U.S. corporations that gave stock options to executives claimed tax deductions in 2008 that were $52 billion higher than the costs they reported to shareholders, a U.S. senator said.
Abengoa SA, a Spanish solar-power plant developer, dropped the most in almost two years after the government capped tax deductions on financial costs.
In the balancing act between tax rates and deductions, Congress is about to determine which industry carries more weight: steel or aluminum.
Spain’s ruling People’s Party is studying scrapping some tax deductions and accelerating payments in preparation for the 2012 budget to be presented March 30, El Pais said, citing unnamed officials at the Budget Ministry.
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