Word: dividenders
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...overlooked aspects of President George W. Bush’s plan to provide dividend tax relief is the selective awarding of those benefits to shareholders of corporations that pay federal taxes. In other words, firms that report profits to capital markets but don’t report profits to tax authorities, an increasingly common outcome, wouldn’t share in the benefits. In the process, comparisons between the income reported to capital markets and tax authorities would become much more transparent...
While this proposal is laudable, Bush’s dividend tax plan opens the door to a more fundamental reconsideration of corporate reporting: Should corporations be allowed to report their income in two distinct ways to investors and to tax authorities? Several countries other than the U.S. enforce so-called “book-tax conformity” to varying degrees so that results are reported uniformly to these two audiences. Recent trends suggest that now is an opportune time for the U.S. to revisit the rules that allow firms to describe their economic activity in different ways to these...
...popular and victorious Fighter Pilot-and-Chief not able to get his own party in line for the war dividend he really wants-a?$726 billion tax cut centered around an elimination of the tax on dividends? Well, the moderates, despite approving of Bush's handling of the war, don't support his plan for reviving the economy and despite the political benefit Bush won from his carrier display, moderates worry there are no coat-tails on a flight suit. "The Moderates are emboldened," says a White House adviser. "They're from states where there are cutbacks and where...
...trillion package in 2001 when he had a far lower approval rating and lingering Democratic animosity over the closely fought election. But the president's popularity has its limits, and his muscle does too. When Grassley said the chances weren't great for passage of the dividend tax elimination, the president personally leaned on him in a meeting at the White House. "He's back on the reservation," a senior administration aide said afterwards. Grassley did look pale after he emerged from the Bush treatment,? but the color came back quickly. The Iowan helped ink a quiet side deal...
...Upset at the Senate's inability to find a way to scrap the smaller figure or accommodate the president's wishes within the smaller price tag, the House went off on its own way creating its own plan that shaves down the size of the Bush dividend cut and adds a reduction in capital gains taxes, something the president did not propose. "The Senate is stuck in the mud at $350 billion," said Ohio Congresswoman Deborah Price, who chairs the House Republican Conference. Though the chief tax writer in the House, Ways and Means Chairman Bill Thomas, embraced much...