US Congress Approves $145 Bln Tax Cut, Repeals Export Subsidy
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The US Congress approved a $145 billion bill providing new corporate tax breaks and a buyout for tobacco farmers as part of legislation that eliminates an export tax credit ruled illegal by the World Trade Organization.
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Tucked into that $136 billion in corporate tax breaks President Bush just signed was the point of the bill: Lifting a $5 billion annual export subsidy the World Trade Organization had ruled illegal.
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The U.S. House of Representatives overwhelmingly approved a $1.8 billion small business tax cut package on Friday aimed at winning passage of a $2.10 increase in the hourly minimum wage.
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The EU called off its sanctions on &#36;4 billion worth of U.S. goods on Monday after Washington repealed illegal export tax subsidies, bringing some balm to transatlantic ties wounded by a battle over Airbus and Boeing.
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The European Union said today that it was removing $4 billion in trade sanctions on American products after the United States repealed what the Europeans considered an illegal
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The Congress passed a nearly $152  billion plan to stave off an election-year recession by sending  government rebate checks to millions of Americans and providing  business tax incentives to boost spending.
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The European Union said it was removing $4 billion in trade sanctions on American products after the U.S. repealed what Europeans considered an illegal export tax break.
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The US House of representatives on Thursday passed a new corporate tax bill designed to end the trade war with Europe but the bill gives more tax cuts for some business including farmers and big companies.
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The World Trade Organization gave final approval on Friday to the European Union, Japan and others to hit the United States with an initial $150 million in trade sanctions
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The bill was approved by a 69-37 vote. It cuts taxes for businesses ranging from film companies to bow-and-arrow makers. It also closes tax loopholes and brings US exporters in line with international trade rules.
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A corporate tax bill offering huge tax breaks to US manufacturers in return for removing export subsidies is approved by Congress.
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The US Congress has agreed in principle a huge corporate tax bill providing tax breaks for manufacturers in return for repealing export subsidies.
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WASHINGTON In an act of pre-election largess, US House and Senate negotiators have approved a sprawling corporate tax bill that would shower corporations and farmers in politically sensitive states with about $145-billion worth of new tax cuts.
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The United States has agreed to cut its  maximum agricultural subsidies in a &quot;significant step&quot; towards  advancing negotiations on a new global trade pact, the mediator  of the farm talks said on Thursday.
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US president George W Bush had repealed an internationally disputed export tax subsidy but lavished $140 billion (R868 billion) in new tax breaks on corporations.
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Congress gave final approval Monday to a 10-year, $136 billion package of business tax breaks that represents the biggest change in the corporate tax code in two decades
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The European Union agreed Monday to lift penalties that have cost American exporters $300 million, following the repeal of a US corporate tax break deemed illegal under global trade rules.