Kevin's Feed
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.

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.