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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: SiouxPal who wrote (579227)	8/3/2010 10:45:48 AM
From: longnshort	Respond to of 1572531

NUN KILLER WAS SET TO BE DEPORTED breitbart.tv third time caught for drunk driving and not deported. the local radio shows are all over this story

To: SiouxPal who wrote (579227)	8/3/2010 3:46:14 PM
From: tejek	Respond to of 1572531

US Firms Give In To Ending Some Overseas Tax Breaks By Martin Vaughan Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- Several large U.S. companies signaled they will drop their opposition to Democratic proposals to end some tax breaks on overseas profits, in order to help advance a bill to renew lapsed tax incentives including the research tax credit. In a letter to Senate leaders dated Monday, 22 firms including Bank of America (BAC), General Electric Co. (GE), and Raytheon Co. (RTN) threw their support behind a recent proposal from Sen. Max Baucus (D., Mont.) to extend the research tax credit and other tax breaks. Those extensions would be paid for in part by ending tax breaks on overseas income, raising $11.5 billion. The firms' embrace of the Baucus compromise proposal represents a break from the position of business groups like the U.S. Chamber of Commerce and the National Association of Manufacturers, which have lobbied hard against ending the overseas tax breaks. International Business Machines Co. (IBM) has also led opposition to ending the overseas tax breaks, as part of the broader tax cut extension package. The provisions are part of an informal compromise floated by Baucus, which he proposed to add to small business legislation now pending in the Senate. They would put limits on multinationals' ability to use foreign tax credits to lower their U.S. tax liability. The provisions were written by congressional Democrats and President Barack Obama's Treasury Department. Obama has also put forward a more sweeping proposal to effectively end firms' ability to defer U.S. taxes on much of their overseas income. That more far- reaching proposal is not addressed in the Baucus bill. The firms that signed Monday's letter--which didn't include IBM--made clear that they were motivated in part by the prospect that Congress could use the money from the overseas tax breaks for other priorities. Senate Majority Leader Harry Reid (D., Nev.) inserted them in a package of funding for state education and Medicaid programs, scheduled for a Wednesday procedural vote in the Senate. And the House attached repeal of the overseas tax breaks to an infrastructure spending package. "We are aware that proposals recently have been advanced to use the international offsets in this package for purposes other than the tax extenders legislation," the firms wrote. "These offsets were developed specifically for use in connection with the tax extenders, and we cannot support their adoption otherwise." It is unclear whether the Senate will finish work on the small business measure before it begins its annual summer recess at the end of this week. Democrats and Republicans have been stymied by disagreements over which amendments to the bill should be permitted. Signing the letter were aerospace and manufacturing firms that depend on the research tax credit, and financial services firms that are keen for the renewal of a separate tax break, also expired, on overseas financing income. They included: AK Steel, American Express Co., Autodesk, Inc., Bank of America, CA Technologies, Citi, Constellation Brands, Corning, Dow Chemical, General Electric, Hewlett-Packard Co., Kodak, Lockheed Martin Corp., Merit Medical Systems, Inc., National Semiconductor, Northrop Grumman Corp., Qualcomm, Raytheon Co., Rockwell Collins, Synopsys, Inc., Texas Instruments and Whirlpool Corp. Read more: nasdaq.com