Tax News

Shares of NYSE Euronext fell Tuesday after German Chancellor Angela Merkel and French President Nicolas Sarkozy suggested that the eurozone adopt a tax on finanical transcations. Shares of NYSE dropped 7.5% to $26.80 in recent activity.

French and German leaders proposed a tax on financial transactions and closer joint governance of economic policy to stop the debt crisis in Europe, but did not propose increasing the euro zone bailout fund or selling euro zone bonds, French President Nicolas Sarkozy said on Tuesday.

The leaders of France and Germany, under pressure to counter a debt market crisis in Europe, have agreed to float proposals in September for a tax on financial transactions and push for closer joint governance of economic policy, French President Nicolas Sarkozy said on Tuesday.

* Obama calls for extending payroll tax cut * Says trade pacts pending in Congress must be concluded * Republican says government regulation hurting business By Jeff Mason WASHINGTON, Aug 13 (Reuters) ...

France Seeks New Deficit Battle Plan The French government pledged to consider fresh tax rises, spending cuts and other measures to ensure the country doesn't deviate from a challenging deficit-reduction trajectory.

The US Federal Reserve managed to spark a stock rally on Tuesday, but some economists are now left wondering if it will take tax cuts to inject real life into the broader US economy.

The U.S. Treasury Department reiterated Wednesday that unless the U.S. debt ceiling is raised, the U.S. runs out of borrowing authority Aug. 2, and that higher tax receipts will not give it more time.

The Federal Reserve can definitely sell its $1.6 trillion portfolio of Treasurys and use the profits to fund the U.S. government if the debt ceiling isn't raised. This could allow the government to fund its on going obligations without raising taxes or incurring new debt.

Former Treasury Secretary Henry Paulson called for the debt ceiling to be raised and for spending cuts after meeting with Treasury Secretary Timothy Geithner. "Now is the time for action on both raising the debt ceiling and tackling the U.S. debt and deficits through significant and lasting spending reduction, entitlement reform and tax reform," Paulson said in a statement.

William Dudley - at the time he was head of the NY Fed's open markets group - was granted a waiver to let him keep investments in American International Group Inc. and General Electric at the same time as the two companies were given taxpayer injections by the central bank, according to an analysis of a Government Accountability Office report conducted by a Democratic senator.

The bipartisan "Gang of Six" senators on Tuesday offered a major plan to cut the deficit by more than $4 trillion over the coming decade, but whether it can break through the budget debate will depend on whether Republican lawmakers can find a way to endorse more than $1 trillion in tax increases.

World Stock Markets Asia Falls on Weak U.S. Data, China CPI Asian stock markets were down in early trading Monday on Friday's soft U.S. jobs data and a sharp rise in inflation in China, while Australian shares lost ground on concerns over a carbon tax plan.

The Treasury said Thursday that it expects to make a profit for taxpayers as it winds down its $225 billion investment in agency-guaranteed mortgage -backed securities, based on current market conditions.

WASHINGTON, July 5 (Reuters) - The U.S. Treasury said onTuesday that the buyer of Marshall & Ilsley Corp has repaid$1.73 billion in taxpayer funds related to the Milwaukee bankholding company's bailout. ...

Eight Republican Senators on Tuesday urged Treasury Secretary Tim Geithner and the Obama administration to ensure that the U.S. doesn't inject U.S. taxpayer funds into Greece through an International Monetary Fund bailout package.

BIG SKY, Mont., June 27 (Reuters) - U.S. lawmakers shouldchange the tax code to discourage household and businessborrowing that threatens the stability of the financial system,a top Federal Reserve official ...

The Treasury will not overhaul the way it assesses the tax take on private finance initiative deals even though their ownership is moving increasingly offshore.

WASHINGTON, June 23 (Reuters) - The top two Republicans inthe U.S. Senate said on Thursday that Democrats' demands fornew stimulus measures and tax increases run counter to thegoals of a deal that ...

WARSAW, June 17 (Reuters) - Poland's general governmentdeficit may drop as low as 2.6 percent of gross domestic product(GDP) in 2012 on economic growth and higher tax revenues,Finance Minister Jacek ...

The Senate voted Thursday to repeal tax credits for producing ethanol, a vote that budget cutters hope will demonstrate a growing appetite in Congress to end special interest tax breaks to help reduce government borrowing.