FACEBOOK “Year in Review” http://bit.ly/SaveUi ... “Year on Twitter” 2012.twitter.com CLIFF DIVE – “Cliff chaos: Hundreds of billions apart,” by Jake Sherman and John Bresnahan: “The reality is the two sides are swapping proposals that do little but reaffirm the positions they’ve long held. And despite hopes for progress, the two sides seem to be diverging further.” http://politi.co/UBfgNn Story Continued Below -- President Obama tells Barbara Walters the GOP will cave: “I'm pretty confident that Republicans would not hold middle class taxes hostage to trying to protect tax cuts for high-income individuals.” (Drudge banners this with a pick of Boehner and “SKYFALL.”) –WSJ A1, “Corporate Taxes on Table in Cliff Talks,” by Damian Paletta, Janet Hook and Carol E. Lee, with Jared A. Favole: “The White House has told Republicans it would include an overhaul of the … [Read more...] about DEAL POINTS: Obama offers 2013 corporate tax reform — House frosh give Boehner leeway — White House: N. Korea launch ‘a highly provocative act’
Corporate tax reform
Although the post-electoral glow of victory has some Republican lawmakers talking of reaching across the aisle on key issues, progress is likely to prove elusive. Case in point: Corporate tax reform. The issue of lowering the tax rate for U.S. corporations has been bandied about as one way to make the country more competitive for businesses. It's also been noted as one way to squelch so-called tax inversions, when companies lower their taxes by shifting their headquarters outside U.S. borders. Even though the Republicans gained a Senate majority in the midterm elections, the issue of corporate tax reform remains complicated, and actual movement on the issue remains unlikely, albeit somewhat more possible with the shifting political balance in Congress. The details of hammering out reform would be extremely complicated, and a host of differing views on how to accomplish the task can be found even among supporters. On top of that, even if corporations are in favor of lowering the tax … [Read more...] about Why voter anger won’t translate into corporate tax reform
Presenting the Obama administration's plan to overhaul business taxes, U.S. Treasury Secretary Tim Geithner on Wednesday proposed lowering the top corporate income-tax rate from 35 percent to 28 percent, while eliminating dozens of tax breaks. "The last time we fundamentally reformed the business tax code was more than 25 years ago," Geithner said in prepared remarks. "That was before the Internet, before the cell phone, before the rise of China and other emerging markets, before the latest expansion in global investment and trade, and before a global trend to lower corporate tax rates around the world. The current tax code was written for a different economy in a different era. It needs to be reformed and modernized." The White House also would set a minimum tax on multinational corporations' overseas profits, a bid to discourage large U.S. companies from shifting operations abroad. The plan would offer an even larger tax cut for manufacturers, reducing the maximum effective rate -- … [Read more...] about Geithner presses case for revamping corporate taxes
Carl Icahn says he's investing $150 million to start a super Pac to promote corporate tax reform. In a letter sent to members of Congress Wednesday, the billionaire investor said lawmakers need to be held accountable for gridlock that he says is keeping Congress from passing legislation to "immediately stop so many of our great companies from leaving our country." The culprit are "corporate tax inversions," which have U.S. companies merging with, or being purchased by, foreign companies, said the financier, who has been touted by Republican front-runner Donald Trump as a potential Treasury Secretary or other emissary in a Trump administration. The money Icahn is committing "will be more than enough to make voters fully aware of the horrible consequences that will ensue if Congress fails to pass legislation." The problem, he argues, can be solved by passing international tax reform that is outlined in bipartisan legislation to fund U.S. highways. … [Read more...] about Carl Icahn to fund super PAC to push corporate tax reform
As investors work to identify the winners and losers of the recent tax bill, it's clear that one of the biggest beneficiaries of the new corporate tax rate will be the retail sector. In this episode of Industry Focus: Consumer Goods, Vincent Shen recruits senior Motley Fool contributor Adam Levine-Weinberg to break down why the news is so good for retailers and its likely effect on companies, including TJX Companies (NYSE: TJX), Target (NYSE: TGT), and Macy's (NYSE: M). The hosts also look at Bon-Ton's (NASDAQ: BONT) recent bankruptcy filing and its grim prospects even if management is able to avoid a liquidation. A full transcript follows the video. 10 stocks we like better than Walmart When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, the Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to … [Read more...] about What Will Retailers Do With Billions in Corporate Tax Savings?