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Private equity profit on line as Obama urges tax break study
The fight over how private equity managers' compensation should be taxed obscures other breaks that are central to the buyout industry's business model. President Barack Obama and other Democrats have spent several years arguing for higher taxes on the carried interest earnings of private equity executives. What makes private equity deals so profitable, though, is the tax deductibility of interest. More
Senate Republicans urge IRS to hasten approval of tax-exempt political groups
Accounting Today Share
A group of Senate Republicans is increasing the pressure on the Internal Revenue Service to grant tax-exempt status to political organizations. In a recent letter to IRS Commissioner Doug Shulman, 12 Republican senators, led by Orrin Hatch, R-Utah, the ranking member of the Senate Finance Committee, and Rob Portman, R-Ohio, questioned the IRS's process for approving and renewing the tax-exempt designations of such groups under Section 501(c)4 of the tax code. More
Should angel investors get tax credits to invest in small businesses?
The Wall Street Journal Share
Everybody is looking for ways to spur the development of new businesses. But everybody seems to have a different idea on how exactly to go about doing that. One popular strategy is to try to encourage investment in startup businesses by offering tax credits to angel investors, those wealthy individuals who provide the funding that gets many new companies through their first years. More
Obama: Put end to oil industry tax breaks
The Associated Press via The Boston Globe Share
President Barack Obama said recently that Congress should kill tax breaks for the oil and gas industry and help develop alternative sources of energy. In his weekly radio and Internet address, the president said he expected Congress to consider in the next few weeks ending $4 billion in tax subsidies, a move he has failed to persuade lawmakers to make during his term. He said the vote would put them on record on whether they "stand up for oil companies" or "stand up for the American people." More
With more blended families, estate planning gets ugly
USA Today Share
The couple in their 50s pulled up to the estate lawyer's office in a snazzy sports car. She was dripping in jewelry and carrying a designer bag. He wore an expensive watch. They lived in a swanky part of town. The veneer of wealth vanished when they laid out their finances. More
Why US tax evaders can no longer count on Swiss secrecy
Switzerland's oldest private bank, Wegelin & Co., had survived three centuries of upheaval on the continent, including Napoleon's invasion of the country and two world wars. But its illustrious history was brought to an end last month by an unlikely source: a U.S. government desperate to track down tax evaders. More