Monday, April 9, 2012

Tax loophole

  • WASHINGTON -- A tax dodge that millionaire hedge fund managers use to slash their income taxes could soon become a major election issue, as congressional Democrats and the White House gear up for a fight to close the loophole.
  • (Huffington Post)
  • An Iowa tax loophole that allows businesses to set up a subsidiary so they can skip paying sales taxes would be closed under a bill that passed the Senate this afternoon.
  • (Des Moines Register)
  • Most people dont know that there is a huge loophole in the Social Security tax. Believe it or not, after $107K income you dont pay the Social Security tax at all. This loophole is called the cap.
  • (Huffington Post)
  • With tax season upon us, Iowans are rummaging through months worth of receipts and returns to figure out exactly what they owe.
  • (Daily Iowan)
  • A new group of merchants and business owners was formed recently in an effort to convince Michigan lawmakers to close what is described as the Internet sales tax loophole.
  • (Heritage)
  • The Main Street Fairness Coalition -- a group of Massachusetts-based businesses officials -- is launching a campaign today to urge federal and state legislative action that would close a loophole created sales tax., the Boston Herald reports.
  • (The Business Journal)
  • The Chancellor refused to be drawn on any of the headline changes in the package he will unveil on Wednesday - but denied that he was still at loggerheads with the Liberal Democrats.
  • (The Guardian)
  • The House Republican budget put forth by House Budget Committee chairman Paul Ryan promised to raise more than $1 trillion to reduce tax rates for the wealthiest families from 35 percent to 25 percent without adding to the deficit.
  • (Grand Island Independent)
  • Iowa lawmakers are trying to close a loophole in the state's sales tax law that allows businesses to set up a subsidiary so they can skip paying sales tax on Internet or mail-order sales.
  • (Des Moines Register)
  • HARRISBURG -- A package of business tax reforms that targets a much-maligned loophole while reducing the corporate net income tax rate heads before a House panel today. The legislation, introduced by the House Republican policy chairman, Rep.
  • (Pittsburgh Post-Gazette)

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