tax reform

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Icahn Drops $150M to Fight Corporate Tax Dodgers

He's the latest billionaire to get in the Super PAC game

(Newser) - Billionaire investor Carl Icahn said Wednesday he is creating a $150 million super PAC focused on revising corporate tax law. Icahn will use his super PAC to press Congress to pass legislation that stops US companies from moving their profits overseas to take advantage of lower tax rates — a... More »

Obama Budget Looks to Expand Tax Breaks for Poor

Budget also calls for drastic shift in military footing

(Newser) - President Obama will release his annual budget blueprint today, and it's widely expected to go precisely nowhere in Congress. "It's designed primarily as an appeal to his Democratic base," writes Darren Samuelsohn at Politico . But the New York Times notes that Obama is using the opportunity... More »

Finally, Washington Sees a Way Out

Obama, House GOP leaders to meet today

(Newser) - Signs of hope in DC: Both parties are increasingly pushing for an end to the government shutdown and a debt-ceiling increase, with President Obama set to meet with 18 top House Republicans today, the Hill reports. Those Republicans include Paul Ryan, who's at the forefront of a short-term plan... More »

Apple Case Clinches It: We Need Tax Reform Now

Don't blame the company, blame the tax code, say critics

(Newser) - So what can we take away from Apple chief Tim Cook's testimony on Capitol Hill yesterday about the company's byzantine tax strategy ? Not that Apple did anything illegal, only that it's savvy enough to employ "smart accountants and tax lawyers," says the editorial board... More »

Dear Fellow Republicans, Income Gap Is Un-American

Sheila Bair: Size of disparity defies GOP principles, too

(Newser) - Sheila Bair describes herself as "a capitalist and a lifelong Republican," and she thinks a reasonable level of income inequality makes for a healthy economy. But the current disparity between the uber-rich and the rest of us is ridiculous, writes the former FDIC chair in the New York ... More »

Washington's Next Brawl: Senate's Budget Plan

Schumer: A 'great opportunity' for new revenues

(Newser) - So the fiscal cliff battle is over, and House Republicans look ready to approve a debt-ceiling increase through March. But taxes aren't out of the spotlight: Now, the stage is set for a tussle over Senate Democrats' budget blueprint, which Dems like Charles Schumer are calling "a great... More »

How a Tax Break for Farmers Saves Big Firms Big Bucks

'NYT' sees it as example of how messy tax-code reform will be

(Newser) - Reforming the tax code will be a pitfall-studded affair, asserts the New York Times , which today offers up the tax break for "like-kind exchanges" as proof. This particular break was established nine decades ago as a way to help family farmers. It permitted them to sell land, equipment, or... More »

We Need a Minimum Tax on Über Rich

Warren Buffett: Taxes won't deter wealthy investors

(Newser) - Warren Buffett is taking another stand in the tax debate. In a New York Times op-ed this morning, the Berkshire Hathaway boss calls on Congress to establish a minimum tax on the richest Americans, "right now." His proposal: "30% of taxable income between $1 million and $10... More »

Tax Reform Won't Solve All Our Problems

Ezra Klein thinks Washington is investing too much in this idea

(Newser) - Both sides on Capitol Hill are embracing the idea of tax reform as a solution to the deficit crisis. John Boehner recently assured us that simplifying the code would "support economic growth," improve efficiency, and generate more revenue besides. "That’s the Washington consensus on tax reform:... More »

Guess Who Else's Secretary Pays Higher Tax Rate?

White House says Anita Decker Breckinridge pays higher rate than Obama, pushes Buffett Rule

(Newser) - Turns out Warren Buffett's secretary isn't the only one paying a higher tax rate than her rich boss: Anita Decker Breckenridge, the president's own secretary, pays a "slightly higher" tax rate on her $95,000 salary than the 20% Obama paid on his $790,000 , reports... More »

Obama Looks to Bludgeon Romney With Buffett Rule

Or is that the 'Romney Rule'?

(Newser) - On a recent White House conference call on the Buffett Rule , a reporter offered President Obama's staff an idea: Why not call it the "Romney Rule?" So far they haven't taken that suggestion, but they are giddy at the prospect of campaigning for the rule, which would... More »

Obama, GOP Blowing Hot Air on Tax Plans

Mayor Bloomberg: Let Bush cuts expire and pass Bowles-Simpson

(Newser) - Mike Bloomberg sounds a little weary of election-year politics as it pertains to the economy. President Obama, for instance, is tacking way left with his populist call to soak the rich. His tax plan "is a political strategy, not an economic one," writes Bloomberg in the Wall Street ... More »

Obama Pushes Sweeping Corporate Tax Reform

Top rate to be cut as playing field leveled, Geithner says

(Newser) - President Obama is planning the biggest overhaul of the corporate tax code since Ronald Reagan's in 1986. The administration will soon unveil a blueprint for making the code more fair and lowering the top rate of 35%, which is among the highest in the world, Treasury Secretary Timothy Geithner... More »

30 Top Corporations Paid US No Taxes, Despite Profit

Few companies actually pay 35% rate

(Newser) - America may have a lofty 35% corporate tax rate—but who actually pays that? A new study from a pair of left-leaning think tanks examined 280 Fortune 500 companies from 2008-2010, and found that their average effective rate was 18.5%, with a quarter paying less than 10% and 30... More »

Rick Perry's Tax Plan: Are You Serious?

Perry's tax plan can't possibly work, Kevin Drum argues

(Newser) - Well, Rick Perry’s tax plan is out , and it’s left Kevin Drum of Mother Jones sort of speechless. “What can you even say about this?” he marvels. “It sounds less like a tax plan than a big ol' stew pot of right-wing applause lines.” Perry... More »

Perry Rolls Out '20-20' Flat Tax Plan

'Cut, Balance, and Grow' plan cuts corporate tax rate

(Newser) - Rick Perry has rolled out a flat tax plan to rival Herman Cain's "9-9-9" plan. The Texan's "20-20" plan—or, as he calls it, "Cut, Balance, and Grow"—cuts the corporate tax rate from 35% to 20% and allows individuals to choose between paying... More »

For Most, Cain's '9-9-9' Plan a Tax Hike

'Washington Post' fact checkers say Cain's plan is misleading

(Newser) - Herman Cain is being dishonest in touting his “9-9-9” plan, positioning it as some kind of tax cut, when “in reality tens of millions of lower income Americans would face tax increases,” Washington Post fact checker Glenn Kessler has concluded, giving Cain three out of four Pinocchios.... More »

Real Villain of Tax Breaks: Middle Class

Corporations account for just 8% of tax breaks

(Newser) - Tax loopholes and write-offs for corporate jets and special interests may fill political talking points, but tax breaks for families—particularly the middle-class families that President Obama says he wants to protect—far exceed corporate giveaways, reports the Washington Post . In fact, corporations accounted for just 8% of $1.08... More »

Jon Huntsman Proposes Vast Tax Overhaul

Plan would hack taxes on rich, effectively raise them on middle class

(Newser) - Languishing in polls, Jon Huntsman veered to the right yesterday, laying out a sweeping economic plan that would scrap a variety of regulations, slash taxes dramatically for the wealthy, and eliminate loopholes. “Our tax code is too complex, our rates are too high, and the tax burden is carried... More »

Obama: We'll Always Be AAA

President addresses downgrade with optimism

(Newser) - Barack Obama did his best to reassure the country after the Standard & Poor’s downgrade of the US credit rating. S&P pulled the trigger “not so much because they doubt our ability to pay our debt,” Obama explained , but because “they doubted our political system’... More »

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