Taxes

Germany’s Opposition Leader: Chancellor Merkel must introduce a financial transaction tax to secure the center-left party’s support for the European Union’s fiscal treaty

June 3, 2012

“Merkel’s center-right government needs opposition parties to secure a two-thirds majority in Parliament for the ratification of the EU treaty enshrining fiscal discipline.”

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European Union Leaders: America and Japan need to tackle their tax issues; China must relax restrictions on its currency the Yuan

June 2, 2012

“In a letter addressed to all 27 European Union nations, European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy said Europe was doing all it could.”

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Former Florida Governor Jeb Bush (R) criticizes activist Grover Norquist’s no-tax pledge that most Republican lawmakers have signed

June 1, 2012

“Bush’s comments came during an appearance before the House Budget Committee, where he testified at a hearing called “Removing the Barriers to Free Enterprise and Economic Growth.”"

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Democratic Senators propose the “Ex-Patriot Act” to impose a 30% capital gains tax on anybody who renounces their U.S. citizenship

May 21, 2012

“At a news conference this morning, Sens. Schumer and Bob Casey, D-Pa., will unveil the “Ex-PATRIOT” – “Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy” – Act to respond directly to Saverin’s move, which they dub a “scheme” that would “help him duck up to $67 million in taxes.””

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Democrats criticize House Speaker Boehner’s call for spending cuts to accompany a debt ceiling increase

May 16, 2012

“Boehner made clear Republicans see an opportunity in the debt limit debate. “We shouldn’t dread the debt limit,” Boehner [said]. “We should welcome it. It’s an action-forcing event.”"

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House Speaker Boehner (R-OH) demands spending cuts for any increase in the debt limit

May 16, 2012

“House Speaker John Boehner revived Republicans’ insistence that any increase in the nation’s debt limit be matched by at least as much in spending cuts, positioning his party for a renewed standoff with Democrats over the federal budget.”

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The House of Representatives votes to override Pentagon budget cuts mandated in last summer’s deficit-reduction deal

May 10, 2012

“While doomed in the Senate and opposed by the White House, the legislation, which would reduce the deficit by $243 billion, is a Republican marker for post-election budget talks with the White House.”

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2 Federal Reserve Officials: the U.S. could be heading for a “fiscal cliff” at year’s end if mandated tax increases and spending cuts are implemented

May 1, 2012

“Charles Evans of the Chicago Fed called the cliff a “big uncertainty” while Atlanta Fed President Dennis Lockhart said there could be a “financial shock” if markets begin to anticipate that Congress and the White House do little to address this situation.”

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Analysis: How Apple avoids state and federal taxes

April 29, 2012

“Almost every major corporation tries to minimize its taxes, of course. For Apple, the savings are especially alluring because the company’s profits are so high.”

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House Republican Leaders, concerned with President Obama’s improving re-election polling, may call for a summer vote to extend the Bush tax cuts instead of waiting until December

April 29, 2012

“Secrets learns that talks about moving the vote up by four months come as some in the GOP worry that Mitt Romney might not beat Obama and that an Obama reelection would give the White House a huge mandate to kill the Bush tax cuts.”

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Former SNL Cast member Jon Lovitz: This whole thing with Obama saying the rich don’t pay their taxes is bull$&!+

April 24, 2012

“In an interview with “Clerks” director Kevin Smith, Lovitz, a registered Democrat who voted for Obama in 2008, bashed the president for his class warfare rhetoric and the notion that the wealthy don’t pay their fair share in taxes.”

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General Electric CEO Jeffrey Immelt defends the company’s income tax

April 24, 2012

“”Tax rate was 29 percent last year,” Immelt told a couple protesters at Cobo Center as they chanted “pay your fair share” a few feet from where he was speaking. GE spokesman Gary Sheffer said the company paid a 25 percent income tax rate in the United States in 2011 — and a 29 percent rate globally.”

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Illinois Governor Pat Quinn (D) proposes Medicaid cuts and a larger cigarette tax to close the state Medicaid system’s $2.7 billion deficit

April 21, 2012

“To resolve the projected deficit, the governor proposed cutting $1.35 billion in healthcare programs for the state’s poorest residents. The state also would reduce the rates it pays hospitals and other healthcare providers by $675 million. Most of the remaining $700 million would be generated with a $1-per-pack increase in the state’s cigarette tax and matching federal grants.”

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House of Representatives votes to pass the Republican Small-Business Tax Cut Bill

April 19, 2012

“The tax cut would only be available to businesses with fewer than 500 workers. It would take the form of deduction of 20% of domestic business income. Only companies that pay out wages would be eligible for the tax break, with the amount limited to half of the amount of wages paid.”

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Senate Budget Committee Chairman to introduce the blueprint of President Obama’s bipartisan deficit reduction panel to his committee

April 18, 2012

“The committee chairman, Senator Kent Conrad, Democrat of North Dakota, made it clear that he would not push the committee to vote on amendments to the plan from the Bowles-Simpson commission or on a final version until a bipartisan consensus was reached.”

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