Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (70511)	10/26/2007 11:31:22 AM
From: RealMuLan	Respond to of 116555

[The line bet. the so-called Democrats and Republicans is more and more blurred<g>]--"The 'Mother of All Tax Bills' businessweek.com ... House Ways & Means Committee Chairman Charles Rangel (D-N.Y.) unveiled a long-awaited tax proposal on the morning of Oct. 25 that featured a two-pronged assault on the tax code. For companies, Rangel's plan would lower the top corporate tax rate from 35% to 30.5%. And for individuals, Rangel's plan would eliminate the alternative minimum tax (AMT), a levy that was put in place decades ago to make sure the wealthy paid their fair share of taxes but now impacts many workers in the upper middle class. Together, the two proposals would cost more than $1 trillion, which under House rules Rangel must pay for by raising taxes in other areas. ... Proposal Breakdown The details of Rangel's proposal show where the fault lines will be: To compensate for the estimated $360 billion, 10-year cost of lowering the overall corporate tax rate, Rangel will target three main tax breaks enjoyed by business. • The plan would repeal a domestic manufacturers' tax credit that was created in 2004. That would raise $115 billion over 10 years. • It would change the tax rules regarding foreign income for U.S. companies. The Rangel plan would require companies to defer deductions on certain overseas business expenses until the money is repatriated to the U.S. That would raise $106 billion over 10 years. • Rangel would eliminate a method of accounting for the value of inventory called "Last in, first out," or LIFO. That would raise $106 billion over 10 years.