Base Broadening News Today

plus the u.s. and russia debating a prisoner swap. antony blinken speaking with sergey lavrov. and a breakthrough on capitol hill. chuck shchumer and joe manchin striking a deal after a year of negotiations. >> theres a lot in this bill, including tax changes. we begin with major developments on the u.s. economy. the gross domestic product fell 0.9%, following a 1.6% drop in the first part of this your, blamed in part on the omicron surge, all of this adding to fears the u.s. could be ...

Violent clashes continued this week at colleges and and universities across the country as Police Departments from New York City to los angeles moved in to clear propalestinian encampments and Arrest Protesters in scenes reminiscent of the vietnam war era. After more than a week of silence, President Biden addressed the growing campus chaos on thursday. Theres the right to protest but not the the right the cause chaos with. Vandalism, trespassing, breaking windows, shutting down campuses, forcin...

The tax cut jobs act under trump, the corporate side was almost revenue neutral. we brought into the base we extended the stuff internationally and cut the rate what biden is proposing is taking a corporate rate back up about halfway but he is keeping the base broadening. relative to the obama tax code, it is a massive tax hike. when obama went after it -- biden is taking us where no man has ever gone before. shatner going into outer space. paul: that will have a dampening effect on investment i...

To 35. >> right, but he did not want so many offsetting, base-broadening things in the tax code that would generate more revenue. the thing the president is proposing is a small tax increase. thats why republicans object to it. if you came to republicans and said, lets cut the corporate tax rate by seven points, theyd be happy to do that. if you wanted to pair that with an infrastructure deal, i think you could get republicans on board with that. the sticking point for the republicans is the bas...

Encourages companies, when they can be mobile to look for lower tax environments in which to place economic activity. if we want to create investment incentives here for u.s. companies and foreign companies and jobs here, we have to start with a competitive corporate tax rate. thats the first step, bringing the rate down. the second step is paying for that by getting rid of the kind of loopholes, preference, credits, subsidies that have been added to the code over the past 30 years. that really ...

Inefficient form of taxation. it discourages investment. it encourages companies when they can be mobile to look for lower tax environments to place economic activity. if we want to create investment incentives here for u.s. companies and foreign companies and for jobs here, we have to start with a competitive corporate tax rate. thats the first step, bringing the rate down. the second step is paying for that by getting rid of the kind of loopholes, preferences, credit subsidies that have been a...

But that is what it actually is. the actual definition of base broadening tax reform that is emerging in the ongoing fiscal cliff negotiation says tax reform that limits itemized deductions among high taxpayers. that is a very boring sentence. do not be bored. this is important. here is what it actually means. as former budget director poi pointed out in a bloomberg column, 90% of those itemized destructions for the rich is three categories. deductions paid for taxes paid, mostly state and local...

Broaden the base. simplify the code. and create incentives for growth. >> were willing to accept some additional revenues via tax reform. simpler, cleaner, fairer tax code with fewer loop holes and rates for all. >> in simpson-bowles, democrats love it too. base rod and tax lowering platform. sounds so good, doesnt it? sounds better than charity destroying home shrinking state burdening tax reform. but that is what it actually is. the actual definition of base broadening tax reform that is emerg...

amazing images i have seen in the history of modern royalty. ♪ >> a choir on the deck in the pouring rain, one of the great choirs. >> one of the great orchestras singing "royal britannia." lets listen to this. ♪ [ horning horns honking ] you are watching live pictures of the culmination of a remarkable 90 minutes, the queens diamond jubilee here in london t is pouring with rain it has been horrendously cold, but nothing has dampened the spirits of the occasion. it has really bee...

which appears to hope that syrias president assad will negotiate his own departure, seems utterly doomed. instead, america, the western world, indeed, the civilized world should attempt to dislodge the assad regime. but is there a smart way to do it? for a number of reasons military intervention is unlikely to work well in syria. unlike in, say, libya, syria is not a vast country with huge stretches of land where rebels can retreat, hide, and be resupplied. syria is roughly one-tenth t...