Tax Loophole | featured news

The Tax Policy Center, analyzing that proposal, found that it would close only $1.3 trillion of Mr. Romney’s newly dug revenue hole. And no matter how many times the Romney campaign insists that independent studies “have demonstrated the Romney plan works,” that simply isn’t true — not with the parameters (revenue neutrality and no tax increases for those making less than $200,000) that Mr. Romney has set, and not unless you assume economic growth far greater than that predicted by Mr. Romney’s own advisers.

Technology giants Microsoft Corp and Hewlett-Packard Co used offshore units to shield billions of dollars from U.S. taxes by taking advantage of loopholes and stretching the limits of the tax code, a U.S. Senate panel said on Thursday.

The Senate majority leader says budget reductions must be accompanied by tax reform. He predicts that negotiations on the nation's debt limit will drag until the 11th hour. Senate Majority Leader Harry Reid (D-Nev.) says tax loopholes must be addressed ...