Switzerland is set to bow to years of pressure from the EU by overhauling the system of tax privileges that has helped entice thousands of multinational firms to the country.» Read More
ZURICH, May 18- Switzerland is on the brink of a deal to settle a long-running dispute with U.S. authorities over Swiss banks accused of helping wealthy Americans evade billions of dollars of tax, the finance minister said on Saturday. "We hope that we will shortly be at the finishing line," Eveline Widmer-Schlumpf told Swiss radio in an interview. "
Switzerland is set to bow to years of pressure from the EU by overhauling the system of tax privileges that has helped entice thousands of multinational firms to the country.
CNBC's Robert Frank has been looking at IRS audits and has found some troubling trends. Frank VanderSloot, Melaleuca CEO 7 founder, shares his thoughts about his own situation.
Below are some of the major players in the backlash over the IRS paying extra attention to advocacy groups whose names included terms such as "patriot" or " Tea Party" when considering applications for tax-exempt status.
How tax reform could get stalled by IRS-Gate, with CNBC's John Harwood. Representatives want to simplify the tax code and make it more transparent.
As Congress kicked off the first of several investigations into a scandal that has put President Barack Obama on the defensive, acting IRS Commissioner Steven Miller said he could not say who had come up with the idea to single out conservative groups for intense scrutiny when they applied for tax-exempt status.
Tim Cook plans to propose a dramatic simplification of corporate tax law when he testifies before Congress next week, reports CNBC's Mary Thompson.
Rep. Lloyd Doggett, (D-TX) asked acting IRS Commissioner J. Russell George, if he found the IRS "rotten at the core." And, Rep. Peter Roskam, (R-IL), queried ousted IRS chief Steven Miller whether he had a "duty" to come forward to the Ways and Means Committee with any information he had about the tax investigation before the Hearing. Rep. Mike Thompson, (D-CA), wanted to know the difference between "inappropriate" and "illegal" actions when reviewing tax cases. And, Rep. Jim Gerlach, (R-PA), challenged the assertion that confidential tax information was not shared outside the IRS.
CNBC's Eamon Javers and John Harwood provide insight from the House hearing on the IRS scandal, with ousted IRS chief Steven Miller and acting IRS commissioner J. Russell George.
Rep. Richard Neal, (D-MA), asks ousted IRS chief Steven Miller and acting IRS Commissioner J. Russell George, about the policies of 501(c) (4) tax-exempt status and political groups. Also, Rep. Pat Tiberi, (R-OH), wants to know why an educational group and book club was targeted by the IRS. "Foolish mistakes were made," said Rep. Xavier Becerra, (D-CA). And, Rep. Dave Reichert, (R-WA), wants to know whether groups were "treated differently" because of their political affiliations.
Rep. Charles Rangel, (D-NY), asks ousted IRS chief Steven Miller and acting IRS Commissioner J. Russell George, who was responsible for the tax scrutiny, and whether the tax law is written for "abuse." And, Rep. Paul Ryan, (R-MI), asks Steve Miller if he is misleading the Committee because he knew in previous testimony targeting was taking place. And, Rep. Jim McDermott, (D-WA), distinguished the difference between "stupid mistakes" and "malicious mistakes." Also, Rep. Devin Nunes, (R-CA), asks Steven Miller if he is willing to release his personal emails, phone records, and personal schedule from 2010 until his resignation.
Rep. David Camp, (R-MI), asks ousted IRS chief Steven Miller and acting IRS commissioner J. Russell George, when they became aware of the tax scandal and who informed them. Also, Rep. Sander Levin, (D-MI), asks if there was "political motivation" involved in singling out organizations for tax-exempt status. And, Rep. Charles Boustany, (R-LA), asks both witnesses if specific "targeting" was not involved, why it seems one political group was singled out. Rep. Joseph Crowley, (D-NY), points out that Steve Miller was not a political appointee of the IRS; and Rep.Kevin Brady, (R-TX), reveals how a tax audit impacted a small business woman and Tea Party member..
LANSING, Mich.-- A continuation of a 1 percent tax on health insurance claims passed Michigan's Senate Thursday, but yet to be resolved is how to ensure the levy brings in enough revenue for Medicaid, which serves 1.9 million low-income state residents. Rick Snyder's proposed expansion of Medicaid eligibility to 320,000 more low-income adults.
SALEM, Ore.-- A slow, steady economic recovery means Oregon's treasury will take in more money than previously expected, economists said Thursday, but the news did little to thaw an impasse over pension cuts and tax increases. House Speaker Tina Kotek and Senate President Peter Courtney, both Democrats, quickly backed the governor's plan.
JEFFERSON CITY, Mo.-- The Missouri House has made a final offer to senators on a plan authorizing new business incentives and trimming some existing tax credits. The legislation now goes back to the Senate, which would have to pass it before the session ends at 6 p.m. Friday in order for the bill to go to Gov.
LINCOLN, Neb.-- Lawmakers are slated to vote again on a failed attempt to repeal a Nebraska city sales tax law. Ernie Chambers of Omaha took aim at the law on Thursday, arguing that it disproportionately affects the poor. On Wednesday, he filed a motion to attach his measure to another tax bill pending in the Legislature.
CNBC's Eamon Javers provides the latest details on a House committee hearing with former acting IRS commissioner Steven Miller.
Rep. Charles Rangel, (D-NY), discusses which questions he wants answered when former acting IRS commissioner Steven Miller testifies later this morning before the House Ways and Means Committee.
Rep. Dave Camp, (R-MI), shares what he wants to hear from former acting IRS Commissioner Steven Miller, when he testifies before the House later this morning.
*Congress opens three probes of tax agency. Republicans and Democrats said senior IRS officials should have alerted Congress last year when they found out that their examiners were singling out Tea Party groups for intense scrutiny when the groups applied for tax-exempt status.