Corporate Loopholes in Tax Law Targeted [WSJ]
Microsoft Corp. and Hewlett-Packard Co. used accounting strategies to hold down their U.S. tax bills while shifting profits in and out of the country, according to a Senate subcommittee investigating how multinational companies exploit the intricate U.S. corporate-tax code. Senate investigators said much of the activity appears to comply with the letter of current tax regulations, though they regard some of the practices used by H-P as potentially abusive and subject to challenge. Both tech giants said their strategies are legal. The findings—from one of a series of reports on corporate-tax practices by the Senate Permanent Subcommittee on Investigations—come as Congress prepares for a debate next year on an overhaul of America's business taxes. "Major U.S. corporations are increasingly earning their profits here but shipping them overseas to avoid paying the taxes they owe," said Sen. Carl Levin, the subcommittee's chairman. The Michigan Democrat called these offshore strategies "unacceptable."
So that's nice.
Not so nice.
Checks for vendors stolen from Obama campaign headquarters in Chicago; police investigating [AP]
Three checks for campaign services have been stolen from President Barack Obama’s national campaign headquarters in Chicago. Midwest Press Secretary Ben Finkenbinder says the checks were to be sent to vendors but “made it into the wrong hands.” He says the campaign notified police that he doesn’t expect the theft to have any impact on the campaign.
