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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.
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.
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.
Standard & Poor’s says income inequality is becoming a problem for state governments.
Heading into the midterm elections, both parties are hammering home their economic messages against a backdrop of stagnating wages and surging corporate profits.
Approving tax treaties with other nations used to be relatively routine business on Capitol Hill, but that’s no longer the case.
Former tax official Lois Lerner’s confrontation with Congress over a potential contempt citation may get emphatically more dramatic, depending on how far back into congressional history House Republicans want to reach.
Virtual currencies such as bitcoin will be taxed as property rather than currency, the Internal Revenue Service said Tuesday in long-awaited guidance on online tender.
With the 50th anniversary of President Lyndon B. Johnson’s declaration of a “war on poverty” triggering new congressional debates on fiscal issues, prominent members of both parties are trumpeting plans to limit poverty. For Democrats, the Wednesday anniversary is entwined with questions about income inequality, a theme the White House says it will emphasize this year.