Free Republic

By MARY DALRYMPLE, AP Tax WriterWASHINGTON - House Republican leaders split a military tax bill in two after lawmakers from both parties balked at combining relief for American troops going into war with new tax breaks for ranchers, tackle box makers and drug companies. AP Photo   A vote on the package had been scheduled two weeks ago. It was postponed when some GOP members joined Democrats to protest piggybacking the special interest tax breaks on a bill originally intended to show support for U.S. troops being sent to the Persian Gulf. The new strategy sets up separate bills. One...

Two US politicians have proposed tax breaks in an attempt to stop TV and movie productions going to Canada or elsewhere. A recent study estimated that "runaway production" cost the US as a whole $10 billion, as studios seek to save cash by taking advantage of more generous tax regimes elsewhere. Recent Hollywood films shot in Canada include leading Oscar nominee Chicago, Catch Me If You Can starring Leonardo DiCaprio and George Clooney's Confessions of A Dangerous Mind. TV hits which moved to Canada include The X-Files, Smallville and 24. If passed, the new law would offer a 25% wage...

Some people have a more practical reason for laying down $50,000.00 to buy an H2: a federal tax deduction of nearly $38,000.00!'The government is now subsidizing people for buying these land yachts,' said Henry Pierman a CPA with Hauser and Associates in Bellevue. 'It is one of those odd things that happen. I would say that maybe half the CPA's in the country are aware of this loophole.'In the mid 1980's Congress tightened rules about how much money can be written off on luxury automobiles used for business--but excluded vehicles with a gross wieght of 6,000 pounds or more, partly...

When most Americans sell stock they must pay taxes on their profits by the following April 15. But a few Americans are delaying taxes on their stock profits for years or decades — or, in some cases, never paying at all. It's all perfectly legal — but only if you have $5 million of stocks and bonds. And only if you promise to keep it secret. It's one example of how the tax laws currently grant certain favors only to the very wealthiest. The deals work this way: Executives and investors with $5 million of stocks and bonds contribute at...

After listening to some of the incredibly bad economic policies advocated by the democrats and their friends in the media, I was thinking about an appropriate counter proposal, and had a thought that might be worth exploring. Anyone with one or two undergraduate economics courses under his belt understands the importance of low, stable taxes that apply equally, as well as the effect of tax cuts to stimulate investment. Also, over the past couple of years, declines in the value of tax-sheltered IRAs and 401Ks have had a secondary effect of discouraging these investments, which has hurt retirement nest eggs...

MEDIUM RARE by Jim Rarey May 2, 2002 FEDERAL RESERVE BANK TO GET A TAX BREAK? On April 23rd the Michigan State Senate took the first step intended to make the Federal Reserve Bank in Detroit eligible for a tax abatement. “Tax abatements, usually granted by local governments, can forgive 50% of local taxes for a period of up to twelve years. Under some circumstances, the state executive branch can approve a tax abatement even if the local government refuses to grant it The original intent of the state law establishing tax abatements was to give cities a tool to...

He's raking in the big bucks giving recycled speeches and has a record $12 million book deal - but that doesn't mean disgraced ex-President Bill Clinton is going to refuse the whopping tax break he was recently awarded. Last week the Little Rock, Ark., City Board of Directors voted to approve a $4 million state tax giveaway for the Clinton Presidential Library Foundation, according to a little noticed report in the Arkansas Democrat-Gazette. It seems the Clinton library has managed to enroll itself in something called "Advantage Arkansas," which in this case apparently means "Million Dollar Bill" will be taking...