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The problem Congress faces in paying for new highways and other transportation projects is that the Highway Trust Fund, which for decades has financed road and transit spending, is running out of revenue.
A big argument against raising the gasoline tax to provide more money for transportation projects is that the gas tax, by its nature, affects low- and middle-income people more than it does the wealthy.
Is Wall Street’s influence in corporate boardrooms killing America’s innovation future? There’s a good case to be made that it is, and that it’s getting worse. But Congress can do something about it when it rewrites the tax code.
The United States is negotiating a Trans- Pacific Partnership trade agreement with 11 other countries on four continents that border the Pacific Ocean. The 12 countries are all members of the Asia-Pacific Economic Cooperation, a regional economic forum that supports sustainable economic growth and prosperity in the Asia- Pacific region, and they include the world’s largest and third largest economies, emerging economies and a command economy. Together, they represent 40 percent of world gross domestic product and 11 percent of the world’s population.
Senate Democrats threatened to block Majority Leader Mitch McConnell’s efforts to start debate on a contentious Trade Promotion Authority bill unless the Kentucky Republican guarantees that a customs bill with currency manipulation provisions gets a vote.
Leave it to Washington to create a multimillion-dollar solution to a nonexistent problem that requires the creation of a new bureaucracy, all for the sole purpose of increasing the profits of a small number of catfish farmers. Kafka would understand, but U.S. taxpayers should be angry.
Like any football fan and patriotic American, I’ve always been perplexed by why the National Football League and certain other big sports leagues are tax-exempt corporations, organized under a section of the tax code intended for trade associations, professional organizations and local chambers of commerce. The NFL has attracted a lot of criticism over the years for not paying taxes. A recent congressional report found that this tax exemption cost taxpayers $109 million over a decade.
Jason Chaffetz, the Utah Republican who chairs the House Oversight and Government Reform Committee, has assembled a bipartisan rump group around a proposal to empower states to collect sales taxes from online sellers outside their borders. At the same time, a loose coalition of retailers, state officials and allied groups is trying to rally support for the plan in both chambers of Congress.
The government of Japan knows its way around K Street.
Washington always seems to be asking whether this will finally be the year Republicans and Democrats somehow set aside their differences on one of their most fundamental issues and undertake a full rewrite of the sprawling, unwieldy monster known as the tax code.
Both parties have, in the past, supported using tax incentives to attract businesses to impoverished communities, with programs — variously called “enterprise zones,” “promise zones,” “empowerment zones” or “economic freedom zones” — that include tax breaks for expensing, financing and wage costs.
Roughly one-sixth of the intercity cargo in the U.S. travels on the nation’s 25,000 miles of commercially active inland and intracoastal waterways. Almost half, or 12,000 miles, are federal waterways known as the Inland Waterway System, which is managed by the Army Corps of Engineers. Barge operators pay a diesel fuel tax to help fund work on the federal system covering 38 states and includes about 240 locks.
Agriculture is a cornerstone of our national economy, supporting 16 million jobs both on and off the farm. American farmers and ranchers are the most innovative and productive in the world, providing us with the safest, most abundant and most affordable food supply in the world.
At the heart of any free and prosperous nation is an equally free and prosperous economy.
Anyone hoping for an online sales tax bill out of the 114th Congress might as well be staring at a spinning circle on a computer screen.
In this year’s State of the Union address, President Barack Obama couldn’t have been more transparent. He said, “[A] better politics is one where we spend less time drowning in dark money for ads that pull us into the gutter, and spend more time lifting young people up, with a sense of purpose and possibility, and asking them to join in the great mission of building America.”
As a chef, it’s my job to feed people delicious, fresh and nutritious food in a reasonable amount of time. Doing this well is often a race against the clock and it always requires working together.
If there’s one part of the tax code that both parties want to overhaul sooner rather than later, it’s taxation of foreign profits.
Thanks in part to past concerns that globalization could lead to double taxation, corporations have numerous techniques at their disposal to reduce their tax bills, including the placement of subsidiaries and spinoff holding companies in low-tax jurisdictions.
Industry representatives and key lawmakers plan market studies, polls of Americans’ views and incremental moves on exports to sway public opinion in favor of allowing crude oil exports.