John Buckley News
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Puerto Rico occupies a space between foreign and domestic status with U.S. citizenship for residents, its own Olympic team and a tax system that allows individuals and companies the chance to elude the IRS.
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A tax break used by oil and gas pipeline companies such as Kinder Morgan Energy Partners LP will cost the U.S. government $7 billion through 2016, about four times more than previously estimated, Congress’s tax scorekeepers said this month.
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For more than 60 years, the Tennessee Gas Pipeline has linked natural-gas wells in Texas to customers in the north. Until last year, it paid federal corporate income taxes on its earnings, setting aside $107 million in 2011 alone.
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Reducing the subsidy on Build America Bonds would allow the federal government to revive the securities without a loss of revenue, said John Buckley , who helped design the program.
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Mitsubishi Corp. agreed to take a 50 percent stake in a wind park being built off the coast of the Netherlands, the second wind-energy investment in northwest Europe by Japan’s biggest trading group in less than a week.
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The collapse of efforts to kick off a U.S. tax code overhaul through a debt-ceiling compromise demonstrates how difficult it will be for lawmakers to rewrite the nation’s revenue laws.
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An expansion in the reach of the alternative minimum tax is the element of the U.S. fiscal cliff with the largest immediate effect on taxpayers and the most bipartisan appetite for a solution, creating the possibility that lawmakers could use it to propel Congress toward a deal.
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Short line railroads, the government of American Samoa and owners of Nascar tracks are among a diverse group that may encounter added resistance in a drive to protect billions of dollars in U.S. tax breaks.
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Oil advanced, trimming a weekly decline, as the jobless rate dropped to its lowest level in four years in the U.S., the world’s largest consumer of crude.
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Power for next-day delivery in Germany and France increased to the highest level in 10 months as a lack of sun and wind depressed output from renewable sources and a cold snap boosted demand.
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