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Apr 23, 2013

Senate Democrat Baucus to retire, may focus on tax revamp

WASHINGTON, April 23 (Reuters) – Max Baucus, the powerful
Democratic chairman of the U.S. Senate Finance Committee, said
on Tuesday he will not seek re-election next year, improving
Republican chances of capturing his seat and giving him a freer
hand to revamp the tax code.

First elected to the Senate in 1978, Baucus, 71, will become
the eighth senator – six Democrats and two Republicans – to
announce plans to retire at the end of next year.

Apr 23, 2013

Top Democrat Baucus, head of finance panel, to retire: aide

WASHINGTON (Reuters) – Max Baucus, the powerful Democratic chairman of the Senate Finance Committee, said on Tuesday he will not seek re-election next year, improving Republican chances of capturing his seat and giving him a freer hand to revamp the tax code.

First elected to the Senate in 1978, Baucus, 71, will become the eighth senator – six Democrats and two Republicans – to announce plans to retire at the end of next year.

Apr 22, 2013

Internet sales tax faces Senate vote, Obama backs

WASHINGTON (Reuters) – A measure that would empower states to require out-of-state retailers to collect online sales tax won backing from President Barack Obama on Monday and is expected to pass a legislative test vote in the Senate later this evening.

Fiercely opposed by most online merchants, including eBay Inc, the bill will be the subject of a procedural motion that, if approved, will clear the way for a final vote in the Democratic-controlled Senate later this week.

Apr 19, 2013

G20 pushes tax data exchange, Swiss seen as laggards

WASHINGTON (Reuters) – The Group of 20 advanced and emerging economies on Friday endorsed automatic exchange of tax data among nations, calling it the expected new standard for how governments can help each other fight cross-border tax cheating.

A G20 communiqué, issued at the semi-annual meetings of the International Monetary Fund and the World Bank, was a small but meaningful step toward more transparency, tax justice advocates said.

Apr 19, 2013

Switzerland among laggards in global hunt for tax cheats -OECD

WASHINGTON, April 19 (Reuters) – Fourteen countries,
including Switzerland, were called out on Friday by the
Paris-based Organisation for Economic Co-operation and
Development (OECD) for not meeting new global standards meant to
crack down on tax dodgers.

The standards – which call for automatic data exchange
between countries when tax cheating is suspected – reflect a
tougher approach in recent years by the United States, Britain,
Germany and other developed countries toward tax avoidance.

Apr 18, 2013

Senate edges closer to vote on Internet sales tax

WASHINGTON (Reuters) – Legislation giving states the power to compel retailers outside their borders to collect online sales taxes, a touchy subject for Internet merchants, is likely to move forward in the Senate next week.

Senate Majority Leader Harry Reid on Thursday filed a motion in support of the measure. Currently, states rely on consumers to self-report, which they rarely do.

Apr 17, 2013

Deal on the table in U.S.-Swiss tax dodger dispute

ZURICH/WASHINGTON (Reuters) – The Swiss and U.S. governments were considering on Wednesday a possible solution to end their dispute over Swiss banks accused of helping wealthy Americans evade billions of dollars in taxes.

In a struggle that has unfolded amid a global crackdown on tax evasion by cash-strapped governments, a source familiar with the long-running and complex talks has told Reuters that the two countries have agreed on an outline for a deal.

Apr 17, 2013

Senate may vote next week on online sales tax: aides

WASHINGTON (Reuters) – Senators could vote as early as next week on legislation that would give states the authority to collect sales taxes from online purchases, Democratic Senate aides said on Wednesday, a significant step forward after years of false starts.

Though the legal change provided by the bill has enjoyed bipartisan support for years, previous versions of this legislation have languished in Congress, facing opposition from some online retail companies and lawmakers from both parties.

Apr 17, 2013

U.S. Senate may vote next week on online sales tax -aides

WASHINGTON, April 17 (Reuters) – U.S. senators could vote as
early as next week on legislation that would give states the
authority to collect sales taxes from online purchases,
Democratic Senate aides said on Wednesday, a significant step
forward after years of false starts.

Though the legal change provided by the bill has enjoyed
bipartisan support for years, previous versions of this
legislation have languished in Congress, facing opposition from
some online retail companies and lawmakers from both parties.

Apr 15, 2013

U.S. loses $180 billion to corporate tax breaks: report

WASHINGTON (Reuters) – The annual cost of corporate tax breaks – including one that eases shifting profits offshore and out of the U.S. taxman’s reach – has more than doubled to $180 billion since 1987, according to a report released on Monday.

Corporate tax deferral, the potential indefinite postponement of U.S. taxes on profits held offshore, makes up nearly a quarter of that sum, according to Government Accountability Office report released on April 15, which is the deadline for individuals to file their tax returns.