Archive for 'Tax News'
Tax Foundation Study: Corporate Exemptions “Generally Available” to All Industries
A new report by Washington D.C.-based think tank Tax Foundation suggests that most corporate tax exemptions in the US apply to all businesses, dispelling the prevailing thought that they target specific industries. The study found that only about 8% of corporate tax expenditure benefits are targeted to specific business areas, such as renewable energy, insurance, oilRead more
Moody’s: Obama Tax Package Hurts US Credit Rating
Credit ratings agency Moody’s recently warned that President Barack Obama’s planned tax package could result in a negative outlook for the US’ AAA long-term credit rating. The fiscal proposals aim to extend all of the previous administration’s income tax cuts by two years, retain unemployment insurance for 13 months, and introduce a 2% cut inRead more
US Treasury Releases HIRE Act Report
The US Treasury Department has just released an updated report on the number of newly-hired workers eligible for tax credits under the recent Hiring Incentives to Restore Employment (HIRE) Act. Passed in March, the HIRE Act offers an exemption from Social Security payroll taxes for every worker hired after February 3, 2010, and before JanuaryRead more
Loopholes Bill Struggling to Survive Senate Passage
After being shot down on the Senate floor, the Senate Finance Committee has submitted a revamped version of the American Jobs and Closing Tax Loopholes Bill of 2010. The bill was rejected after being called a “watered down” version of the original House legislation passed at the start of June. The so-called weaker version decreased theRead more