tax breaks

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Tax Breaks for New Jobs Gain Bipartisan Support

But some dismiss move as 'corporate welfare'

(Newser) - Support is building in Washington for the idea of giving companies tax breaks when they hire new workers. President Obama’s economic team has been exploring the possibility for weeks, and lawmakers on both sides of the aisle like the idea of helping unemployed constituents. “There’s a lot...

CBO: Dems' Health Plans Will Raise Costs

'Maybe what he should do is run for Congress,' snaps Reid

(Newser) - The health care reform bills being pushed by House Democrats and the Senate health panel would not cut costs as advertised, says the director of the nonpartisan Congressional Budget Office. In fact, Douglas Elmendorf believes they would raise costs, the Washington Post reports. “We do not see the sort...

Tax Deal Derailed DC Train Upgrade

Outlawed tax shelter scheme blamed for lack of modern safety features

(Newser) - Safer cars might have saved lives in Monday's DC train crash, but a tax-dodge deal made with a bank prevented the transit authority from replacing aging stock until 2014, the Wall Street Journal reports. The National Transportation Safety Board urged the authority years ago to either replace its older cars...

Obama Attacks Tax Havens to Save Health Care: Reich

(Newser) - Offshore tax havens may not be fair, but they’ve been around for decades. So why is President Obama taking them on now, Clinton Labor Secretary Robert Reich asks in Salon. It’s not to try to keep jobs here, as the White House claims; the move might even drive...

White House Takes Aim at Offshore Tax Dodges

The Obama Administration will unveil details of its tax-haven crackdown today

(Newser) -  White House plans to curb offshore tax avoidance will be rolled out today, the Wall Street Journal reports, with the target on both US multinationals and wealthy individuals who are sheltering an estimated $700 billion in US earnings overseas. The plan takes particular aim at “deferral,” which...

Six Weird Tax Deductions
 Six Weird Tax Deductions 
Apr 8, 2009 4:45 PM CDT

Six Weird Tax Deductions

Are you a whaling captain? Parent of a kidnapped teen? You could benefit!

(Newser) - The tax code is more than 20,000 pages long and packed with loopholes galore. Newsweek lists six deductions you've probably never heard of:
  • Alaskan whaling captains can deduct up to $10,000 for money spent fixing their boats or on other whaling expenses. 
  • Parents of kidnapped children can
...

Here Comes Kid Rock Beer
 Here Comes Kid Rock Beer 
Feb 17, 2009 5:18 PM CST

Here Comes Kid Rock Beer

(Newser) - The auto industry may be tanking, but Michigan has a new small-scale savior: Kid Rock Beer. A Michigan brewery has landed a tax credit to produce a line of beer with the rocker's name and image, the Detroit Free Press reports. It's expected to create about 400 new jobs in...

Senate Dems Don't Have Votes to Pass Stimulus

Senate moderates, GOP insist on stripping out billions

(Newser) - President Obama’s first big bill, the stimulus package passed by the House, lacks the votes to clear a Senate filibuster, reports the Washington Post. Senate moderates are proposing to strip $200 billion in spending to win GOP supporters. Says Democratic whip Dick Durbin, “100 decisions” will be “...

Clinton's Gains-Tax Break Pumped Up Housing Bubble
Clinton's Gains-Tax Break Pumped Up Housing Bubble
ANALYSIS
Dec 19, 2008 11:18 AM CST

Clinton's Gains-Tax Break Pumped Up Housing Bubble

Eliminating levy on profit from home sales encouraged Americans to play the market

(Newser) - A tax break introduced by President Clinton and made law in 1997 helped fuel the housing bubble that eventually led to the current economic crisis, the New York Times reports. The cut, which allowed owners to sell their homes without paying capital-gains taxes on profits up to $500,000, created...

Obama's Tax Plan Is 'Dumb... Painful': McCain

Biden calls for tax hike on rich, urging 'it's time to be patriotic'

(Newser) - John McCain slammed Democratic plans to raise taxes as “just plain dumb” and “painful,” the Chicago Tribune reports. The vehement appraisal came after Democratic vice presidential candidate Joe Biden urged high-income earners to embrace a tax hike targeted at them. “It's time to be patriotic…time...

Candidates Differ Most Widely on Wealthy
Candidates Differ Most
Widely on Wealthy
ANALYSIS
Aug 21, 2008 3:58 PM CDT

Candidates Differ Most Widely on Wealthy

McCain says tax cuts for wealthy will fuel economy; Obama sees taxing as means to an end

(Newser) - John McCain and Barack Obama both target the very wealthy in plans to overhaul the tax code, to the opposite effect: Obama would raise their taxes and McCain would cut them. It's the most profound difference in their dueling proposals to stimulate the economy, the Los Angeles Times notes in...

Hedge Funds Turn Bullish on Lobbying

As Congress ponders new taxes, regulations, industry opens wallet

(Newser) - The hedge-fund industry is stepping up its lobbying efforts, Politico reports, having belatedly realized how tempting a target it presents to cash-strapped politicians. Facing attacks from both sides of the aisle for their tax-free offshore accounts and lightly taxed incomes, hedge funds upped lobbying spending to $1.9 million last...

McCain's Energy Record Reveals Muddled Mess
McCain's Energy Record Reveals Muddled Mess
ANALYSIS
Jul 1, 2008 4:38 PM CDT

McCain's Energy Record Reveals Muddled Mess

Some see pragmatism, others inconsistency in GOP candidate's votes

(Newser) - John McCain can’t seem to settle on a comprehensible energy policy, Noam Levey writes in the Los Angeles Times, noting that the Republican has been on both sides of issues from oil drilling to ethanol. He favors fuel-efficiency standards while rejecting renewable-sources guidelines and rejects tax breaks on renewables...

Where Will Cost of Gas Drive Us?
Where Will Cost of Gas Drive Us?
OPINION
Jun 29, 2008 12:27 PM CDT

Where Will Cost of Gas Drive Us?

NYT writers ruminate on what the effects of spiraling prices will be

(Newser) - How does really expensive fuel affect you? The New York Times Op-Ed page asked 10 writers to ruminate on that question, and the responses are all over the map:
  • The lure of staying home could have workers demanding tax changes that benefit telecommuters, thinks Nicole Belson Goluboff.
  • Say goodbye to
...

Clinton, Obama Split on Federal Gas Tax 'Vacation'

Hillary wants to suspend it; Barack says that's shortsighted

(Newser) - Hillary Clinton has joined John McCain's call for a summer holiday from the federal gasoline tax, but Barack Obama says the move will hurt more than it helps, the New York Times reports. Clinton says she’d pay for it with a windfall-profits tax on the oil companies. “Middle-class...

Critics: Nonprofit Hospitals Unhealthily Rich

Tax breaks not paid back in community benefits

(Newser) - Nonprofit hospitals are making more money than for-profit hospitals, and that has many critics wondering why they get such sweet tax breaks, the Wall Street Journal reports. Seventy-seven percent of nonprofits are making money, with at least 25 pulling in more than $250 million a year. Many are spending that...

House Passes Bill to Halt Big Oil Tax Breaks

Veto threat as Republicans call it industry discrimination

(Newser) - Millions of dollars in tax breaks enjoyed by the top five oil companies would be rescinded under an $18 billion tax package which cleared the House of Representatives yesterday. The money saved would be plowed into creating alternative sustainable energy sources. It represents just a penny a gallon to the...

Bush Signs $168B Stimulus Plan
Bush Signs $168B Stimulus Plan
Feb 13, 2008 2:30 PM CST

Bush Signs $168B Stimulus Plan

First rebates from 'booster shot for our economy' to be mailed in May

(Newser) - President Bush signed Congress’ economic stimulus bill into law today, ensuring that the tax rebates at the heart of the $168 billion plan will find their way into American bank accounts by May. The average rebate for an individual will be $600, with $1,200 for couples and a $300...

Senate Pitches Rival Stimulus Package

Larger rebates, more benefits still to come

(Newser) - The Senate has unveiled its own economic stimulus package, challenging the plan agreed to between House leaders and the White House. The Senate plan would give $500 to almost all Americans, rich and poor, and would extend unemployment benefits to the jobless, reports the Washington Post. Senators are also likely...

US to You: $600 Check's in Mail
US to You: $600 Check's in Mail
UPDATED
Jan 24, 2008 10:39 AM CST

US to You: $600 Check's in Mail

Bipartisan compromise would put $600 in your pocket

(Newser) - Congress today announced an economic stimulus package that would put a $600 check in every American taxpayer's mailbox by early summer, sources tell CNN, and a likely $300 per child. The refunds are "there to strengthen the middle class, to create jobs and to turn this economy around,"...

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