August 2, 2011 04:48 PM | Permalink | 
The so-called “Budget Control Act” that President Obama signed 
into law today to increase the federal debt ceiling and reduce the federal budget deficit marks the second time the Obama administration has capitulated on tax policy to the most extreme elements in Congress, those who are least in touch with the American people and most willing to risk economic disaster to get their way.
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Senator Carl Levin has introduced S. 1346, the Stop Tax Haven Abuse Act (the “Stop Act”) which includes important new rules to deter offshore transactions designed to avoid U.S. income taxes. This report provides a summary of some of the most noteworthy aspects of the Stop Act. The provisions of the bill are explained in their entirety in the appendix.
budget deficit includes revenue measures that would actually increase the deficit — but not as much as revenue measures proposed by President Obama and Republican leaders.
Former Minnesota governor and presidential candidate Tim Pawlenty has released his proposed tax plan, including very specific rate cuts and exemptions for investment income, and vague promises to eliminate tax loopholes. Even if he eliminates all itemized deductions and credits, millionaires would still receive an enormous income tax break under the plan.