Kim's Feed
Oct 11, 2012

Goldman CEO: I’ll pay 5 pct more tax for budget deal

WASHINGTON (Reuters) – Goldman Sachs Chief Executive Lloyd Blankfein on Thursday became the latest big-name business leader to pledge to pay a steeper tax rate – 5 percent more, he said – in exchange for a long-term bipartisan deal in Congress to keep the country from falling off the “fiscal cliff.”

Blankfein is part of a group of corporate executives who have raised nearly $30 million to support a deal to avoid the nearly $600 billion in tax hikes and spending cuts set to take effect at the end of the year.

Oct 10, 2012

JPMorgan’s Dimon hits back at gov’t over Bear Stearns suit

WASHINGTON (Reuters) – JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) Chief Executive Jamie Dimon on Wednesday lashed out at the government for a lawsuit alleging misdeeds at Bear Stearns, more than four years after JPMorgan was asked to rescue the teetering financial giant.

Dimon said the company is still paying the price for doing the Federal Reserve “a favor” by buying Bear Stearns in early 2008.

Oct 10, 2012

JPMorgan’s Dimon hits back at government over Bear Stearns suit

WASHINGTON (Reuters) – JPMorgan Chase & Co Chief Executive Jamie Dimon on Wednesday lashed out at the government for a lawsuit alleging misdeeds at Bear Stearns, more than four years after JPMorgan was asked to rescue the teetering financial giant.

Dimon said the company is still paying the price for doing the Federal Reserve “a favor” by buying Bear Stearns in early 2008.

Oct 10, 2012

Reagan tax model obsolete in fiscal cliff talks-Schumer

WASHINGTON (Reuters) – A top Senate Democrat on Tuesday said new tax revenues should go to reducing the federal deficit, not cutting tax rates, dismissing as “obsolete” a Reagan-era model of tax reform.

Senator Charles Schumer, hardening his party’s negotiating position ahead of talks on the so-called “fiscal cliff,” declared President Ronald Reagan’s 1986 tax reform an unaffordable model for overhauling the tax laws.

Oct 9, 2012

Reagan tax reform “obsolete” in fiscal cliff talks-Schumer

WASHINGTON, Oct 9 (Reuters) – The top Senate Democrat on
Tuesday called for scrapping a venerated model of revamping the
U.S. tax code in a move that hardened his party’s negotiating
position in already entrenched talks to avoid the so-called
“fiscal cliff”.

In what Republicans saw as tax policy blasphemy, Senator
Charles Schumer declared President Ronald Reagan’s 1986 tax
reform “obsolete” as a model for today’s attempts to fix the tax
code.

Oct 9, 2012

Top Democrat: tax revamp should not cut taxes for rich

WASHINGTON (Reuters) – A top Senate Democrat on Tuesday called for scrapping a tax reform model of lowering tax rates for all Americans that has been the rule since Ronald Reagan was president, and instead said the rich should pay more to help pare federal deficits.

With less than a month before presidential elections where taxes have been among the most hotly debated issues, Senator Charles Schumer, the third most senior Democrat in the Senate, sought to redouble Democrats’ stance that top rates for the wealthy should rise when they expire on December 31.

Oct 5, 2012

Analysis: Romney would lean on Congress for tax code overhaul

WASHINGTON (Reuters) – If Mitt Romney is elected president on November 6, he likely would look to fellow Republicans in Congress to fill in the blanks of a framework to slash rates and pare deductions as part of an overhaul of the U.S. tax code.

Accused by Democrats and some academics of not spelling out how he would fund his proposed 20 percent across-the-board tax cut, Romney this week offered a hint of a solution: imposing a $17,000 to $50,000 deduction cap on tax breaks for Americans.

Oct 5, 2012

Analysis: In fog of numbers, little tax clarity from Obama-Romney

By Kevin Drawbaugh and Kim Dixon

(Reuters) – For an event so freighted with expectations of tax insights, the Obama-Romney debate on Wednesday offered few clues on what the candidates’ tax plans could mean for average Americans.

Republican nominee Mitt Romney stuck to his strategy of promising tax cuts. To pay for this, he pledged again to close yet-to-be-named tax loopholes. And he said new tax revenues would come from economic growth spurred by lower taxes.

Oct 4, 2012

Romney, Obama both like deficit-cutting plan, to a point

WASHINGTON, Oct 4 (Reuters) – President Barack Obama and
Republican challenger Mitt Romney praised the deficit-cutting
framework known as Simpson-Bowles in their debate on Wednesday,
but neither candidate has embraced the politically unpopular
choices put forward in the plan.

A bipartisan presidential commission – named after its
chairmen, Republican Alan Simpson and Democrat Erskine Bowles -
proposed in 2010 a combination of spending cuts and tax
increases to reduce the federal debt.

Oct 4, 2012

Romney, Obama both like Simpson-Bowles plan, to a point

WASHINGTON (Reuters) – Republican hopeful Mitt Romney and President Barack Obama praised the deficit-cutting plan known as Simpson-Bowles at their debate on Wednesday, but neither has made the politically painful choices put forward by that scheme.

Both candidates held up the 2010 deficit panel’s report as a model at the first debate in Denver, and Romney blasted Obama for not fully embracing the proposal, which seeks to pare the deficit, which has topped $1 trillion in recent years.