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.
A rewrite of the nation’s tax laws should be considered separately from the budget debate dominating Capitol Hill, the leaders of the last major tax code overhaul told the chief tax-writers in U.S. Congress.
The largest U.S. private-equity funds and venture capital firms have relied on a five-year, multimillion-dollar lobbying campaign to protect the carried interest tax break that helped drive presidential candidate Mitt Romney’s 2010 effective tax rate below 14 percent.
In the final news conference of his first term, President Barack Obama called the increasingly real specter of a U.S. default “irresponsible” and “absurd.” Yet the absurd has become sadly commonplace in Washington.
The people responsible for averting the end-of-year fiscal cliff are the same ones who almost caused a U.S. debt default, let airline ticket taxes lapse for two weeks and came within two hours of shutting down the government.
With a looming sense of a debacle in the U.S. midterm elections, some Democrats are rationalizing a silver lining: It may not be a bad thing if Republicans win control of at least one chamber of Congress on Nov. 2.