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In his impassioned push to save a trusted institution that has helped Americans do business overseas for generations, President Barack Obama met with a group of small-business exporters last week to highlight differences the Export-Import Bank of the United States has made in their global expansion plans.
In exchange for lifting crippling U.S., European and U.N. oil and financial sanctions, Iran agreed to a historic deal that limits its nuclear production capacity and fuel inventory over the next 15 years.
Sen. Debbie Stabenow, D-Mich., is teaming with Senate Appropriations Chairman Thad Cochran, R-Miss., and other senior Republicans in pressing for a permanent extension of faster tax write-offs for operators of motor racetracks, including 29 venues used for NASCAR events.
The Supreme Court saved Obamacare from another critical legal challenge in a 6-3 decision Thursday that upholds health insurance subsidies for millions of low- and middle-income residents. President Barack Obama hailed the ruling.
Liberal Democrats plan to target hedge fund managers and corporations with a push for Senate floor action on a proposed financial transaction tax that has been embraced by two presidential candidates: Sen. Bernard Sanders and former Maryland Gov. Martin O’Malley.
As former chairmen and ranking members of the House Ways and Means Committee, each of us has been part of extensive trade negotiations. None of us has ever seen Trade Promotion Authority legislation as robust and transparent as the one before Congress today. We urge our former colleagues to support TPA when it is considered in the House and deliver a win for American workers and the national economy.
To allow a poorly managed government to rid itself of its financial obligations is ethically and practically misguided. A Chapter 9 solution to Puerto Rico’s economic and financial woes, as the House Judiciary Committee is contemplating via HR 870, is ill-conceived on several grounds. First and foremost, the bill’s passage would override with retroactive effect the bond indentures of the millions of investors throughout the United States who — like me — have bought Puerto Rico’s bonds, mostly through mutual funds. HR 870 would give carte blanche to the Commonwealth to break its solemn pledge that our bonds would be paid in accordance with the laws and contracts under which they were issued.
Legendary executive management professor and writer Peter Drucker once said leadership is defined by results, not attributes. The trade debate currently occupying much of Washington’s focus shows how right Drucker was — and what that says about where the center of leadership is in Washington today.
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.