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Boehner Open to Repealing Oil Company Tax Breaks
By not in system - AOL NewsWASHINGTON -- House Speaker John Boehner said Monday that Congress should "take a look at" repealing the multibillion-dollar tax subsidies enjoyed by the major oil companies. The Ohio Republican told "ABC World News" that the government is low on revenues and that oil companies "ought to be paying their fair share." A gallon of gasoline exceeds $4 in some parts of the country. "We certainly ought to take a look at it," Boehner said. "We're at a time when the federal government's short on revenues. We need to control spending but we need to have revenues to keep the government moving." For ...
Tom Corbett Budget: 5 Painful Cuts in Pennsylvania
By Mary Phillips-Sandy - AOL NewsNext in line for a leaner, meaner budget: Pennsylvania. Republican Gov. Tom Corbett just unveiled his 2011-12 budget proposal for the commonwealth, and sure enough, the $27.3 billion plan contains a number of steep cuts. For the past two years, Pennsylvania has benefited from a $2.6 billion federal stimulus package; that money runs out in June, and the commonwealth is grappling with a $4 billion deficit. The proposed budget "resets Pennsylvania's fiscal clock to 2008-2009 levels," The Morning Call reports. And while it's largely in keeping with current conservative thinking about state ...
Michele Bachmann Slams Michelle Obama Over Breast-Feeding; Does She Have a Point?
By Greg Robillard - AOL NewsShould the U.S. government promote breast-feeding as a way to counter childhood obesity? Rep. Michele Bachmann, R-Minn., took a swipe Wednesday at Michelle Obama over the first lady's support of tax breaks to mothers for purchasing breast pumps and nursing supplies. Obama has cited studies that correlate longer breast-feeding with lower rates of childhood obesity, but for Bachmann, such government incentives smack of an all-too-literal "nanny state." "For them, government is the answer to every problem," Bachmann told radio talk-show host Laura Ingraham. "And so government got us in this ...
Obama Seeks Small Biz Aid as Recovery Inches Along
By Joseph Schuman - AOL News
(Oct. 29) -- American economic growth picked up over the summer but not enough to substantially improve the jobs market, and President Barack Obama used the news to push a program aimed at getting small businesses to hire and invest. U.S. gross domestic product, the broadest measure of goods and services produced within the country, grew at an annual rate of 2 percent in the third quarter, up from a 1.7 percent pace in the spring, the Commerce Department said today. Consumer spending -- by far the most important engine of U.S. economic growth -- also grew faster and more rapidly than it has ...
Senate Clears Hurdle for Small-Business Measure
By Joseph Schuman - AOL News(Sept. 14) -- Senate Democrats cracked a months-long GOP filibuster of a bill to provide new loans and tax breaks for small businesses after two Republicans broke with their party to back a measure President Barack Obama has promoted as one of his top economic priorities. Republican Sens. George Voinovich of Ohio and George LeMieux of Florida today joined a unanimous Democratic caucus in the 61-37 vote to close debate on the Small Business Jobs Act. The bill would create a $30 billion fund that community banks can access for loans to small businesses and provides some $12 billion in tax ...
Official: Obama to Back More Business Tax Breaks
By not in system - AOL NewsWASHINGTON (Sept. 7) -- President Barack Obama will call on Congress to pass new tax breaks that would allow businesses to write off 100 percent of their new capital investments through 2011, the latest in a series of proposals the White House is rolling out in hopes of showing action on the economy ahead of the November elections. An administration official said the tax breaks would save businesses $200 billion over two years, allowing companies to have more cash on hand. The president will outline the proposal during a speech on the economy in Cleveland Wednesday. Tim Sloan, AFP / Getty ...
Obama to Senate GOP: Drop the Blockade, Pass Small Business Relief Bill
By Jill Lawrence - Politics DailyPresident Obama is accusing Senate Republicans of harming the U.S. economy by blocking a bill to aid small business. He said the measure should be the Senate's "first order of business" when it returns Sept. 13 from its summer recess. "Holding this hostage is directly detrimental to our economic growth. So I ask Senate Republicans to drop the blockade," Obama told reporters at the White House. He referred to a story -- apparently this one from USA Today -- that said small business hires, purchases and real estate expansions are on hold, awaiting the stalled bill. Small businesses would ...
Oil Companies, Including BP and Transocean, Reap Big Tax Breaks
By Politics Daily Staff - Politics DailyOil companies like BP and Transocean, the company that owned the Deepwater Horizon rig in the Gulf of Mexico, reap about $4 billion a year in tax breaks by taking advantage of provisions in U.S. laws "available at virtually every stage of the exploration and extraction process," according to the New York Times. Transocean has been ably to significantly reduce its taxes by moving its headquarters from Houston to the Cayman Islands in 1999 and then to Switzerland two years ago. It also reduced the taxes it paid by registering the Deepwater Horizon under the flag of the Marshall Islands. BP ...
Democrats Begin Drive to Push Through Priorities Before Elections
By Patricia Murphy - Politics DailyLeaders of the House and Senate will begin a summer sprint this week to push through a huge list of Democratic priorities amid a backdrop of a still-weak economy, an out-of-control disaster in the Gulf of Mexico, a jittery electorate with a distaste for incumbents, and a federal deficit that is already projected to hit a record $1.5 trillion this year. It's a tough environment for Democrats, made doubly precarious by the looming November mid-term elections, but Senate Majority Leader Harry Reid said Monday he's ready to get started. "The work period between now and July 4 is short, but our ...
Income Tax: Why 70 Million Americans Don't Pay Uncle Sam a Dime
By Joann M. Weiner - Politics DailyBy midnight Thursday, about 150 million Americans will have buckled down and filed their annual federal income tax returns, and the IRS will begin collecting nearly $1 trillion in revenue from these individuals. While you struggle to meet your deadline, consider that although the law requires you to file a tax return, more than 70 million of your fellow filers will not owe a single penny to Uncle Sam. As the latest news from the non-partisan Tax Policy Center shows, a record 47 percent of tax filers will have no federal income tax liability this year. You may wonder, how is this ...
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