Word: taxed
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...interest in congressional campaigns is directly linked to one of Ronald Reagan's pet projects, tax reform. The largest PAC contributors are usually the energy, real estate, banking and insurance industries, all of which benefit from tax breaks threatened by some of the tax plans under consideration. Not surprisingly, Oregon's Bob Packwood, chairman of the Senate Finance Committee, has received the most enthusiastic support: $2.6 million so far, $691,000 of it PAC money. Common Cause President Fred Wertheimer notes that PACS have donated $3.7 million to the 56 members of the House Ways and Means and Senate Finance...
Since President Vladimir Putin came to power, the Russian economy has staged a dramatic comeback after its near collapse in 1998. But along with red tape and corruption, companies face government meddling, primarily in the form of a highly unpredictable tax-enforcement policy. The most battered victim is Yukos, the former Russian oil giant that is in its death throes after being hit with multibillion-dollar back-tax claims that its erstwhile owners say were part of a Kremlin campaign against them. A Moscow court last month sentenced Mikhail Khodorkovsky, the former Yukos chief executive and a major shareholder...
Foreign firms too are vulnerable. Russian tax authorities recently slapped BP's joint oil venture in Russia, TNK-BP, with a $1 billion back-tax bill for 2001. The move has caused dismay at BP in London and prompted chief executive John Browne to visit Moscow last month, where he met with Putin. The Russian leader reassured Browne, "We were not mistaken when we supported your decision two years ago" and praised the company for being "a good corporate citizen." Meanwhile, the Japanese tobacco company JTI, which makes Winston and Camel brands at a $400 million state...
...tax isn't the only weapon. Earlier this year, the German electronics manufacturer Siemens was officially told it couldn't acquire a majority stake in a Russian company that manufactures some defense-related equipment. Siemens had offered $200 million to $300 million for a 73% stake in the firm, Power Machines, but the deal was blocked by Russia's antitrust authority, reportedly for national-security reasons. The firm's owners said this month that they are negotiating to sell a majority stake to the Russian government instead. "Success automatically makes you a target," says Mikhail Kozhokin, vice president of KROS...
...campaign trail), ready handshake and ability to remember the name of every constituent he met; in Austin, Texas. A former aide to Lyndon B. Johnson who was elected to his boss's old congressional seat in 1963, Pickle helped legislate major reforms to Social Security, pension and tax...