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Liberals Press Obama to Dump GE CEO From Economic Panel
U.S. Legal News |
2011/03/31 15:39
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Jeffrey Immelt, the head of GE, is facing backlash from left-leaning groups who say that he shouldn’t be on the White House Jobs Council or any other panel in light of reports that the company last year made $14.2 billion in profit, paid zero in corporate federal taxes and actually received a $3.2 billion tax benefit. GE disputes that claim and says it did pay all kinds of taxes last year, though notably, not federal taxes. But it also claims that it didn’t pay because it took hits for investment and other spending that is exactly what the tax code allows and is encouraged to help job creation. Whatever the case, the optics are bad news for GE, which is facing increasing anger from the likes of former Wisconsin Sen. Feingold, MoveOn and even Jon Stewart. In January, Obama named Immelt to head his new Council on Jobs and Competitiveness as part of an effort to improve the White House's strained relationship with the business community. Now Obama's relationship with liberals is on the rocks.
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NH, RI, NJ Buck Trend, Propose Cigarette Tax Cut
U.S. Legal News |
2011/03/18 17:04
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Bucking a national trend of raising cigarette taxes, New Hampshire, New Jersey and Rhode Island have considered reducing theirs, hoping to draw smokers from other states and increase revenue. Supporters argue reducing the tax by a dime would make New Hampshire more competitive with Maine, Vermont and Massachusetts, while opponents say that even if the state experienced higher sales as a result it still would lose millions of dollars in revenue. It's very unusual for states to lower the tax, University of Illinois at Chicago economics professor Frank Chaloupka says. The increase in sales isn't enough to offset the drop in state tax revenue, he says. Instead of lowering the tax, states have enacted 100 increases over the past decade, he says. "New Hampshire has been going in the same direction as the rest of the country, basically forever," Chaloupka said. New Hampshire raised its tax repeatedly since Democratic Gov. John Lynch took office in 2006, increasing it from 52 cents per pack in 2005 to $1.78 currently. That changed Thursday, when the state House passed a bill that would cut the rate 10 cents to $1.68 per pack in hopes of attracting smokers from surrounding states with higher taxes. Rhode Island's bill would cut its tax by $1, to $2.46 per pack. New Jersey last year considered reducing its tax 30 cents, to $2.40 per pack, but hasn't followed through on it. New Hampshire Senate Finance Chairman Chuck Morse says he believes the Senate will support the cut.
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Blagojevich Asks Judge to Cancel Retrial
U.S. Legal News |
2011/03/09 17:27
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The impeached former governor of Illinois, Rod Blagojevich, asked a judge on Wednesday to cancel his retrial and promptly sentence him on the sole conviction from his first trial, arguing that money woes prevent him from mounting an ample defense. A five-page motion filed in U.S. District Court in Chicago says Mr. Blagojevich isn't conceding guilt, including on the conviction of lying to the Federal Bureau of Investigation. That is the lone count jurors agreed on at his otherwise deadlocked trial last year. The motion says the former governor, whose legal bills are supposed to be paid by the government, wants to forgo a retrial on grounds that none of his lawyers have been paid for months of pretrial preparations. "Should this motion be granted...funds for the second trial would no longer be necessary," the motion says. An added bonus, it continues, would be "no further cost to taxpayers." Mr. Blagojevich, 54, faces a maximum five-year prison term for the lying count. It was widely expected that a sentencing date for that conviction would only be set after the retrial was over. At that trial do-over, currently scheduled to start on April 20, Mr. Blagojevich faces 20 charges, including that he sought to sell or trade an appointment to President Barack Obama's vacated U.S. Senate seat in exchange for a top job or campaign cash.
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Memories of 1995 haunt GOP as shutdown talk grows
U.S. Legal News |
2011/02/21 09:55
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Few memories haunt Republicans more deeply than the 1995-96 partial shutdown of the federal government, which helped President Bill Clinton reverse his falling fortunes and recast House Republicans as stubborn partisans, not savvy insurgents. Now, as Congress careens toward a budget impasse, government insiders wonder if another shutdown is imminent — and whether Republicans again would suffer the most blame. Leaders of both parties say they are determined to avoid a shutdown. But they have not yielded on the amount of spending cuts they will demand or accept. Meanwhile, shutdown talk is rippling through Washington and beyond. "It's good for political rhetoric to talk about a government shutdown. But I don't know anybody that wants that to happen," Sen. Tom Coburn, R-Okla., said on "Fox News Sunday." Behind the scenes, Senate officials are spending Congress' President's Day recess week poring over the spending proposal passed by the House early Saturday, according to one Democratic leader. |
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La. state senator to face ethics charges
U.S. Legal News |
2011/02/04 17:22
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State Sen. Rob Marionneaux is facing ethics charges related to his law firm's involvement in litigation against the state Department of Transportation and Development. It marks the second charge filed against Marionneaux by the Louisiana Board of Ethics on the same issue of failure to timely disclose the business arrangement between his firm and a state agency. The earlier case involves his representation of a firm in a legal dispute with LSU. Marionneaux told The Advocate on Thursday that his law partner Lewis Unglesby represents Coastal Bridge Company in the litigation against DOTD. Marionneaux said he alerted the Ethics Board to the legal arrangement in the case that is now the subject of the Ethics Board charges. |
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Obama: Lower corporate tax rates, close loopholes
U.S. Legal News |
2011/01/26 18:18
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President Barack Obama's call to lower corporate tax rates is popular among business leaders and lawmakers from both parties. That support, however, won't be easy to maintain if the president ever gets specific about how to pay for the lower taxes. Obama said in his State of the Union address that he wants to close corporate tax loopholes and use the additional revenue to lower corporate tax rates for the first time in 25 years — without adding to the budget deficit. The top corporate tax rate is 35 percent, among the highest in the industrialized world. However, federal tax laws are filled with so many credits, deductions and exemptions that few companies pay the top rate. "Over the years, a parade of lobbyists has rigged the tax code to benefit particular companies and industries," Obama said in his speech Tuesday night. "Those with accountants or lawyers to work the system can end up paying no taxes at all. But all the rest are hit with one of the highest corporate tax rates in the world. It makes no sense. It has to change." Obama's goal is to create a simpler tax code that encourages sound business decisions rather than aggressive tax planning. As it stands now, businesses and individuals spend more than 6 billion hours a year working to comply with the tax code, according to the National Taxpayer Advocate, an independent watchdog within the Internal Revenue Service. It will take a sustained effort by the administration, however, to forge a consensus with lawmakers on reshuffling corporate taxes in a way that is sure to create winners and losers. The "loopholes" Obama talked about in his speech are regarded as cherished, well-deserved tax breaks by many lawmakers in both parties. |
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