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Sep 19, 2011

Analysis – Obama, GOP shift tax, budget fight into 2012

WASHINGTON (Reuters) – President Barack Obama and Republicans in Congress are digging in to fight the 2012 U.S. election campaign over the budget and taxes, leaving a congressional “super committee” in political no man’s land.

On one side is Obama vowing to defend social programs and proposing new taxes on the rich; on the other side are the Republicans opposing any new taxes and demanding deep social program cuts. What’s a super committee to do?

Sep 19, 2011

Obama, GOP shift tax, budget fight into 2012

WASHINGTON (Reuters) – President Barack Obama and Republicans in Congress are digging in to fight the 2012 U.S. election campaign over the budget and taxes, leaving a congressional “super committee” in political no man’s land.

On one side is Obama vowing to defend social programs and proposing new taxes on the rich; on the other side are the Republicans opposing any new taxes and demanding deep social program cuts. What’s a super committee to do?

Sep 19, 2011

Obama, Republicans shifting tax, budget fight into 2012

WASHINGTON (Reuters) – President Barack Obama and Republicans in Congress are digging in to fight the 2012 U.S. election campaign over the budget and taxes, leaving a congressional “super committee” in political no man’s land.

On one side is Obama vowing to defend social programs and proposing new taxes on the rich; on the other side are the Republicans opposing any new taxes and demanding deep social program cuts. What’s a super committee to do?

Sep 19, 2011

Analysis: Obama, Republicans shift tax, budget fight into 2012

WASHINGTON (Reuters) – President Barack Obama and Republicans in Congress are digging in to fight the 2012 U.S. election campaign over the budget and taxes, leaving a congressional “super committee” in political no man’s land.

On one side is Obama vowing to defend social programs and proposing new taxes on the rich; on the other side are the Republicans opposing any new taxes and demanding deep social program cuts. What’s a super committee to do?

Sep 14, 2011

Fight brewing over U.S. offshore profit taxation

WASHINGTON (Reuters) – Large U.S. corporations are pressuring Congress and the White House to exempt overseas corporate profits from taxes, a policy shift that critics say would hurt the economy and increase the federal deficit.

A fight is shaping up between supporters of territorial taxation, as this policy proposal is known, and opponents who favor a different reform — repealing a tax law that allows corporations to defer paying taxes on their overseas income.

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)