lapses in either program make an agreement probable, aides said.

Nov 21, 2011

Scenarios: Expiring tax breaks loom beyond “super panel”

WASHINGTON (Reuters) – Whatever happens to the 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.

Nov 20, 2011

Expiring US tax breaks loom beyond ‘super panel’

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.

Nov 9, 2011

Yachts, jets? It’s still an economic boost: McCain

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.

Nov 3, 2011

Thirty companies paid no income tax 2008-2010: report

By Kevin Drawbaugh

(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, 2011

Thirty cos paid no US income tax 2008-2010-report

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.

Oct 26, 2011

Tax cuts, corporate breaks urged by top Republican

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
congressional Republican.

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.

Oct 26, 2011

Top Republican to outline corporate tax plan

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.”

Oct 21, 2011

Analysis: Tax reform impossible? Reagan did it 25 years ago

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.

Oct 20, 2011

IRS disputes report on education tax credit errors

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.