House Bill Would Hit Funds With Big Taxes
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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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Congress, facing the prospect of an election-year recession, passed an emergency plan Thursday that rushes rebates of $600 to $1,200 to most taxpayers and $300 checks to disabled veterans, the elderly and other low-income people. President Bush indicated he would sign the measure.
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WASHINGTON -- The House last night passed a massive business-tax bill aimed at settling a trade dispute with the European Union and propping up domestic manufacturers.
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SOMERVILLE -- As many as 100,000 Massachusetts homeowners would receive up to $870 a year in tax relief under a plan unveiled by Governor Deval Patrick yesterday that relies on the state's corporate community to foot the bill.
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Democrats in the U.S. House of Representatives introduced a bill on Friday that would more than double taxes on the pay of managers of private equity funds, hedge funds and other investment partnerships.
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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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WASHINGTON -- Democrats seeking votes for their Iraq-withdrawal plan have stuffed a war funding bill with billions of dollars for homeland security, healthcare, farms, New Orleans levees, home heating, and other causes.
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The looming political battle over how to reform the tangled US income tax code could get ugly. But one option, a tax aimed at boosting savings, holds promise.
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After agonizing for weeks, the House planned to vote Wednesday on legislation that would protect more than 20 million people from seeing their tax bill balloon this year as a result of the dreaded alternative minimum tax.
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The House is going to make another run at imposing more than $16 billion in taxes on major oil companies.
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WASHINGTON - House Ways and Means Committee Chairman Charles Rangel said he will propose a tax increase on executives at buyout firms and hedge funds to pay for a temporary fix to the alternative minimum tax that lawmakers agree must pass this year.
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The House is expected to approve legislation this week that seeks to increase exponentially the amount of money broadcasters and performers would have to pay for indecency violations.
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U.S. House members spent $20.3 million in tax money last year to send constituents what's often the government equivalent of junk mail Â meeting announcements, tips on car care and job interviews, surveys on public policy and just plain bragging.
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WASHINGTON - The House's leading Democratic tax writer will propose a sweeping overhaul of the tax code that would increase taxes on many people with incomes above $200,000 but cut them for most others.
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A tax-cutting plan to balance the budget, add jobs and jump-start the economy.
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A must-pass bill covering about one-sixth of the federal budget swept through the House on Wednesday. A sizable chunk of Republicans joined virtually all Democrats in approving spending increases for education, veterans and the AIDS battle in Africa.
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An economic aid plan to send rebates of $600-$1,200 to most taxpayers passed a key test Monday in the Senate, where Democrats are pushing to add more than $40 billion in help for seniors, disabled veterans and the unemployed.