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Jul 12, 2011

U.S. Senate bill targets offshore tax “trickery”

WASHINGTON, July 12 (Reuters) – U.S. multinational
corporations would have to report financial results on a
country-by-country basis, potentially revealing much about
their offshore tax and accounting practices, under legislation
introduced in the Senate on Tuesday.

Saying that offshore tax abuses cost the government $100
billion a year in lost revenue, Democratic Senator Carl Levin
said his bill would additionally close a loophole that allows
credit default swap payments to escape taxation if sent from
the United States to persons offshore.

Jul 12, 2011

Business seen vulnerable in eventual U.S. tax revamp

WASHINGTON (Reuters) – Tax reform could spell the demise of corporate tax breaks such as the domestic production credit, but don’t hold your breath waiting for it, says Scott Hodge, a 20-year veteran of the Washington tax wars.

Comprehensive tax reform may not come until 2013 and when it does, the handful of corporate tax breaks to be curbed could include the credit which rewards companies for making things in the United States rather than abroad.

Jul 8, 2011

U.S. debt talks producing only tax symbolism so far

WASHINGTON (Reuters) – Symbolic gestures and possible agreements in principle, but not substantive reform, are likely to be the main tax policy result of urgent talks about raising the U.S. debt ceiling.

As President Barack Obama and congressional leaders met on Thursday, there was talk of ending ethanol subsidies and tax loopholes for corporate jets, private equity financiers and Big Oil.

Jul 7, 2011

Analysis: Debt talks producing only tax symbolism so far

WASHINGTON (Reuters) – Symbolic gestures and possible agreements in principle, but not substantive reform, are likely to be the main tax policy result of urgent talks about raising the U.S. debt ceiling.

As President Barack Obama and congressional leaders met on Thursday, there was talk of ending ethanol subsidies and tax loopholes for corporate jets, private equity financiers and Big Oil.

Jul 6, 2011

Scenarios: Debt talks put pressure on corporate tax breaks

WASHINGTON (Reuters) – Corporate tax breaks — from offshore shelters to private jets — are a key stumbling block in the U.S. debt ceiling debate, with talks set for Thursday between President Barack Obama and congressional leaders.

The tax code is riddled with deductions, exemptions and other provisions to support corporations. Not since 1986 under President Ronald Reagan has the code been fully overhauled.

Jul 6, 2011

Debt talks put pressure on US corporate tax breaks

WASHINGTON, July 6 (Reuters) – Corporate tax breaks — from
offshore shelters to private jets — are a key stumbling block
in the U.S. debt ceiling debate, with talks set for Thursday
between President Barack Obama and congressional leaders.

The tax code is riddled with deductions, exemptions and
other provisions to support corporations. Not since 1986 under
President Ronald Reagan has the code been fully overhauled.

Jun 16, 2011

Fight over bank capital goes to Congress

WASHINGTON (Reuters) – The world’s biggest banks brought their fight against higher capital standards to Congress on Thursday where Republicans hosted a hearing to vent Wall Street complaints about government regulation.

Little more than two years since major banks took massive taxpayer bailouts to shore up their weak balance sheets, the U.S. government and EU nations are trying to force the banks to hold more capital and be better prepared for future crises.

Jun 12, 2011

Bank capital, swaps dominate financial regulation outlook

WASHINGTON (Reuters) – Global inconsistencies and industry resistance are clouding the outlook for world financial regulation reform in two key areas — swaps oversight and bank capital, both set for debate this week.

More than two years since the devastating 2008 banking crisis, regulators from Washington and London to Brussels and Singapore are tightening the screws on high finance, with large Wall Street firms already moving to comply with new laws.

Jun 12, 2011

Bank capital, swaps dominate financial reg outlook

WASHINGTON, June 12 (Reuters) – Global inconsistencies and
industry resistance are clouding the outlook for world
financial regulation reform in two key areas — swaps oversight
and bank capital, both set for debate this week.

More than two years since the devastating 2008 banking
crisis, regulators from Washington and London to Brussels and
Singapore are tightening the screws on high finance, with large
Wall Street firms already moving to comply with new laws.

Jun 9, 2011

Governments heap more pressure on offshore banks

LONDON/WASHINGTON, June 9 (Reuters) – Tax authorities have
been stepping up pressure on the offshore banking industry, with
the United States promising a summer crackdown and Britain
pursuing thousands of people with money in Swiss accounts.

At a conference in Washington organised by the Organisation
for Economic Cooperation and Development (OECD) this week, a
senior U.S. Internal Revenue Service (IRS) figure said the
authority was about to probe at least one bank.