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Corporate Tax

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NEWS
May 21, 1990 | By Craig R. McCoy, Inquirer Trenton Bureau
Call it the Great Disappearing Act. To the bafflement and worry of tax analysts here, New Jersey's haul from its tax on corporate profits has plummeted by many millions of dollars. This, in turn, has helped create a financial crisis for the state that resulted in Gov. Florio's decision to seek the biggest array of tax increases that New Jerseyans have seen in a decade. To be sure, revenues from the state's other two major taxes - the sales tax and the personal income tax - also have fallen dramatically below forecasts this year, opening a huge hole in the budget.
NEWS
February 23, 2012 | By Jim Puzzanghera and Kathleen Hennessey, Los Angeles Times
WASHINGTON - President Obama's proposal to lower the corporate tax rate to 28 percent from 35 percent shows a growing consensus in Washington that many companies need to pay less in taxes for the United States to stay competitive globally. But exactly how to do that - and which companies should pay more to make up the difference - remains elusive in a volatile election year. Democrats and Republicans have starkly different ideas about how far to lower corporate tax rates and whether changes to individual tax rates, including the Bush-era cuts that expire at the end of the year, should be part of the reform debate.
BUSINESS
May 5, 1990 | By Robert A. Rankin, Inquirer Washington Bureau
One of the major selling points of President Ronald Reagan's sweeping Tax Reform Act of 1986 was that it would shift much of the tax burden from individuals to corporations. Advocates said the tax-code overhaul would raise corporate tax revenue by $120 billion over five years. Instead, corporations have been paying about $23 billion less than projected each year since 1987, prompting widespread suspicions that somehow Big Business managed to escape the bite of tax reform. "We've got a mystery on our hands," Sen. Lloyd Bentsen (D., Texas)
NEWS
January 6, 2011 | By Maya Rao, Inquirer Trenton Bureau
TRENTON - New Jersey lawmakers will vote Thursday on adopting a corporate tax break that is intended to reward multistate businesses that hire and expand in the state but that would cost millions of dollars in lost revenue. The measure is known as the single-sales factor, under which the amount of profit subject to New Jersey taxes is based only on a company's sales. Moving to that system benefits corporations that sell to a national market but have numerous employees and property in New Jersey.
NEWS
July 3, 2012 | By Dan Hardy, Inquirer Staff Writer
Gov. Corbett, who has pushed hard for a school-voucher program, achieved much of that goal Saturday night through the expansion of a corporate tax credit that for the first time will pay for public school students to attend private schools. As part of the budget deal concluded just before midnight, the legislature broadened the Educational Improvement Tax Credit program (EITC), adding $50 million in tax breaks to businesses that donate money for scholarships to students in the state's lowest-performing schools.
NEWS
February 23, 2012 | By Jim Kuhnhenn, ASSOCIATED PRESS
WASHINGTON - President Obama rolled out a corporate tax overhaul plan Wednesday that lowers rates but also eliminates loopholes and subsidies cherished by the business world. A long-shot for action in an election year, the plan nevertheless stamps Obama's imprint on one of the most high-profile issues of the presidential campaign. The president's plan to lower the corporate tax rate to 28 percent came on the same day Republican presidential contender Mitt Romney called for a 20 percent across-the-board cut in personal income tax rates, underscoring the potency of taxes as a political issue, especially during a modest economic recovery.
BUSINESS
September 22, 2011 | By Joseph N. DiStefano, Inquirer Staff Writer
Billionaire Warren Buffett famously believes rich Americans should pay more taxes. But his giant railroad, BNSF Corp. (Burlington Northern-Santa Fe) , through its lobbying group, the Association of American Railroads, backs a new business coalition that wants Congress to cut the top U.S. corporate income tax rate, from 39.2 percent to about 25 percent. The railroads have joined AT&T, Boeing, FedEx, Lockheed Martin, UPS, Verizon , and Walt Disney in pushing for the change.
NEWS
May 12, 1989 | By Craig R. McCoy, Inquirer Trenton Bureau Inquirer staff writer Patrisia Gonzales contributed to this article
The Kean administration yesterday said it expects to increase taxes on corporations, its first step toward solving a growing budget crisis. The announcement by top taxation officials came at a state Senate hearing in which nonpartisan legislative budget experts warned that Gov. Kean's own pessimistic assessment of the state's money problems was not pessimistic enough. Only last week, a grim Kean announced that the state might have to raise taxes or slash services to close a $498 million gap in revenue for his proposed $12.1 billion budget.
NEWS
January 7, 2011 | By Maya Rao, Inquirer Trenton Bureau
TRENTON - A proposed tax change intended to spur multistate corporations to invest more in New Jersey failed to win approval a decade ago when Republicans controlled state government, and the same proposal had languished in the Legislature since Democrats came into power. But Thursday, the Assembly and Senate embraced with no opposition a change in the state's corporate tax formula championed by Gov. Christie on the campaign trail. The Legislature's devoting so much attention to business incentives marks "a sea change in the attitude in Trenton," said James Hughes, dean of the Bloustein School of Planning and Public Policy at Rutgers University.
NEWS
February 25, 2012
Gov. Corbett has proposed a corporate tax cut and some workforce development, but should he do more on jobs?
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BUSINESS
March 4, 2015 | By Harold Brubaker, Inquirer Staff Writer
Gov. Wolf's broad proposal to reshape Pennsylvania's corporate-tax structure comes as a 2013 law takes effect that was adopted specifically to close a tax loophole Wolf has opposed. In his first budget address Tuesday, Wolf will include corporate-tax rate cuts through 2018 and aim to eliminate certain corporate-tax deductions. "The governor's proposal will promote economic growth, create strong middle-class jobs, and make companies want to invest and grow in Pennsylvania," spokesman Jeff Sheridan said.
NEWS
February 27, 2015 | By Chris Palmer and Angela Couloumbis, Inquirer Staff Writers
BETHLEHEM, Pa. - Gov. Wolf on Wednesday proposed cutting the state corporate net income tax rate in half by 2018, a step he said would allow Pennsylvania to move from the nation's second-highest rate to one of its lowest. Unveiling pieces of his economic plan to Lehigh Valley business leaders, Wolf called for gradually reducing the corporate net income tax from 9.99 percent to 4.99 percent, and eliminating the already-expiring capital stock and franchise tax. Wolf also said he wanted to implement "combined reporting," a concept in which the state could tax a multistate corporation's total revenue, not just its Pennsylvania earnings.
NEWS
October 4, 2014 | By Andrew Seidman, Inquirer Trenton Bureau
TRENTON A New Jersey legislative panel on Thursday advanced a bill that would prohibit the state from awarding contracts or incentives to companies that reincorporate overseas for the purpose of avoiding U.S. taxes. The move comes as the federal government has sought to crack down on so-called inversions, in which companies restructure abroad without moving their headquarters. A number of U.S. companies, such as Burger King, in recent months have moved to buy firms in other countries so they can incorporate there and lower their tax bills in the U.S. This practice "does our whole economic structure a disservice," Assemblyman Troy Singleton (D., Burlington)
NEWS
February 28, 2013
The owner of a New Jersey architectural and engineering firm admitted filing fraudulent corporate tax returns and faces up to three years in prison when he is sentenced June 4. Prosecutors said Pravin Patel, 67, of Toms River, admitted filing returns between 2005 and 2009 that passed off personal expenses as legitimate business deductions. Among the personal expenses he improperly used to reduce the company's tax liability were $112,650 in payments for renovations to his home and $8,200 in expenses for his personal country club membership and associated fees.
NEWS
February 5, 2013
By Sharon Ward Gov. Corbett and his staff have crisscrossed the state over the past few weeks, previewing the state budget to be unveiled Tuesday. The change in style is welcome for a governor who has seemed reluctant to explain his priorities or defend his positions. Pennsylvanians also appear to be clamoring for a change in substance. A recent Quinnipiac poll shows that only 36 percent of Pennsylvanians approve of Gov. Corbett's job performance - while 46 percent disapprove. It's not a mystery that the governor's popularity tumbled after last year's budget debate: An on-time spending plan is not enough to compensate for a budget out of step with Pennsylvanians' priorities.
NEWS
October 22, 2012 | By Jane M. Von Bergen, Inquirer Staff Writer
Maybe it was pure coincidence, but factory worker Betty Jo Durham chose the perfect accessory on the day the U.S. labor secretary visited Durham's company to talk about President Obama's plan to bring manufacturing jobs back to the United States. "We need to see the economy growing here in America and we need to create more jobs," said Durham, 46, sporting a red-white-and-blue flag bandanna as she assembled headlamp parts at Princeton Tectonic's Burlington County factory in Bordentown.
NEWS
October 18, 2012
A spirited presidential election may have a dramatic impact on the races for U.S. House seats representing Philadelphia and its suburbs. The Inquirer has these recommendations:   Eighth District Every couple of years, Republicans and Democrats in Bucks County's evenly split Eighth District size up their representative's record in staying a difficult, middle-of-the-road political course. As a result, Bucks has changed its House member several times in recent years - and this year may be no exception as Republican Mike Fitzpatrick seeks another term two years after he unseated a Democrat incumbent.
NEWS
October 6, 2012 | By Joelle Farrell, Inquirer Trenton Bureau
TRENTON - Democratic U.S. Sen. Robert Menendez clashed Thursday with his Republican challenger, Joseph Kyrillos, in a debate that featured the most pointed remarks of what has been a generally congenial race. Menendez chastised Kyrillos, a state senator from Monmouth County, for blaming New Jersey's economic problems on the federal government. New Jersey's unemployment rate hit 9.9 percent in August; the national average was 8.1 percent. "I find it interesting that my opponent would like to cast all the national ills on my doorstep, but he has been in Trenton for 24 years," Menendez said at Montclair State University, where the hour-long debate was held and broadcast live on NJTV.
NEWS
October 5, 2012 | By Joelle Farrell, INQUIRER TRENTON BUREAU
TRENTON - Democratic Sen. Robert Menendez clashed with Republican challenger Joseph Kyrillos in a debate Thursday night that featured the most pointed remarks of what has been a generally congenial race. Menendez chastised Kyrillos, a state senator from Monmouth County, for blaming New Jersey's economic problems on the federal government. New Jersey's unemployment rate hit 9.9 percent in August; the national average was 8.1 percent. "I find it interesting that my opponent would like to cast all the national ills on my doorstep but he has been in Trenton for 24 years," Menendez said at Montclair State University, where the hour-long debate was held and broadcast live on NJTV.
NEWS
September 30, 2012 | Associated Press
WASHINGTON - Citing historically low mortgages, President Obama is pressing Republicans to back housing policies the White House says would help struggling homeowners refinance their debts and prevent foreclosures. Obama is blaming congressional Republicans for not passing legislation he proposed in February that would lower lending rates for millions of borrowers who have not been able to get out from under burdensome mortgages. Republicans have objected, citing among other things the estimated $5 billion to $10 billion cost of the proposal.
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