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December 2, 2008 4:30:49 AM CST

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4 Stories

Rangel Saved Loophole that Aided $1M Donor

Oil-drilling company helped finance NY rep's legacy project

New York Times New York Times Nov 25, 08 11:27 AM CST
(Newser) - As questions swirl over the methods Charles Rangel used to raise funds for a school in his name, a New York Times investigation finds that the New York representative and chair of the House Ways and Means committee fought to save a tax loophole that benefited one of the school's donors. The loophole enabled Nabors Industries, an oil-drilling firm whose CEO pledged $1 million to the project, to maintain an offshore tax shelter. More »

More about:  school • Charles Rangel • corporate tax • loopholes • fundraising

Lean Times Prove Taxing for State Budgets

Shortfalls mean
serious cost-cutting,
fee hikes across US

Wall Street Journal Wall Street Journal Jul 24, 08 9:29 AM CDT
(Newser) - Reduced sales, income, and corporate taxes are forcing states to cut back on services and consider laying off workers as they look for ways to slash spending and balance budgets, the Wall Street Journal reports. The National Conference of State Legislatures says states face a $40 billion budget shortfall as the US economy continues to wallow. More »

More about:  recession • budget deficit • income tax • US states • state sales tax • social services • corporate tax

Rangel Pushes Corporate
Tax-Rate Cut

Tax-rate trim from 35% to 31% would be offset by eliminating tax breaks

Wall Street Journal Wall Street Journal Oct 23, 07 8:12 AM CDT
(Newser) - Rep. Charles Rangel, the Democratic chairman of the House Ways and Means Committee, has proposed a revised corporate tax structure that could lower corporate income taxes from 35% to between 30% and 31%. It would be offset by doing away with tax breaks for manufacturing in the US. The bill is unlikely to move forward this year, but the Wall Street Journal sees it as influencing debate as momentum gathers for a tax overhaul under the next president. More »

More about:  private equity • hedge fund • Charles Rangel • corporate tax

Bush Ready to 'Push Hard' for Biz Tax Breaks

But he knows it's
a tough sell

Washington Post Washington Post 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 leeway to buy mortgages to bolster the shaky housing market. More »

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