Rangel open to tax cuts in wage measure
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The chairman of the House taxwriting committee said Tuesday he would be willing to link tax breaks for small business to a hike in the minimum wage but that the $8 billion tax package adopted by the Senate was unacceptable.
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House tax writers will consider more than $1.5 billion in small business tax cuts next week in hopes of freeing minimum wage legislation currently stuck in an impasses between the House and Senate.
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The federal government could cut the corporate tax rate significantly without sacrificing revenue by eliminating an array of popular but narrowly targeted tax breaks such as the research-and-development tax credit, according to a Treasury paper released yesterday.
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A $1.3 billion small-business tax cut package aimed at winning the first minimum wage increase in more than a decade advanced in the U.S. House of Representatives on Monday.
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The chairman of the Federal Reserve told members of Congress he would back tax cuts or spending measures, so long as they are temporary.
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WASHINGTON - With lopsided margins in both houses, Congress gave President Bush his fourth tax cut in four years, extending three popular middle-class tax breaks and reviving some expired business tax incentives just six weeks before the election.    Many Democrats complained during the debate Thursday that majority Republicans who control Congress should have offset the lost revenue to keep the nation's soaring deficits from getting worse...
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The measure, which would raise the wage rate for the nationâs lowest paid workers to $7.25 an hour from $5.15, was attached to the Iraq spending bill.
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There is no looming crisis in Social Security, and Congress should not rush to create private accounts, Rep. Charles Rangel, D-N.Y. said Saturday.
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Republican House leaders expressed confidence Wednesday that they will be able to extend three of popular tax cuts that are set to expire at the end of this year.
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The locked-out National Hockey League players union offered to cut salaries by 24 percent and place a tax of up to 60 percent on high-end payrolls in the first talks with management in three months.
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Top House Democrats yesterday proposed one of the most far-reaching changes to tax law in decades that would more than double what managers of private-equity and hedge funds are required to pay.
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Key House leaders are pushing to sharply limit the scope of the alternative minimum tax, providing relief to many families who already pay the unpopular levy as well as millions more who would be hit for the first time next year.
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Republican presidential hopeful Rudy Giuliani plans to propose reducing corporate tax rates and cutting other individual taxes that his campaign said on Friday put a crimp on Americans' wallets.
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BURLINGTON -- For two weeks Governor Deval L. Patrick has been talking tough about cracking down on companies exploiting what he calls corporate tax loopholes to save over $300 million a year in state taxes.
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Australia's opposition Labor Party matched government promises to cut income taxes on Friday, to stem a surge in voter support back to the government ahead of elections in November.
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Gov. Martin O'Malley yesterday proposed the first major overhaul of Maryland's income tax brackets in 40 years, offering what he called a "more progressive" system in which high-end earners would pay more but the majority of filers would get at least a modest tax cut.
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President George W. Bush on Friday called on Congress to give the U.S. economy a "shot in the arm" with an election-year package of temporary tax cuts and other measures worth up to $150 billion.