Tax Code News
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Mitt Romney and Rick Santorum campaigned across Michigan yesterday in a final push ahead of the state’s primary election next week, a contest that could reshape the Republican presidential race.
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Republican presidential candidate Mitt Romney’s plan to cut income tax rates by 20 percent without increasing the U.S. budget deficit relies on unspecified assumptions about economic growth and unannounced details about the tax breaks he would curtail.
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President Barack Obama said rising gasoline prices are a “painful reminder” of why the U.S. must develop alternative energy sources, and he criticized Republicans who he said were offering slogans rather than strategy.
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New Jersey Governor Chris Christie said President Barack Obama is “using” such people as billionaire investor Warren Buffett as tools to push his tax policy.
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The European Commission published the members and remit of a group of experts that will examine whether banks should build internal firewalls to protect taxpayers and customers when failure of one part of a lender threatens to cascade throughout the company.
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President Barack Obama’s belief that the U.S. tax system pushes jobs overseas and Republican assertions that multinational companies are disadvantaged will make compromise on a new corporate tax code difficult.
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Mitt Romney has long had close ties to hotel operator Marriott International Inc. The candidate for the Republican presidential nomination, whose full name is Willard Mitt Romney, was named after the chain’s founder, J. Willard Marriott, a friend of his father. He joined the company’s board in 1993, and has served on it for 11 of the past 19 years, including six as chairman of the audit committee.
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President Barack Obama’s corporate- tax framework, unveiled Wednesday, recognizes that the U.S. tax code desperately needs a spring cleaning. There are too many loopholes, deductions, subsidies, allowances and special rules.
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The Obama administration called for reducing the corporate tax rate to 28 percent from 35 percent, eliminating tax breaks and changing core features of the tax code such as interest deductibility.
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Mitt Romney called for a 20 percent across-the-board cut in individual income tax rates today as part of an effort by his campaign to turn the focus of the Republican presidential primaries back to economic issues.
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