U.S. companies could encounter higher borrowing costs under a congressional tax plan that would reverse a 29-year-old policy making it easier for other countries’ residents to invest in U.S. corporate debt.
Owens Corning wants a bigger market for its insulation. Cracker Barrel Old Country Store Inc. seeks to refurbish restaurants that churn out fried apples. Bank of New York Mellon Inc. is trying to avoid letting some competitors have an edge overseas.
Here’s some holiday cheer: 120 million American families no longer have to file income tax returns; the top individual rate is lowered by 20 percent; the top corporate rate is cut by more than half; the government gets the same amount of revenue; and the tax system is slightly more progressive.
Opponents of President Barack Obama’s proposed cap on charitable deductions say they have gotten a boost from a bipartisan letter by two Senate Finance Committee members that urges maintaining the tax break.
Oil companies, manufacturers, advertisers and real estate investors warned that a proposal from Senate Finance Chairman Max Baucus to slow down deductions for capital assets could raise the cost of investment.