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.
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 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.
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.
LightSquared Inc. almost tripled spending on U.S. lobbying as the telecommunications company backed by billionaire Philip Falcone fought to keep regulators from killing its planned nationwide wireless network.