taxes

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Chicago Puts Bottled Water Tax on Tap

You jog? You chug? You pay?

(Newser) - With bottled water getting bad marks from environmentalists and Chicago eager to green up its act, a city alderman has proposed a first: a 25-cent tax on bottled water. George Cardenas says that not only is all that plastic a disaster, but drinking bottled water cuts consumption of Chicago's own...

Katrina Tax Breaks Pay for Luxury Condos

Incentives for rebuilding are buying $1M units in Tuscaloosa, 200 miles from coast

(Newser) - Investors are using federal tax breaks designed to stimulate rebuilding after Hurricane Katrina to buy luxury condos being built near the University of Alabama’s football stadium, 200 miles from the coast, the AP reports. The Tuscaloosa developments, where units go for up to $1 million, are flourishing while much...

Bush Dismisses Gas Tax Hike for Bridge Repair

Prez blasts Congress, warns Iran over Iraq, asks Sarkozy to lunch

(Newser) - President Bush today rejected a gasoline tax increase that would raise money for bridge repairs across the country, saying Congress should reevaluate the way it allocates tax revenues now. In a wide-ranging press conference before departing for vacation in Maine, he continued to defend Alberto Gonzales and fielded numerous questions...

Bush Ready to 'Push Hard' for Biz Tax Breaks

But he knows it's a tough sell

(Newser) - President Bush is considering a new package of corporate tax breaks in a bid to perk up Wall Street, calm volatile markets and send a message the economy is sound, the Washington Post reports. At the same time he rejected Democratic proposals to allow Fannie Mae and Freddie Mac more...

House Passes Health Plan for 4M More Kids

Dems take step toward universal coverage over GOP objections

(Newser) - The House has passed a sweeping expansion of the Children’s Health Insurance Program that will extend covered to 4 million uninsured kids using revenue from cigarette taxes and cuts in subsidies to private Medicare plans. The bill, which was approved 225-204, is a step toward universal coverage over Republican...

Schumer Bucks Party on Wall St. Tax Hikes

Leading Dem torn between monied base, middle class

(Newser) - Rejecting populist piety, Chuck Schumer is opposing legislation that would double tax rates for private equity and hedge fund executives, arguing that he’s torn over the measures but contending that they unfairly target an industry critical to his constituency. The New York Times reports the senator, the only Democrat...

Big Biz Lobbyists Sit Out Private Equity Tax Fight

Other bankers unmoved to defend their tax advantages

(Newser) - Two big business lobbying groups are sitting out the fight in Congress over increasing taxes on private-equity earnings—in part, the Financial Times reports, because many of their members are threatened by the rise of private equity.  Big firms like Blackstone pay traditional banks hefty fees for the underwriting...

Why Wall Street Is Bullish on Texas

Big tax breaks for firms at home on the range

(Newser) - Companies with Texas offices save thousands by hosting cattle or growing crops on their property, the WSJ reports. The state’s “agricultural exemption” grants hefty property tax breaks to firms devoting at least part of their land to preserving or cultivating nature. Fidelity saved more than $318,000 by...

Blackstone Partners Profit on IPO Taxes

Loopholes pay off for buyout firm managers after $3.7 bil offering

(Newser) - The Blackstone Group's partners have expertly negotiated a labyrinth of loopholes to dodge taxes on $3.7 billion they raised with an IPO last month, the Times reports. The maneuver comes as congress discusses what to tax private equity managers, but analysts say the rate debate misses the point; firms...

Taxpayers Foot Governator's Travel Frills

Donors get breaks, and maybe access, for funding Arnold's luxury

(Newser) - California Governor Arnold Schwarzenegger travels on private jets and racks up six-figure trip expenses, thanks to the largesse of a shady nonprofit group whose secret donors get tax breaks, the LA Times reports. Watchdogs claim the 501(c)(3) is an abuse of a system intended to reward donations to needy causes.

California Ranked Worst for Traffic
California Ranked Worst for Traffic
Jun 29, 2007 3:03 PM CDT

California Ranked Worst for Traffic

New Jersey boasts poorest road system

(Newser) - California ranks No.1 in the US for interstate traffic jams, says a new study which focused on congestion around big cities. With traffic snarled on 83.3% of its urban roadways, the Golden State edged out runners-up Minnesota and New Jersey. Surprisingly, New York—gridlock central—only came in...

Wall Street, GOP Team Up on Tax Bill

Proposal would raise tax rate for private-equity profits from 15% to 35%

(Newser) - Wall Street stormed Washington yesterday, as more than 70 lobbyists for financial firms met with GOP lawmakers to organize opposition to a bill that would raise the tax rate on private-equity partners. The proposal would require managers at private partnerships to pay the normal income tax rate of up to...

KKR Joins IPO Party
KKR Joins
IPO Party
Jun 22, 2007 9:05 AM CDT

KKR Joins IPO Party

After Blackstone's triumph, barbarians at the public gate

(Newser) - Corporate raiders Kohlberg Kravis Roberts & Co. have announced an initial public offering, on the heels of a wildly successful $34B IPO by rival Blackstone yesterday. The mammoth LBO group, whose boss Henry Kravis maintains a well known rivalry with Blackstone's Stephen Schwarzmann, waited to make sure Blackstone swam before...

Senate Puts Blackstone on Notice
Senate Puts Blackstone on Notice
Jun 15, 2007 12:48 PM CDT

Senate Puts Blackstone on Notice

Tax maneuver may derail IPO, transform private equity

(Newser) - Less than 2 weeks ahead of Blackstone's IPO, bipartisan legislation introduced in the Senate yesterday threatens to hamper or halt the avidly anticipated stock sale. The private equity behemoth's tax bill would more than double if the measure—under which partnerships like Blackstone would pay the 35% corporate rate rather...

States Discover, Spend Surpluses
States Discover, Spend Surpluses
Jun 11, 2007 11:15 AM CDT

States Discover, Spend Surpluses

Embarrassment of riches will benefit education, gay rights, or just make tax cuts

(Newser) - Oversized tax collection has left state governments with unexpected funds to dole out, and newly Democratic governments are working some big-government swagger. The Times reports that more than 40 states have deeper coffers than budgeted, and new money is going to local initiatives in education, health care and gay rights—...

China's Stock Market Drops 8%
China's Stock Market Drops 8%
Jun 4, 2007 1:20 PM CDT

China's Stock Market Drops 8%

Fear of more government regulations drives rampant selling

(Newser) - China's stock market plummeted more than 8% today in one of the biggest drop-offs of the decade. A trading tax increase intended to cool a boom that drove stocks up over 50% last week has set off widespread worry. But unlike the February 28 skid that depressed worldwide markets, today's...

Chinese Stocks Plummet After Trading Tax Tripled

Move aimed at containing market bubble; could trigger serous sell-off

(Newser) - Chinese stocks plummeted today, after the finance ministry tripled a tax on trades in an effort to deflate a worrisome stock market bubble. A week ago, the ministry publicly pledged not to raise the tax. The reversal opens the government to heavy criticism if it triggers a serious rout.

Senate Eyes Hedge Fund Tax Breaks
Senate Eyes Hedge Fund Tax Breaks
Apr 17, 2007 1:27 PM CDT

Senate Eyes Hedge Fund Tax Breaks

Bill limits pretax earnings managers can invest in their offshore funds

(Newser) - The Senate has an eye on extraordinary tax breaks that have allowed hedge fund managers to sock away hundreds of millions of dollars tax free, using their funds like giant pension schemes, the Times reports. Managers who run offshore funds can re-invest earnings in their own funds, deferring taxes for...

Obamas Aren't Millionaires —This Year

Tax returns show drop in candidate's income, mostly royalties

(Newser) - Barack and Michelle Obama unveiled their 2006 federal income tax return yesterday, offering a peek into the wallet of one of the least affluent presidential aspirants. The couple reported $983,826 in taxable income in 2006—a comedown from 2005's $1.6 million.

Tax Code Spurs Llamapalooza
Tax Code Spurs Llamapalooza
Apr 5, 2007 9:29 AM CDT

Tax Code Spurs Llamapalooza

The upper crust is using alpaca farming as a huge tax write-off

(Newser) - Some very ulikely agrarians—doctors, lawyers, computer programmers—have spurred a huge boom in alpaca farming in the last few years, not for the profits, of which there are rarely any, but for the huge tax write-offs. "What can't I write off?" Manhattanite Rob Bruce says. "I write...

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