Tag: ‘Ron Wyden’

Thirty days, goodbye September, shutdown talks? Maybe in December.

By :: September 30th, 2015

About that possible government shutdown… The Senate passed a continuing resolution to fund the government through December 11. Senate Majority Leader Mitch McConnell and outgoing Speaker of the House John Boehner will meet with President Obama “soon” for budget negotiations, and the House is on track to approve a short-term spending bill, too. Now Congress […]

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Senate Democrats Would Take Some Small Steps To Clean Up Energy Tax Breaks

By :: September 22nd, 2015

A group of 28 Senate Democrats has proposed a major new energy bill that includes what they call significant reforms in the dozens of tax breaks aimed at encouraging the production and use of clean energy. I’ll let real energy policy experts speak to the broader bill, but the tax provisions are worthy of note. […]

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Finance Committee Working Groups: Tax Reform is Hard

By :: July 8th, 2015

After six months and two extensions, the Senate Finance Committee’s five tax reform working groups presented their reports today to panel chair Orrin Hatch (R-UT) and top Democrat Ron Wyden (D-OR). For the most part, they reached no consensus on either specific reforms or a broad design for overall reform. There was one exception: The […]

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One more step for equality, and two views on state EITCs

By :: June 29th, 2015

Congress is in recess. The Daily Deduction will return to its regular schedule on Monday, July 6. Wyden promises tax changes in the wake of the Supreme Court’s decision on same-sex marriage. Following the Obergefell v. Hodges decision, senior Senate Finance Committee Democrat Ron Wyden said Friday, “As lawmakers, we must now turn our attention […]

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What To Make of the Senate Finance Committee’s Tax Reform Workgroups

By :: January 15th, 2015

The Senate Finance Committee has created five bipartisan working groups to develop ideas for comprehensive tax reform by the end of May.  It is a good idea. But it is unlikely to accelerate the panel’s timetable for producing legislation. The task forces won’t develop many new ideas. Let’s be honest: For the most part, when it […]

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On Residence, Retirement, and Economic Records

By :: October 20th, 2014

Congress is in recess through the mid-term elections. The Daily Deduction will post each Monday until then.  What’s a multinational to do? Where is it to go?  Senator Dick Durbin and Senate Finance Committee Chair Ron Wyden seem pleased that Chicago-based AbbVie’s  decided to drop its deal with Dublin-based Shire. But other inversion deals continue […]

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Income Inequality and Time for State Action

By :: September 16th, 2014

Income inequality may shrink state tax revenues. A new report from Standard & Poor’s tells the tale. Incomes have grown rapidly among the wealthy, but have barely kept pace with inflation for many others. But high income earners both shelter their income from taxes and save more, reducing  state income and sales tax revenues. As […]

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Tax Policy in September: Racing to a Grinding Halt?

By :: September 12th, 2014

Have it your way… unless you’re Burger King. Five Senate Democrats—Illinois’ Dick Durbin, Michigan’s Carl Levin, Rhode Island’s Jack Reed, Vermont’s Bernie Sanders and Ohio’s Sherrod Brown—asked Burger King to not move its legal headquarters to lower-tax Canada. They accused it of trying to avoid paying its fair share for roads and other public services […]

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Rules, Reform, Taxes and Wealth: No Harm in Trying?

By :: September 11th, 2014

Maybe the duck will walk again? Lawmakers are putting down their markers on anti-inversion legislation. Top Senate Democrats Dick Durbin and Chuck Schumer have introduced a bill to curb “earnings-stripping” by multinational corporations—a practice where firms maximize U.S. tax deductions for interest payments and other business costs while shifting income to low-tax countries. Senate Finance […]

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The Amazing [Anti-Inversion] Race

By :: September 10th, 2014

There’s tougher talk from Treasury. Secretary Jack Lew affirmed administrative authority to curb inversions, telling Bloomberg that “If Congress doesn’t act, we have to take the steps we can, which will reduce the economic value of inversions.” There’s more talk on the Hill, too. Senate Finance Committee Chair Ron Wyden wants to “continue to work […]

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