Senate approves $1.6 billion tax hike on abroad profits
The Senate voted to tax away $1.6 billion of profits earned by U.S. companies overseas. An effort to add a Social Security increase to the bill was blocked by Republicans. Hartke-backed measures repealed foreign tax credits and cut oil company tax breaks, shifting the burden onto multinationals.
MENTIONED IN THIS ARTICLE
Washington
Senate
U.S
John C. Pastore
D-R.i
Robert Dole
R-Kan
Pastore
Vance Hartke
Cind
Hartke
Senate House
Total income rises as jobless aid offsets declines
Washington AP reports a February rise in total personal income to an annual rate of 1,194 billion dollars, driven by a 6.7 billion dollar gain in transfer payments and a 2.7 billion dollar surge in unemployment benefits, despite private wage declines and farm income drops.
MENTIONED IN THIS ARTICLE
Washington
Commerce Department
GM Strike Idles Fisher Body Fleetwood and Cadillac Plants
About 3,750 GM workers walked off at the Fisher Body Fleetwood plant in Detroit and the nearby Cadillac assembly plant. A GM official cited a grievance dispute over production standards as the strike cause under the UAW contract, with 5,500 Cadillac hourly workers laid off due to the stoppage. Car bodies are built at Fisher and assembled at Cadillac.
MENTIONED IN THIS ARTICLE
Detroit
General Motors
Fisher Body
Fleetwood
Cadillac
United Auto Workers
Fisher
California tax plan targets wealthy with lower preference exemptions
A Brown led measure AB1206 introduced by Daniel Boatwright in the assembly reforms the minimum tax on preference income. It reduces the exclusion for single filers from 30000 to 4000 and for married filers from 30400 to 8000. Farm losses over 15000 would be added to the preference income base.
MENTIONED IN THIS ARTICLE
Sacramento
UPI
Brown
Daniel Boatwright
D-Concord
Also Mentioned on This Page
Bone Patent
RED
BAVY
Mint Green
4Th St
Boatwright
Assembly Revenue and Taxation Committee
Assembly
Leo T. McCarthy
James Mills
Walker
Fen Ee
Long Beach
Fashions
Oneida
Bates
BankAmericard
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