Since 1862, an obscure company called American Bureau of Shipping has been approving oceangoing vessels as seaworthy. The Houston-based firm reported $3.17 billion in revenue and just less than $600 million in profits from ship inspections from 2004 to 2010 and paid no U.S. income taxes on those earnings.
The U.S. probably will extend incentives for the wind energy industry regardless of whether President Barack Obama or the Republicans win the election in November, a former adviser to the Senate Finance Committee said.
Leaders of the tax-code rewrite in Congress pledged to keep ideas submitted by lawmakers secret for 50 years, seeking to assuage concerns that leaks of comments may jeopardize relationships with fundraisers or constituents.
The Internal Revenue Service, reversing an earlier position, proposed rules making it more likely informants will collect a reward when they blow the whistle on tax-dodging employers, neighbors or family members.
Just one Senate Democrat opposed the party’s majority on the estate tax, a medical-device tax, a possible carbon tax, online sales taxes and the revenue-raising budget plan. He’s the senator in charge of tax policy: Max Baucus of Montana.