Gulf Spill Yields Tax Talk About Multinationals

In the middle of all the “tax loopholes closing” that’s been going on in Congress, a big, fat one may have remained open. Sen. Max Baucus (D-MT), who chairs the powerful Senate Finance Committee, has opened an investigation into whether Transocean, Ltd., has been exploiting tax law loopholes by moving their headquarters overseas (spoiler alert, Sen. Baucus, they have, just as Apple, Microsoft, Dell, Pfizer and just about every other giant and profitable company in the US has done). So why do we care now – and not, say, three months ago? Easy. Transocean Ltd. is the owner of the …

Obama’s Treasury Pick Under Fire for Tax Liability

In the midst of the current economic crisis, I know that many in Congress were hoping for a smooth transition to a new administration. That may not happen. President Elect Barack Obama’s nomination to head the Treasury Department has hit a road block: revelations that Timothy Geithner had failed to timely pay $34,000 in taxes. Republicans and Democrats have indicated that the information about back taxes (which were eventually paid) would not necessary block the nomination. Sen. Orrin Hatch (R-UT) has said he had “no problem” with Geithner while Sen. Charles Grassley (R-IA) called the information “serious, and whether or …

The Shill of the Game

No, that’s not a typo. These days, it seems, it is all about the dollars. Even in college sports – or maybe especially in college sports. The headline on this week’s Philadelphia Inquirer, Sunday Edition, blared “Raising Funds – and eyebrows” – the story about the push to raise money for colleges through athletics made the front page. It seems especially fitting to run the story during football season (and maybe just a little self-serving that it focused on Temple and Penn State Universities less than a week before the well-known Nittany Lions pick on the Owls in Philadelphia) but …

But I’m Not Rich!

That’s what many folks think when asked to consider whether they will be affected by the AMT (Alternative Minimum Tax). But here’s where they’re wrong: the AMT is hitting middle class America more often. We’ve even argued about it a little bit on the blog (be sure and read the comments). And the consensus is that Americans hit by the AMT – and the estimate is that 20 million taxpayers will be affected this year – are not happy. Congress is trying to sort out some of the mess. The mess is even more complicated than usual because the temporary …