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Apr 1, 2014

U.S. Congress renews annual temporary tax laws fight

April 1 (Reuters) – The annual battle in the U.S. Congress
over renewing scores of temporary tax breaks, including the
corporate research tax credit and individual deductions for
teachers’ supplies and college tuition costs, got under way on
Tuesday.

In the Senate, the new chairman of the tax-writing Finance
Committee unveiled legislation that would modestly trim the list
of about 55 laws known as the “tax extenders” because they
expire every year or two and need to be regularly extended.

Apr 1, 2014

Congress begins battle over temporary U.S. tax measures

By Kevin Drawbaugh

(Reuters) – An annual fight in the U.S. Congress over renewing scores of temporary tax breaks – including the corporate research tax credit and individual deductions for teachers’ supplies and college tuition costs – got under way on Tuesday.

In the Senate, the new chairman of the tax-writing Finance Committee unveiled legislation that would modestly trim the list of about 55 laws known as the “tax extenders” because they expire every year or two and need to be regularly extended.

Mar 31, 2014

Group chides GE after study of U.S. corporate tax break lobbying

WASHINGTON (Reuters) – General Electric Co has lobbied more aggressively than any other corporation to preserve a tax loophole that lets multinationals shelter offshore financial profits from U.S. taxes, an activist group said on Monday.

As Congress considers the annual renewal of scores of tax breaks, Americans for Tax Fairness released a study focused on the “active financing exception (AFE),” enacted in 1997, which U.S. companies use to avoid taxes on offshore financial income.

Mar 26, 2014

Bitcoins are property, not currency, IRS says regarding taxes

WASHINGTON (Reuters) – Wading into a murky tax question for the digital age, the U.S. Internal Revenue Service said on Tuesday that bitcoins and other virtual currencies are to be treated, for tax purposes, as property and not as currency.

“General tax principles that apply to property transactions apply to transactions using virtual currency,” the IRS said in a statement, meaning that bitcoins would be taxed as ordinary income or as assets subject to capital gains taxes, depending on the circumstance.

Mar 25, 2014

Bitcoins taxed as property, not currency, IRS says

WASHINGTON, March 25 (Reuters) – Wading into a murky tax
question for the digital age, the U.S. Internal Revenue Service
said on Tuesday that virtual currencies such as bitcoin are to
be treated, for tax purposes, as property and not as currency.

Putting bitcoin and other virtual currencies in the same
category as stocks or bonds in some instances, the IRS said in a
statement: “General tax principles that apply to property
transactions apply to transactions using virtual currency.”

Mar 11, 2014

Anti-union workers win voice in UAW fight at Tennessee VW plant

By Amanda Becker and Kevin Drawbaugh

(Reuters) – The U.S. National Labor Relations Board has decided that anti-union Volkswagen (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) workers can defend the results of a mid-February union election that the United Auto Workers lost at a Chattanooga, Tennessee VW plant.

The NLRB’s unusual ruling on Monday gives anti-UAW groups, such as the National Right to Work Legal Defense Foundation and Southern Momentum, more leverage in the fight over unionizing the plant.

Feb 26, 2014

U.S. Republican offers ambitious, but stillborn, tax overhaul

WASHINGTON, Feb 26 (Reuters) – The U.S. House of
Representatives’ top tax writer released a comprehensive tax
code overhaul on Wednesday, but it was widely seen as
dead-on-arrival in a Congress still deeply divided over fiscal
policy.

Michigan’s Dave Camp, the Republican chairman of the House
Ways and Means Committee, called for simplifying the tax code by
sharply reducing both tax rates and many widely used provisions
that reduce taxable income.

Feb 26, 2014

Little support expected for U.S. House Republican’s tax plan

WASHINGTON, Feb 26 (Reuters) – The U.S. House of
Representatives’ top Republican tax writer will release a plan
on Wednesday to overhaul the tax code, but it was widely seen as
dead-on-arrival in a Congress still deeply divided over fiscal
policy.

The plan from Dave Camp, chairman of the House Ways and
Means Committee, calls for reducing the number of tax brackets
to two from seven, with tax rates of 10 percent and 25 percent
and a 10-percent surtax on annual incomes exceeding $400,000.

Feb 26, 2014

Many big U.S. corporations pay very little in taxes: study

By Kevin Drawbaugh and Patrick Temple-West

(Reuters) – Many of the most profitable U.S. corporations paid little or no federal income tax from 2008 to 2012, according to a five-year study issued on Tuesday by a left-leaning tax activist group.

Citizens for Tax Justice looked at 288 profitable Fortune 500 companies and said that 26 of them – including Boeing Co (BA.N: Quote, Profile, Research, Stock Buzz), General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) and Verizon Communications Inc (VZ.N: Quote, Profile, Research, Stock Buzz) – paid no federal income tax in the five-year period.

Feb 22, 2014

Thirteen billboards, one paint-shop worker helped defeat union at VW plant in Chattanooga

WASHINGTON/CHATTANOOGA (Reuters) – In the aftermath of the United Auto Workers’ crushing defeat in a vote to represent workers at Volkswagen’s sole U.S. factory, a key question remains unanswered: did conservative politicians and anti-union groups work together to stymie the union?

In an appeal to the National Labor Relations Board on Friday, the UAW said there was a “coordinated effort” by state politicians, anti-union groups and Tennessee’s U.S. Senator Bob Corker to coerce a no vote in the February 12-14 election.