Republicans defended Mitt Romney against criticism from Democrats that he avoided taxes by keeping money stashed overseas. Those roles are now reversed with the disclosure that President Barack Obama’s pick to run the Commerce Department does the same thing.
President Barack Obama’s latest plan to raise tax revenue from wealthy individuals would pinch tax- favored retirement accounts of some private-equity executives and self-employed professionals by capping them at $3 million.
Representative Dave Camp’s call to lower U.S. corporate and individual tax rates to 25 percent would require Congress to make the type of difficult choices that have doomed tax overhaul plans for a quarter century.
President Barack Obama’s latest campaign for a jobs agenda faces Republican opposition in Congress and may offer limited potential for short-term employment growth even where partisan agreement is within reach.
Democrats seeking to use the next phase of deficit-reduction talks to raise taxes for private equity managers, oil companies and high-income earners will face continued opposition from Republicans who will have the procedural power to stop them.