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NEWS ABOUT: corporate tax

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US Firms Buck $60B in Taxes With Foreign Money Shuffle

'Transfer pricing' sends profits overseas—on paper only

(Newser) - Lexapro, one of the world's best-selling antidepressants, is made by an American company and sold exclusively in the US, but the US doesn't see a penny in tax revenue when you buy a bottle. Instead, your money goes around the world as part of a complicated transaction dubbed the “... More »

Populism Swings Left as Oregon Votes to Tax the Rich

Voters hit corporations, to, in state referendum

(Newser) - Don't be too quick to extrapolate from the Massachusetts election that the country's populist surge swings to the right: Oregon voters yesterday approved tax hikes for corporations and the rich. The referendum, which reversed more than two decades of Oregon voters shooting down tax increases, came as the cash-strapped state... More »

Let Entrepreneurs, Not Uncle Sam Create Jobs

Obama jobs plan will turn the US into France

(Newser) - President Obama paid lip service to America's spirit of entrepreneurship in his jobs proposals this week, but his policies will turn the US into France instead of a 21st century rival to Asia, warns Daniel Henninger. Entrepreneurship involves some people getting extremely rich, and that's something the Democrats just don't... More »

Big Biz, Dems Rebel on Offshore Tax Reforms

Business groups and lawmakers worry about effect on US competitiveness

(Newser) - President Obama’s plan to crack down on the tax practices of US-based multinationals has elicited much squawking from business groups and lawmakers who fear it may limit the competitiveness of American firms, the Hill reports. Even Democrats have greeted Obama’s proposals with trepidation: “I want to make... More »

Rangel Saved Loophole that Aided $1M Donor

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

(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... More »

Lean Times Prove Taxing for State Budgets

Shortfalls mean serious cost-cutting, fee hikes across US

(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... More »

Rangel Pushes Corporate Tax-Rate Cut

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

(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... More »

Bush Ready to 'Push Hard' for Biz Tax Breaks

But he knows it's a tough sell

(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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