Key senators are asking questions about the recent pennies-on-the-dollar sale of investment firm Bear Stearns to JPMorgan Chase.
Key senators are asking questions about the recent pennies-on-the-dollar sale of investment firm Bear Stearns to JPMorgan Chase, a transaction made possible after the Federal Reserve backed it with billions in taxpayer dollars.
Congressional investigators are in the Cayman Islands this week to determine if some U.S. businesses are taking a vacation from paying their taxes.
A day after defeating a more expensive plan intended to spur the economy, the Senate on Thursday was expected to vote on a pared down stimulus package.
Amid growing fears that a recession is imminent, the Senate is poised for a showdown over politically contentious proposals intended to spur the economy.
A Senate vote on an economic stimulus package must wait until next week, Senate Majority Leader Harry Reid said Thursday, allowing senators on the campaign trail to return to Washington.
The Senate version of an economic stimulus bill, which could come to a vote this week, contains several tax provisions intended to benefit small businesses, including some not present in the House bill passed on Tuesday.
The Senate Finance Committee on Wednesday approved a proposal intended to curb a further slowdown in the economy.
The Senate Finance Committee on Wednesday passed an economic stimulus package that would inject close to $200 billion into the economy over two years in an attempt to stave off recession.
Bipartisan cooperation was the keyword of the day Thursday when House leaders and administration officials announced a $150 billion plan to stimulate the economy.
Key senators are asking questions about the recent pennies-on-the-dollar sale of investment firm Bear Stearns to JPMorgan Chase.
Key senators are asking questions about the recent pennies-on-the-dollar sale of investment firm Bear Stearns to JPMorgan Chase, a transaction made possible after the Federal Reserve backed it with billions in taxpayer dollars.
Congressional investigators are in the Cayman Islands this week to determine if some U.S. businesses are taking a vacation from paying their taxes.
A day after defeating a more expensive plan intended to spur the economy, the Senate on Thursday was expected to vote on a pared down stimulus package.
Amid growing fears that a recession is imminent, the Senate is poised for a showdown over politically contentious proposals intended to spur the economy.
A Senate vote on an economic stimulus package must wait until next week, Senate Majority Leader Harry Reid said Thursday, allowing senators on the campaign trail to return to Washington.
The Senate version of an economic stimulus bill, which could come to a vote this week, contains several tax provisions intended to benefit small businesses, including some not present in the House bill passed on Tuesday.
The Senate Finance Committee on Wednesday approved a proposal intended to curb a further slowdown in the economy.
The Senate Finance Committee on Wednesday passed an economic stimulus package that would inject close to $200 billion into the economy over two years in an attempt to stave off recession.
Bipartisan cooperation was the keyword of the day Thursday when House leaders and administration officials announced a $150 billion plan to stimulate the economy.
Harvard economist Martin Feldstein, a former top Reagan adviser and the man credited with President Bush's last set of tax cuts, favors a plan to jump start the economy that is likely to be passed by the House of Representatives.
Lawmakers are looking to pass $71 billion worth of tax-break extenders this year. Most politicians support the extensions, but how to pay for them is another matter entirely.
On Thursday the Senate Finance Committee considered options to expand health care coverage for small business employees. Half the nation's 47 million uninsured workers are employed by small businesses, according to a committee press release, and coverage offered to small business employees is declining rapidly.
A terrorist wanting to smuggle radioactive material from Canada into the United States probably would find it easy to do, a new report from congressional investigators said.
Treasury Secretary Henry Paulson told Congress on Wednesday that the federal government will hit the current debt ceiling on Oct. 1.
A Senate panel on Wednesday approved an increase in the limit on the national debt to $9.82 trillion, the fifth increase in the government's borrowing limit since President Bush took office.
Those who oppose hiking taxes on private equity partnerships and hedge fund managers have been trying to make the case that any increase would end up hurting policemen, firemen, teachers and anyone else with a pension, since pensions are major investors in alternative investment funds.
Some of the highest-earning Americans are paying a lower percentage of tax on some of their income than everyone else. Whether or not that's justified was the subject of a Senate Finance Committee hearing on Tuesday.
The Senate Finance Committee will begin drafting legislation on Thursday that is intended to boost pressure on China to let its currency rise in value, a committee aide said on Tuesday.
A Senate committee approved a five-year, $35 billion expansion of a children's health insurance program that would be financed through higher tobacco taxes
What happens when you boost taxes on high-income folks who manage $2 trillion that is integral to capital markets and spurs innovation, creating the Googles and Genentechs of the world?
To figure out whether you need to pay quarterly estimated federal taxes this year and avoid underpayment penalties, you need to have a sense of what your tax liability will be.
At first glance, private equity and venture capital are kissing cousins - same partnership structure, same investment pool, same pedigreed MBAs. But ever since the Senate Finance Committee this spr...
Taxes undoubtedly are weighing heavily on the minds of private equity's kings these days.
Key leaders in the House and Senate have agreed to a package of tax-breaks for small business that should ease the passage of the minimum wage bill.
Private equity's titans may be getting even richer.
U.S. Treasury Secretary Henry Paulson told Senators on Wednesday that significantly narrowing the tax gap between federal taxes owed and taxes paid may not be possible "without adding draconian and painful requirements on all taxpayers," most of whom pay their taxes in full.
In the first 100 hours of the 110th Congress, the House passed a minimum wage bill that raises the federal minimum from $5.15 to $7.25 an hour and the Senate may follow suit this week, to the dismay of some small business owners.
The Senate Finance Committee approved a bill Wednesday that would give tax breaks to small businesses but would also close tax loopholes for CEO pay and large corporations.
A leading senator says Congress is looking at reducing or even eliminating a lucrative tax deduction that make companies more likely to grant stock options, according to a published report.
They carried fake IDs and used phony names. But the ne'er-do-wells -- actually plain-clothed government investigators -- were able to get into the United States anyway.
NEW YORK (CNNMoney.com) - The future of the estate tax will occupy center stage this week when the Senate takes up legislation on Thursday calling for permanent repeal. The tax affects less than 2 percent of all estates. But the revenue it can generate makes deficit-hawks and those concerned with economic inequality reluctant to part with it.
Senate Republicans have withdrawn a tax provision in their energy legislation that would have generated billions of dollars by changing the way businesses treat inventories for tax purposes, according to a report in The New York Times.
NEW YORK (CNN/Money) - There's been a heated debate going on around the Beltway about whether to impose a "windfall profit tax" on the oil industry, which has profited handsomely from soaring oil prices earlier this year.
NEW YORK (CNN/Money) - The tax panels of the House and Senate each passed tax bills Tuesday evening that differ in two key ways: Only the House version calls for an extension of the reduced rates on capital gains and dividends; while only the Senate version calls for major AMT relief in 2006.
NEW YORK (CNN/Money) - After postponing its vote three times in less than a week, the Senate Finance Committee on Tuesday looks set to vote on a proposed tax bill that has one big change from the original.
Last Wednesday, leaders of conservative and moderate factions in the House Republican conference sat down to discuss a joint call for new leadership elections. No agreement was reached, and the events of the next 24 hours destroyed the budding coalition while exposing the ineffectiveness of current leaders. Abandonment of oil drilling in the Arctic failed to appease the moderate bloc, and the leaders pulled down the budget-cutting bill late Thursday.
NEW YORK (CNN/Money) - Instead of including a provision for major AMT relief in 2006, House Ways and Means Committee Chairman Bill Thomas (R-Calif.) opted instead to propose a two-year extension of reduced tax rates on capital gains and dividends in a tax bill he introduced late Thursday.
NEW YORK (CNN/Money) - The Senate Finance Committee on Thursday postponed its vote on a $68.8 billion, five-year tax reconciliation bill, according to published reports.
Social Security system reforms may have to wait until 2009, the Republican Senator leading the effort said Tuesday.
LADIES AND GENTLEMEN, BEHOLD THE GREATEST excuse in recent history. Hurricane Katrina seriously and even tragically harmed millions of people, thousands of businesses, and hundreds of local governm...
NEW YORK (CNN/Money) - Restrictions on making early 401(k) and IRA withdrawals may be eased for Hurricane Katrina survivors, possibly as early as this week.
IT IS AMERICA'S MOST HATED, INEFFECTIVE, INSIDIOUS tax--and it's just too strong to be killed. That has been the case, in any event, for at least a decade. But now it's possible--just barely possib...
United Airlines used loopholes in federal pension laws to treat its pension funds as solid for years, when in fact they were dangerously weakening, according to a published report.
NEW YORK (CNN/Money) - More than partisan bickering, genuine intellectual disagreement was in evidence at the Senate Finance Committee hearing on Social Security Tuesday.
A leading Republican Senator is shying away from the proposal to revise the Social Security system using individual investment accounts.
The next stage in the battle over Social Security reform begins Tuesday on Capitol Hill, as experts come before the Senate Finance Committee to debate how best to achieve solvency in the system -- with and without individual investment accounts.
On August 30, 2001, then majority whip Tom DeLay, his wife, his staff and two Florida Republican House members arrived in Malaysia on what was billed as an educational trip.
This past weekend, Republican Senator Chuck Grassley of Iowa, the influential chairman of the Senate Finance Committee, seemed to throw cold water on President Bush's hopes for major Social Security change. And recent polls have shown that the public is also cool to the idea of private accounts, arguably the central element of President Bush's Social Security plan.
It has been less than a month since George W. Bush began getting specific about his plans to reform Social Security, but bookmakers in Washington are lengthening the odds of its passage.
NEW YORK (CNN/Money) - In the first solo news conference of his second term, President Bush on Wednesday said he's "open to good ideas" from lawmakers about Social Security reform.
A key Senate Republican is questioning President Bush's plans to overhaul Social Security, amounting to perhaps the most public GOP skepticism to date of the White House effort.
For Michael and Martha Hogan, giving to charity is not just a tradition -- it's a passion. The St. Louis couple, both 51, donate regularly to some two dozen nonprofits, ranging from major groups like the United Way and the National Kidney Foundation to the lesser-known Small World Adoption Foundation, which helped them adopt the youngest of their four children.
The debate about U.S. economic policy is usually heated--sometimes even rancorous--and more than a little political. But recently it's also been nearly devoid of economic analysis. The arguments fr...
Jon Corzine wants the federal government's economic stimulus package to include much greater spending on public transportation, emergency services and airline security. Here's what's in some of the...
Few people in Congress are as important to business as the chairman of the Senate Finance Committee, the panel responsible for tax, trade, and health-care legislation. As a result, Senator William ...
Ever since its launching a year ago, the Roth IRA has been hyped to the hills. Where traditional IRAs provide a tax deduction for investments and then tax the proceeds as they are withdrawn, these ...
In Washington, the timing has rarely been better for a major tax cut. Instead of those nasty old deficits, there's nothing but budget surpluses as far as the eye can see. Republicans, who generally...
Congress' pending tax bills are retro to the max. As in the bad old days, they bestow special favors on narrow interests, from bakers to skydivers. They benefit people with lots of money by cutting...
Congress is about to declare success a virtue again, and not in its typically windy way. With remarkably little fanfare, lawmakers are headed toward repealing a law that for good reason has been du...
THIS MONTH:
In MONEY's December issue, we explained how the system for regulating investment advisers is flawed ("The Big Bad News About Fee-Only Financial Planners"). Now legislation sponsored by Sen. Phil Gr...
A social problem rated less urgent than urban poverty and yet more serious than infected hangnails is the quality of the jokes on the Internet. Wait. Does one really have to explain what the Intern...
Like most taxpayers, Clay Shaw of Fort Lauderdale finds the U.S. tax code almost incomprehensible. ''It is a rat's nest,'' he says. ''I'm a C.P.A. and a lawyer, and I got the highest grade in taxat...
I would like to set the record straight about MONEY managing editor Frank Lalli's hatchet job on Sen. Dole and his wife in your August Editor's Notes. Contrary to what readers of MONEY may have bee...
Your voices are being heard in high places. Responding to the March Editor's Notes, more than 250 of you wrote in supporting a fully deductible IRA. We delivered those letters to the Senate Finance...
When we asked MONEY readers in June how they felt about efforts in Congress to revive the fully deductible Individual Retirement Account, we expected a shout of approval. After all, two small rando...
MONEY readers approach unanimity on one issue: back in 1986, Congress should never have legislated away the universal deductibility of Individual Retirement Account contributions. Since it did, mor...
A low-deficit dinner is being prepared and despite wide Republican protest, increased taxes are on the table. President Bush has agreed to meet with congressional leaders for a budget summit, sayin...
Suddenly, Washington is abuzz about raising taxes to curb the budget deficit, estimated at as much as $200 billion for 1990 and $165 billion for 1991. No one knows whether income or sales taxes wil...
-- CLAUDE ROSENBERG JR., 60, president of RCM Capital Management in San Francisco, on the degree of strictness needed to correct sometimes irresponsible and dishonest presentations by money manager...
Why we need the IRA deduction
Starting pay for attorneys at New York's Cravath Swaine & Moore, often a bellwether for pay at other firms, has risen 8.7%, to $71,077. Price Waterhouse has upped its accountants' average starting ...
Simplification: that was definitely the name of the game. That Senate Finance Committee tax bill was going to simplify the tax code. The Keeping Up Simplification File, as we have labeled this moun...
According to Bernard Wolfman, Fessenden Professor of Law at the Harvard Law School, ''Writers have not generally used quotation marks around the term 'tax expenditure' since 1974.'' That just shows...
DISINFLATION has barely settled into the everyday economic lexicon, but the word is already on its way to obsolescence. After slowing for five years, the rate of inflation is due to turn up again. ...
Is the Senate Finance Committee's tax proposal really ''revenue neutral'' ? Finance Committee Chairman Bob Packwood would certainly like you to believe that revenue lost (mainly because of lower ta...
The Senate Finance Committee's tax reform plan rips apart tax shelters like a tornado racing through a trailer park. Like a tornado, the plan leaves some shelters untouched while it reduces others ...
''These young people who come into posses- sion of this money . . . oftentimes are the most spoiled brats on God's green earth. The less we encourage that (kind of thing), the better off they are.'...
Investors large and small continued to rush into the stock market. During one dazzling fortnight in mid-March, the Dow Jones industrial average set four new records and topped 1800 for the first ti...
Early March: The Senate Finance Committee is scheduled to begin its markup of the tax reform bill. March 16: France elects a new National Assembly.
WHEN CONGRESS reconvenes in late January, a lot of well-heeled political action committees (PACs) will be targeting the Senate Finance Committee, which will decide the fate of the tax reform bill p...
The Reagan Administration's apparent new willingness to force down the dollar and vigorously enforce U.S. laws against unfair trade has given congressional moderates a much needed counter to propos...
REPUBLICAN SENATOR Bob Packwood and ultraliberal Democratic Senator Howard Metzenbaum don't have much in common. But they share one dubious distinction. When a score of Washington's most influentia...
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