April 8, 2013 |
Last month, Sen. Max Baucus summoned members of the Senate Finance Committee to a closed-door meeting to discuss the first full-scale rewrite of the 5,600-page U.S. tax code in more than 25 years. The task would be gargantuan, and much of Washington has called it impossible in these contentious times. But after two years of watching President Obama and congressional leaders take on tax policy and other areas of the committee's vast jurisdiction, the Montana Democrat who is the panel's chairman was ready to reclaim his turf.
February 11, 2013 |
GOP senators plan to ask pointed questions about Jack Lew's work at Citigroup — and his pay at the bailed-out bank — when the Treasury nominee appears before a Senate panel for his confirmation hearing Wednesday, officials said Monday. Some Republicans think Lew has not provided satisfactory answers about his exact responsibilities at the bank during the financial crisis, congressional staffers say. The issue is relevant, they say, because the Treasury secretary has...
January 10, 2013 |
PARIS — For a brief moment before Christmas, self-doubt gripped France. The beloved French actor Gerard Depardieu — who recently played Obelix , an even more beloved French comic book character — announced he was moving to Belgium because President Francois Hollande had threatened to tax millionaires at 75 percent of their income. The nation plunged into depression. Opponents of the wealth tax geared up to attack the president. Pictures of Depardieu in his new "home" in Nechin, a Belgian town just across...
January 7, 2013 |
The U.S. government may default on its debt as soon as Feb. 15, half a month earlier than widely expected, according to a new analysis adding urgency to the debate over how to raise the federal debt ceiling. The analysis, by the Bipartisan Policy Center, says that the government will be unable to pay all its bills starting sometime between Feb. 15 and March 1. The government hit the $16.4 trillion statutory debt limit on Dec. 31 , but the Treasury Department is...
January 6, 2013 |
McDermott Will & Emery has hired two senior tax attorneys from Sutherland Asbill & Brennan, the firm announced last week. Partner Stephen Kranz and counsel Diann Smith joined McDermott's state and local tax practice group in Washington. Kranz's practice focuses on state tax controversy and tax policy matters, including representing companies in tax audits and litigation. He previously served as general counsel to the Council on State Taxation, a trade association that represents the nation's...
January 1, 2013
The Dec. 31 editorial " California's climate-change experiment " did a good job highlighting some of the pitfalls of California's cap-and-trade law. Another core problem with that law is that, while the cap on greenhouse gas emissions is fixed, the price for those emissions is not. Without a predictable price signal, the private market will not invest in the innovative solutions that would effectively slash the use of fossil fuels. A better approach would be to impose a defined carbon tax on the fossil-fuel suppliers, with a set...