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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.

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.