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Mar 18, 2013

Reform-minded Congress panel to eye state, local tax breaks

WASHINGTON (Reuters) – A congressional panel on Tuesday will delve into two major tax breaks – one for state and local tax payments, and one for municipal bond interest. Both highlight the painful choices lawmakers face as they seek to clean up the tax code.

No decisions are expected from the hearing, and the tax breaks likely are not in any imminent danger with lawmakers still deeply divided over fiscal policy. But talk of tax reform has intensified in recent weeks on Capitol Hill.

Mar 12, 2013

GOP tax lawmaker urges tighter partnership rules

WASHINGTON (Reuters) – The top Republican tax writer in the U.S. House of Representatives on Tuesday proposed shaking up taxation of privately held businesses in ways that would tighten rules on partnerships, such as private equity and hedge funds.

House Ways and Means Committee Chairman Dave Camp laid out two options – one incremental; one more drastic – to revamp non-corporate business taxation, with the aim of reducing tax gaming and simplifying filing for hundreds of thousands of businesses.

Mar 12, 2013

U.S. GOP tax lawmaker urges tighter U.S. partnership rules

WASHINGTON, March 12 (Reuters) – The top Republican tax
writer in the U.S. House of Representatives on Tuesday proposed
shaking up taxation of privately held businesses in ways that
would tighten rules on partnerships, such as private equity and
hedge funds.

House Ways and Means Committee Chairman Dave Camp laid out
two options – one incremental; one more drastic – to revamp
non-corporate business taxation, with the aim of reducing tax
gaming and simplifying filing for hundreds of thousands of
businesses.

Mar 12, 2013

U.S. companies stash more cash abroad, tax likely factor-report

WASHINGTON, March 12 (Reuters) – Apple Inc, Microsoft Corp,
Pfizer Inc and other big U.S. multinational corporations boosted
cash held offshore in 2012, likely in an effort to flee U.S.
taxes, said a report released on Tuesday.

Technology and drug companies topped the list of companies
adding at least $5 billion each to offshore holdings, said the
report from left-leaning tax group Citizens for Tax Justice.

Mar 12, 2013

Death, taxes and U.S. Supreme Court’s gay marriage case

WASHINGTON (Reuters) – Edith Windsor and Thea Spyer, the lesbian couple at the centre of a major gay rights case set to go before the U.S. Supreme Court this month, were in many ways a typical New York power couple.

Spyer was a psychologist; Windsor, a consultant at IBM. They met in a Greenwich Village restaurant in the 1960s and lived together for decades, summering at a Long Island beach house.

Mar 12, 2013

Analysis: Death, taxes and Supreme Court’s gay marriage case

WASHINGTON (Reuters) – Edith Windsor and Thea Spyer, the lesbian couple at the center of a major gay rights case set to go before the Supreme Court this month, were in many ways a typical New York power couple.

Spyer was a psychologist; Windsor, a consultant at IBM. They met in a Greenwich Village restaurant in the 1960s and lived together for decades, summering at a Long Island beach house.

Mar 11, 2013

Top U.S. House tax lawmaker trains sights on small businesses

WASHINGTON, March 11 (Reuters) – The top tax law writer in
the U.S. House of Representatives will pitch a plan to revamp
the taxation of many small businesses, and some large ones,on
Tuesday in his latest bid to rewrite the tax code.

Dave Camp, chairman of the House Ways and Means Committee,
has said he wants to pass tax reform legislation this year. But
the Michigan Republican faces an uphill climb with his party and
the Democrats deeply split on tax-and-spending policies.

Mar 7, 2013

U.S. IRS boots Israeli bank clients from amnesty program -lawyers

WASHINGTON, March 7 (Reuters) – The U.S. Internal Revenue
Service has revoked access to an amnesty program for some U.S.
taxpayers with accounts at Israeli banks who were already taking
part in it, said three lawyers representing the customers on
Thursday.

In an unusual move that could scare others away from the
program, the IRS has told dozens of customers of Israel’s Bank
Leumi they have been disqualified from participating,
said lawyers for the customers.

Mar 5, 2013

Senate tax-writers to eye tax loopholes and more

WASHINGTON (Reuters) – The top Democratic and Republican tax writers in the Senate will within weeks begin circulating concrete ideas for revamping the tax code in an attempt to kick-start legislation for this year, according to a committee aide.

The aide, who asked not to be identified, said this preliminary attempt would focus on hot topics such as eliminating tax “loopholes” that are sapping revenues at a time of high federal budget deficits and potential tax changes for small businesses.

Mar 5, 2013

In shift from campaign pledge, Paul Ryan floats Medicare age tweak

WASHINGTON (Reuters) – House of Representatives Budget Committee Chairman Paul Ryan is floating a plan that would force Medicare cuts onto people aged 56 and younger, breaking a campaign promise not to touch benefits for those older than 55.

The tweak is under discussion by Republicans as part of Ryan’s fiscal 2014 budget plan in order to meet an important Republican pledge to balance the federal budget in 10 years, people familiar with the plan said.