Political Capital

Taxes

A Bank of America Corp. branch in New York.

Photograph by Ron Antonelli/Bloomberg

A Bank of America Corp. branch in New York.

U.S. Firms Amass Subsidiaries in Low-Tax, No-Tax ‘Havens’

The largest U.S.-based companies are making extensive use of subsidiaries in low-tax and no-tax jurisdictions, according to a report released today by Citizens for Tax Justice and the U.S. Public Interest Research Group. The study, which examined the Fortune 500,...

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Seasonal worker Steven Flagg, in a Statue of Liberty costume, three days before the April 15 tax deadline.

Photograph by Luke Sharrett/Bloomberg

Seasonal worker Steven Flagg, in a Statue of Liberty costume, three days before the April 15 tax deadline.

IRS Spent $14 Million Complying with Congressional Inquiry

Congress spent a lot of time investigating the Internal Revenue Service  last year. And now there’s statistical proof. Congressional committees received 10.6 billion disclosures of taxpayer information last year, up from 2.4 billion the year before, according to the Joint Committee on...

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Supporters of Republican presidential candidate Mitt Romney wait for Romney to make his concession speech on Nov. 7, 2012.

Photograph by Andrew Harrer/Bloomberg

Supporters of Republican presidential candidate Mitt Romney wait for Romney to make his concession speech on Nov. 7, 2012.

Bloomberg by the Numbers: 48-43

By a margin of 48 to 43 percent, voters say Republicans would do a better job than Democrats dealing with the economy. The economy is the most important issue to voters, with 89 percent of registered voters rating it as...

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Former President Bill Clinton during the Civil Rights Summit at the LBJ Presidential Library on April 9, 2014 in Austin, Texas.

Photograph by Deborah Cannon-Pool/Getty Images

Former President Bill Clinton during the Civil Rights Summit at the LBJ Presidential Library on April 9, 2014 in Austin, Texas.

Bill Clinton: Corporate Tax Reform, for Starters

Bill Clinton is nothing if not pragmatic. On the debate about illegal immigration, he says: “A lot of those people are here anyway, and if you legalize them they will pay taxes… and you will have more balance.” “I think...

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Gov. Rick Scott, center, greets house members in a recess during session on May 2, 2014, in Tallahassee, Fla.

Photograph by Steve Cannon/AP Photo

Gov. Rick Scott, center, greets house members in a recess during session on May 2, 2014, in Tallahassee, Fla.

Re-Branding GOP: Florida-Style — Scott’s ‘Deathbed Conversion?’

  A state Legislature this week voted to: – Legalize some medical marijuana use, – Approve in-state tuition rates for undocumented immigrants, – Reject a top priority of the gun lobby, – Reject a school-choice voucher bill, – And protect...

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Tourists inspect the Yoshino Cherry trees in front of the U.S. Capitol on April 9, 2014 in Washington, DC.

Photograph by Mark Wilson/Getty Images

Tourists inspect the Yoshino Cherry trees in front of the U.S. Capitol on April 9, 2014 in Washington, DC.

Tax Reform in Washington: As Needed, and Slow, as Nationally

Tax reform isn’t gaining much traction in Washington. Yet it’s not only the nation’s taxes that could use another look. Washington’s own taxes are looking fairly archaic, too. The Tax Foundation is encouraging action, based on the District of Columbia...

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An associate with Intel Labs greets visitors at the technology showcase in San Francisco.

Photograph by Ryan Anson/Bloomberg

An associate with Intel Labs greets visitors at the technology showcase in San Francisco.

Bloomberg by the Numbers: 1981

The federal research and development tax credit was enacted in 1981. The credit has been frequently extended or modified since then, frustrating business leaders who say the lack of permanence creates uncertainty and complicates investment decisions. The credit lowers the...

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A General Electric Co. plant in Montrose, U.K.

Photograph by Simon Dawson/Bloomberg

A General Electric Co. plant in Montrose, U.K.

Bloomberg by the Numbers: $13 Billion

General Electric Co. may pay more than $13 billion to acquire the French company Alstom SA. Bloomberg News first reported the news yesterday. Here’s the story by Aaron Kirchfeld, Matthew Campbell and Jeffrey McCracken. “GE had cash and equivalents of...

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A homeless at Penn Station in New York City.

Photograph by Spencer Platt/Getty Images

A homeless at Penn Station in New York City.

‘Capital in the 21st Century:’ Too Big to Tweet

In that extended conversation about “The Great Gatsby Curve,” the fact that income distribution in modern-day America roughly equals the way money was held in 1928, Thomas Piketty hasn’t yet become the household tweet that political leaders favor lately. President...

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Seasonal worker Steven Flagg, dressed in a Statue of Liberty costume, holds a sign for a nearby Liberty Tax Service franchise location in Louisville, Kentucky, on April 12, 2014.

Photograph by Luke Sharrett/Bloomberg

Seasonal worker Steven Flagg, dressed in a Statue of Liberty costume, holds a sign for a nearby Liberty Tax Service franchise location in Louisville, Kentucky, on April 12, 2014.

Bloomberg by the Numbers: $1,259

    Each U.S. taxpayer would have to pay $1,259 on average to recoup revenue lost to corporations and individuals who use offshore tax havens.  ”The United States loses approximately $184 billion in federal and state revenue each year due...

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