In the twilight of Mayor Michael Bloomberg’s tenure, a New York agency will vote next week to give developers $120 million in tax breaks for two of his signature projects: a new district of offices, apartments and shops on the far west side of Manhattan, and a hotel and mall in a Queens neighborhood filled with auto shops and junkyards.
U.S. companies could encounter higher borrowing costs under a congressional tax plan that would reverse a 29-year-old policy making it easier for other countries’ residents to invest in U.S. corporate debt.
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.
Here’s some holiday cheer: 120 million American families no longer have to file income tax returns; the top individual rate is lowered by 20 percent; the top corporate rate is cut by more than half; the government gets the same amount of revenue; and the tax system is slightly more progressive.
The Czech Social Democrats received a green light from President Milos Zeman to form the country’s ninth government in a decade as they struggle to iron out differences over tax policy with their potential partners.