corporate tax

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GOP Rep's Jobs Bill Would Abolish Corporate Taxes

Gohmert's plan beats Obama's to House

(Newser) - Louie Gohmert and President Obama's plans to get Americans back to work have the same name—the American Jobs Act of 2011—but that's where the similarities end. Rep. Gohmert, a Republican from Texas, introduced legislation to the House yesterday that would reduce the corporate tax rate from... More »

Romney: I've Got a 59-Step Economic Plan

Plan includes cutting regulations, corporate taxes, expanding trade

(Newser) - Mitt Romney will today unveil 59 specific policy proposals designed “to turn around America’s economy,” he announces in a USA Today op-ed, promising that his proposals are “rooted in the conservative premise that government itself cannot create jobs.” The op-ed outlines the broad strokes of... More »

Many Firms Pay CEOs More Than the Taxman

Liberal think tank singles out 25 of the 100 highest-paid execs

(Newser) - Many in Washington are calling for lower corporate taxes, but many US corporations have now become so adept at dodging the taxman that they’re paying their CEOs a lot more than Uncle Sam, according to a new study from a liberal think tank. The study found that 25 of... More »

Bachmann Won't Rule Out Dropping the Minimum Wage

She also advocates reducing corporate taxes

(Newser) - Michele Bachmann says everything would be on the table in her administration when it came to trying to boost employment—including dropping the federal minimum wage. Asked yesterday if she would consider changing the minimum wage to make US labor costs more competitive with overseas costs, she replied, "I'... More »

Both Parties Look to Cut Corporate Tax

Lobbyists eager for next big legislative push

(Newser) - The Obama administration is planning to propose a new set of cuts in the corporate tax rate, hoping to strike a vein of bipartisan cooperation. “This would send a reassuring signal to the economy, and is something both parties should support in theory,” a senior administration official tells... More »

Dems, GOP Back Push to Cut Corporate Tax Rate

Bipartisan support builds behind effort to close loopholes

(Newser) - With deficit reduction on the agenda and America's corporations sitting on a record amount of cash, Democrats and Republicans have found something they agree on: It's time to slash the corporate tax rate. Bipartisan support is building for plans to eliminate many loopholes and tax breaks and use... More »

New GOP Budget Would Cut $4T

Plan would drastically slash Medicare

(Newser) - In an attempt to reframe the budget debate, Republicans are proposing a 2012 budget that features $4 trillion in spending cuts over the next decade—and would end Medicare as we know it, reports the Wall Street Journal . Democrats won’t likely support the 2012 plan, helmed by House Budget... More »

Stewart: No Taxes for GE? I Give Up

Worse, President Obama doesn't seem to care, he notes

(Newser) - The GOP often argues that "we're making it harder and harder for good, honest corporate citizens to create jobs here" thanks to a stiff corporate tax rate, Jon Stewart noted last night . "Can you blame a company like GE for not wanting to do business in America when... More »

Federal Taxes at Lowest Level Since 1950

But rates will increase in the coming years

(Newser) - Griping about high taxes? Not so fast: Federal tax bills are at historic lows this year, and for the third consecutive year, families and businesses will pay less than they did under George W Bush. The government’s take—as a share of the national economy—is its lowest since... More »

Obama Mulls Tax Code Overhaul: Cut Breaks, Rates

Move would be attempt to address national debt

(Newser) - The Obama administration is investigating sweeping income tax code reform as a means of shrinking the deficit, the New York Times reports. President Obama has called on advisers to look into cleaning up the income tax code, ridding it of complexities and loopholes to make it more straightforward for both... More »

How Google Avoids Paying Billions in Taxes

'Double Irish' and 'Dutch Sandwich' maneuvers save big bucks

(Newser) - Google has shaved a staggering $3.1 billion off its tax bill over the last three years by shuffling its earnings through Ireland, the Netherlands, and Bermuda, Bloomberg reports. Using common maneuvers like the “Double Irish” and the “Dutch Sandwich,” the search giant has brought its overseas... More »

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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