Political Capital

Taxes

Kurt Busch, driver of the #41 Haas Automation Chevrolet, celebrates after winning the NASCAR Sprint Cup Series STP 500 at Martinsville Speedway on March 30, 2014 in Virginia.

Photograph by Chris Graythen/Getty Images

Kurt Busch, driver of the #41 Haas Automation Chevrolet, celebrates after winning the NASCAR Sprint Cup Series STP 500 at Martinsville Speedway on March 30, 2014 in Virginia.

NASCAR, Olympic Medals, Film, TV: Give us a Tax Break

Democrat Mark Warner backs a NASCAR tax break. Republican Johnny Isakson supports one for film and television productions. And Democrat Thomas Carper backs a provision that aids U.S. multinational companies’ offshore operations. Those are among the key takeaways from the...

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U.S. Treasury Inspector General for Tax Administration J. Russell George, former IRS Commissioner Douglas Shulman and Internal Revenue Service Director of Exempt Organizations Lois Lerner are sworn in before testifying to the House Oversight and Government Reform Committee on May 22, 2013 in Washington, DC.

Photograph by Chip Somodevilla/Getty Images

U.S. Treasury Inspector General for Tax Administration J. Russell George, former IRS Commissioner Douglas Shulman and Internal Revenue Service Director of Exempt Organizations Lois Lerner are sworn in before testifying to the House Oversight and Government Reform Committee on May 22, 2013 in Washington, DC.

IRS Oversight Board’s Empty Chairs

More than 300 days after a political controversy rocked the Internal Revenue Service, President Barack Obama did something rare: He nominated someone to the tax agency’s oversight board. His pick is Linda Millsaps, former chief operating officer at the North...

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A girl with a water container among debris of destroyed houses in Tacloban, Leyte province on Dec. 7, 2013.

Photograph by Noel Celis/AFP via Getty Images

A girl with a water container among debris of destroyed houses in Tacloban, Leyte province on Dec. 7, 2013.

Typhoon Tax Break: Still Time for Aid

Taxpayers who haven’t filed their 2013 income tax returns yet have a rare chance this year to get a last-minute deduction. Normally, Americans can claim deductions for charitable contributions made through Dec. 31, a deadline that typically spurs a flurry...

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Members of the media follow Lois Lerner, the director of the Internal Revenue Service's exempt organizations office, left, after a House Oversight and Government Reform Committee hearing in Washington, D.C., on May 22, 2013.

Photograph by Pete Marovich/Bloomberg

Members of the media follow Lois Lerner, the director of the Internal Revenue Service's exempt organizations office, left, after a House Oversight and Government Reform Committee hearing in Washington, D.C., on May 22, 2013.

IRS on Issa’s Document Request: ‘Months if Not Years’

It will take “months if not years” for the Internal Revenue Service to produce all  the documents requested by the House Oversight and Government Reform Committee, IRS Commissioner John Koskinen said today. Koskinen, in his first appearance at the committee,...

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Rep. Mike Simpson, R-Idaho, during the House Appropriations Committee to snack on during the markup of a fiscal 2012 interior and environment draft bill.

Photograph by Scott J. Ferrell/Congressional Quarterly/Getty Images

Rep. Mike Simpson, R-Idaho, during the House Appropriations Committee to snack on during the markup of a fiscal 2012 interior and environment draft bill.

Simpson Bags NRA Backing in Idaho

Idaho Rep. Mike Simpson, whose Republican primary challenger is backed by the Club ForGrowth, today bagged the endorsement of the National Rifle Association Political Victory Fund. David Keene, a former president of the National Rifle Association, delivered the group’s endorsement...

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Representative David "Dave" Camp, a Republican from Michigan and chairman of the House Ways and Means Committee, speaks during a news conference in Washington, D.C., on Feb. 26, 2014.

Photograph by Andrew Harrer/Bloomberg

Representative David "Dave" Camp, a Republican from Michigan and chairman of the House Ways and Means Committee, speaks during a news conference in Washington, D.C., on Feb. 26, 2014.

Camp’s Bank Tax Drawing Party Fire

– written with Cheyenne Hopkins When Republican Rep. Dave Camp proposed a version of President Barack Obama’s bank tax, he irritated more than just the handful of companies that would be on the hook for $86.4 billion over the next...

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People cross a slushy Park Avenue on Feb. 18, 2014 in New York City.

Photograph by John Moore/Getty Images

People cross a slushy Park Avenue on Feb. 18, 2014 in New York City.

Income Taxes May Mean Economy Hasn’t Taken Much of a Weather Hit

The weather has helped produce some pretty weak readings of economic activity — that much even Federal Reserve Chair Janet Yellen has admitted. Federal tax receipts, however, are showing a picture of stronger growth. Income and payroll tax collection data...

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Ronald "Ron" Wyden, a Democrat from Oregon, center, arrives to the U.S. Capitol to vote on the nomination of Janet Yellen as chairman of the U.S. Federal Reserve in Washington, D.C., on Jan. 6, 2014.

Photograph by Andrew Harrer/Bloomberg

Ronald "Ron" Wyden, a Democrat from Oregon, center, arrives to the U.S. Capitol to vote on the nomination of Janet Yellen as chairman of the U.S. Federal Reserve in Washington, D.C., on Jan. 6, 2014.

Wyden Seeks Extension of Lapsed Tax Breaks

Ron Wyden, the new chairman of the Senate Finance Committee, is eyeing a committee vote this spring to extend lapsed tax breaks, says Lindsey Held, a committee spokeswoman. The Oregon Democrat has made the lapsed breaks, such as the research...

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Jenny Beth Martin, right, of the Tea Party Patriots poses for pictures at rally in front of the U.S. Capitol on June 19, 2013.

Photograph by Mark Wilson/Getty Images

Jenny Beth Martin, right, of the Tea Party Patriots poses for pictures at rally in front of the U.S. Capitol on June 19, 2013.

IRS to Tea Party: You’re In

The Internal Revenue Service has granted tax-exempt status to one of the largest Tea Party organizations in the U.S. — a designation that came after a three-year delay and on the eve of a congressional hearing about the agency’s proposed...

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Representative David "Dave" Camp, a Republican from Michigan and chairman of the House Ways and Means Committee, during a news conference on a proposed restructuring the U.S. tax code in Washington, D.C., on Feb. 26, 2014.

Photograph by Andrew Harrer/Bloomberg

Representative David "Dave" Camp, a Republican from Michigan and chairman of the House Ways and Means Committee, during a news conference on a proposed restructuring the U.S. tax code in Washington, D.C., on Feb. 26, 2014.

Bloomberg by the Numbers: 25%

Corporations would see their top tax rate reduced to 25 percent from 35 percent under a tax-code overhaul by the top Republican tax-writer. “The 979-page plan from Representative Dave Camp would mark the most significant changes to the U.S. tax...

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