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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: taxes

taxes stories: 160 news summaries

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Bush Ready to 'Push Hard' for Biz Tax Breaks

But he knows it's
a tough sell

Aug 9, 07 7:04 AM CDT
(Newser) - President Bush is considering a new package of corporate tax breaks in a bid to perk up Wall Street, calm volatile markets and send a message the economy is sound, the Washington Post reports. At the same time he rejected Democratic proposals to allow Fannie Mae and Freddie Mac more... More »

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taxes • Henry Paulson • business • Freddie Mac • Fannie Mae • Treasury Department • Federal Housing Administration • corporate tax • George W. Bush

House Passes Health Plan for 4M More Kids

Dems take step toward universal coverage over GOP objections

Aug 2, 07 4:37 AM CDT
(Newser) - The House has passed a sweeping expansion of the Children’s Health Insurance Program that will extend covered to 4 million uninsured kids using revenue from cigarette taxes and cuts in subsidies to private Medicare plans. The bill, which was approved 225-204, is a step toward universal coverage over Republican... More »

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Congress • Democrats • Republican • health insurance • taxes • Medicare • cigarettes • tobacco • children • House of Representatives • Jim McDermott

Schumer Bucks Party on Wall
St. Tax Hikes

Leading Dem torn between monied
base, middle class

Jul 30, 07 3:07 PM CDT
(Newser) - Rejecting populist piety, Chuck Schumer is opposing legislation that would double tax rates for private equity and hedge fund executives, arguing that he’s torn over the measures but contending that they unfairly target an industry critical to his constituency. The New York Times reports the senator, the only Democrat... More »

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Congress • private equity • Charles Schumer • taxes • legislation • hedge fund • Charles Grassley • senator

Big Biz Lobbyists Sit Out Private Equity Tax Fight

Other bankers
unmoved to defend their tax advantages

Jul 30, 07 11:51 AM CDT
(Newser) - Two big business lobbying groups are sitting out the fight in Congress over increasing taxes on private-equity earnings—in part, the Financial Times reports, because many of their members are threatened by the rise of private equity.  Big firms like Blackstone pay traditional banks hefty fees for the underwriting... More »

MORE ABOUT:
private equity • taxes • bank • Business Roundtable • Financial Services Forum • lobbying

Why Wall Street Is Bullish on Texas 

Big tax breaks for firms at home on the range

Jul 28, 07 4:11 PM CDT
(Newser) - Companies with Texas offices save thousands by hosting cattle or growing crops on their property, the WSJ reports. The state’s “agricultural exemption” grants hefty property tax breaks to firms devoting at least part of their land to preserving or cultivating nature. Fidelity saved more than $318,000 by... More »

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Wall Street • Texas • taxes • livestock • crops • agricultural exemption • businesses

Blackstone Partners Profit on IPO Taxes

Loopholes pay off for buyout firm managers after $3.7 bil offering

Jul 13, 07 10:54 AM CDT
(Newser) - The Blackstone Group's partners have expertly negotiated a labyrinth of loopholes to dodge taxes on $3.7 billion they raised with an IPO last month, the Times reports. The maneuver comes as congress discusses what to tax private equity managers, but analysts say the rate debate misses the point; firms... More »

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Blackstone Group • taxes • IPO • capital gains tax

Taxpayers Foot Governator's Travel Frills

Donors get breaks,
and maybe access, for funding Arnold's luxury

Jul 5, 07 6:41 AM CDT
(Newser) - California Governor Arnold Schwarzenegger travels on private jets and racks up six-figure trip expenses, thanks to the largesse of a shady nonprofit group whose secret donors get tax breaks, the LA Times reports. Watchdogs claim the 501(c)(3) is an abuse of a system intended to reward donations to needy causes. More »

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travel • California • taxes • Arnold Schwarzenegger • corruption • nonprofit • Gray Davis • donor

California Ranked Worst for Traffic

New Jersey boasts poorest road system

Jun 29, 07 3:03 PM CDT
(Newser) - California ranks No.1 in the US for interstate traffic jams, says a new study which focused on congestion around big cities. With traffic snarled on 83.3% of its urban roadways, the Golden State edged out runners-up Minnesota and New Jersey. Surprisingly, New York—gridlock central—only came in... More »

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California • taxes • New Jersey • traffic • United States • US states • roadways • interstates • budget • road budget • road system • driving • traffic jam

Wall Street, GOP Team Up on Tax Bill

Proposal would raise tax rate for  private-equity profits from 15% to 35%

Jun 28, 07 8:52 AM CDT
(Newser) - Wall Street stormed Washington yesterday, as more than 70 lobbyists for financial firms met with GOP lawmakers to organize opposition to a bill that would raise the tax rate on private-equity partners. The proposal would require managers at private partnerships to pay the normal income tax rate of up to... More »

MORE ABOUT:
private equity • Wall Street • Republican • taxes • GOP • Henry Paulson • finance

KKR Joins
IPO Party

After Blackstone's triumph, barbarians
at the public gate

Jun 22, 07 9:05 AM CDT
(Newser) - Corporate raiders Kohlberg Kravis Roberts & Co. have announced an initial public offering, on the heels of a wildly successful $34B IPO by rival Blackstone yesterday. The mammoth LBO group, whose boss Henry Kravis maintains a well known rivalry with Blackstone's Stephen Schwarzmann, waited to make sure Blackstone swam before... More »

MORE ABOUT:
private equity • Stephen Schwarzman • Blackstone Group • finances • taxes • investors • KKR • Henry Kravis • IPO

Senate Puts Blackstone on Notice

Tax maneuver may derail IPO, transform private equity

Jun 15, 07 12:48 PM CDT
(Newser) - Less than 2 weeks ahead of Blackstone's IPO, bipartisan legislation introduced in the Senate yesterday threatens to hamper or halt the avidly anticipated stock sale. The private equity behemoth's tax bill would more than double if the measure—under which partnerships like Blackstone would pay the 35% corporate rate rather... More »

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private equity • Blackstone Group • taxes • Senate • IPO • stock • hedge fund

States Discover, Spend Surpluses

Embarrassment of riches will benefit education, gay rights, or just make tax cuts

Jun 11, 07 11:15 AM CDT
(Newser) - Oversized tax collection has left state governments with unexpected funds to dole out, and newly Democratic governments are working some big-government swagger. The Times reports that more than 40 states have deeper coffers than budgeted, and new money is going to local initiatives in education, health care and gay rights—... More »

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education • gay rights • Democrats • taxes • government spending • state governments • state sales tax

China's Stock Market Drops 8%

Fear of more government regulations drives rampant selling

Jun 4, 07 1:20 PM CDT
(Newser) - China's stock market plummeted more than 8% today in one of the biggest drop-offs of the decade. A trading tax increase intended to cool a boom that drove stocks up over 50% last week has set off widespread worry. But unlike the February 28 skid that depressed worldwide markets, today's... More »

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China • taxes • Chinese stock market • business • Shanghai Composite Index • stocks • trading

Chinese Stocks Plummet After Trading Tax Tripled

 Move aimed at containing market bubble; could trigger serous sell-off

May 30, 07 8:53 AM CDT
(Newser) - Chinese stocks plummeted today, after the finance ministry tripled a tax on trades in an effort to deflate a worrisome stock market bubble. A week ago, the ministry publicly pledged not to raise the tax. The reversal opens the government to heavy criticism if it triggers a serious rout. More »

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China • taxes • Chinese stock market • stocks • money • market

Senate Eyes Hedge Fund Tax Breaks

Bill limits pretax earnings managers
can invest in their offshore funds

Apr 17, 07 1:27 PM CDT
(Newser) - The Senate has an eye on extraordinary tax breaks that have allowed hedge fund managers to sock away hundreds of millions of dollars tax free, using their funds like giant pension schemes, the Times reports. Managers who run offshore funds can re-invest earnings in their own funds, deferring taxes for... More »

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taxes • Senate • pensions • business • money • hedge fund

Obamas Aren't Millionaires —This Year

Tax returns show drop in candidate's income, mostly royalties

Apr 17, 07 9:09 AM CDT
(Newser) - Barack and Michelle Obama unveiled their 2006 federal income tax return yesterday, offering a peek into the wallet of one of the least affluent presidential aspirants. The couple reported $983,826 in taxable income in 2006—a comedown from 2005's $1.6 million. More »

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Barack Obama • taxes • Michelle Obama • University of Chicago • money • Democrat • Election 2008 • Obama family

Tax Code Spurs Llamapalooza

The upper crust is using alpaca farming as a huge tax write-off

Apr 5, 07 9:29 AM CDT
(Newser) - Some very ulikely agrarians—doctors, lawyers, computer programmers—have spurred a huge boom in alpaca farming in the last few years, not for the profits, of which there are rarely any, but for the huge tax write-offs. "What can't I write off?" Manhattanite Rob Bruce says. "I write... More »

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taxes • farming • business • money • finance • alpaca • write off • income

Feds Sue Tax
Preparers for Fraud

Apr 4, 07 11:45 AM CDT
(Newser) - Tax preparers Jackson Hewitt have bilked the government out of more than $70 million, alleges a suit filed yesterday by the Justice Department. The suit claims that over 125 of the company's franchises, all owned at least in part by the same Atlanta businessman, engaged in massive tax fraud. More »

MORE ABOUT:
Department of Justice • fraud • Jackson Hewitt • taxes • IRS • income tax • business • money • franchise

Support The Troops With
A War Tax

Dems should insist
on paying, not borrowing, for war

Apr 3, 07 4:15 PM CDT
(Newser) - If the Democrats want to support the troops but call the question on the war, they should pass a "war tax,"  writes Richard Hall in the Detroit Free Press. They could adopt the supplemental appropriations, but attach an income tax surcharge to finance it. Would the president... More »

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Iraq • Bush administration • Democrats • taxes • Detroit • war • US troops • Iraq war

Former Giuliani Partner Faces Felony Charges

Kerik trial could embarrass the GOP frontrunner

Mar 31, 07 4:36 PM CDT
(Newser) - Bernie Kerik is about to embarrass his former pal and partner Rudy Giuliani again. Federal prosecutors say they will charge Kerik with with several felonies in connection with the same problems that sank his nomination for secretary of Homeland Security in 2004. More »

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Rudy Giuliani • Republican • Bernard Kerik • New York City • taxes • New York • tax evasion • Election 2008

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