Senate Bill Targets ‘Earnings Stripping’ by Corporate Inverters
“This bill curtails the incentive for companies to use shady accounting gimmicks to avoid paying their U.S. tax obligations," says Sen. Schumer, one sponsor.
Senators Vow More Work on Housing After Voting to Wind Down Fannie, Freddie
Members of the Senate Banking Committee said they’d keep working to overhaul the housing finance system after casting a narrow vote to advance the bill.
Yellen: QE Will Continue, but Not ‘Forever’
At her confirmation hearing, Janet Yellen said there were “dangers” in ending quantitative easing too early as well as in “continuing it too long.”
Senators Push Bill to End Debt Ceiling’s Use as ‘Political Weapon’
Three Democratic senators introduced legislation Tuesday to allow Congress to disapprove debt ceiling increases, instead of approving them.
CBO: Immigration Reform Would Cut Deficit, Boost Economy
The Senate plan would reduce the U.S. deficit by about $200 billion and increase real GDP by 3.3% in the next 10 years, according to the Congressional Budget Office.
What Will the Possible Fiscal Cliff Plans Cost Your Clients?
Your bread-and-butter client, an upper middle-class family with two children, earning $147,000 a year, would see their tax bill rise by $7,323 if we go over the fiscal cliff. They would fare better under the plans of the two political parties.
Sen. Schumer: ‘Scrap’ Simpson-Bowles in Fiscal Cliff Talks, Raise Top Tax Rates
Schumer says “old style” tax reform is now obsolete because there are two new conditions that exist today that didn’t exist when the Tax Reform Act of 1986 was passed: “a much larger, more dangerous deficit, and a dramatic increase in income inequality.”
Senators Introduce Ex-Patriot Act to Tax Those Who Move Abroad
Two senators push Act, which was prompted by Facebook investor's renunciation of U.S. citizenship, possibly to dodge $67 million in taxes before IPO.
Senate Republicans Block Buffett Rule; Democrats Vow Continued Fight
The Senate voted against the Paying a Fair Share Act of 2012, also known as the “Buffett Rule,” which would have set a minimum 30% tax on millionaires and billionaires.
Senate Democrats Pitch Tax Credit for Small-Business Hiring
The three top Democrats in the Senate introduced legislation Monday that provided a 10% tax credit for employers who increased their payrolls this year as well as extended a tax break that lets businesses write off 100% of capital investments.