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Congressional tax panel heads: IRS needs ‘significant restructuring’

IRS shakeup needed after scandal, chairmen of Congress' tax-writing panels say (via The Christian Science Monitor) The Internal Revenue Service may need to be restructured after the agency was found improperly targeting conservative groups seeking non-profit status, the chairmen of the two congressional tax-writing committees say. “There does need to…

Sen. Baucus retiring in 2014

Senior aides to Sen. Max Baucus (D-MT) told The Washington Post on Tuesday that the long-serving Democrat has decided to retire from Congress rather than seek re-election. The Senate Finance Committee chairman has served in Congress since 1978, and played a key role in killing President Barack Obama’s proposal for…

China blocks up to $5 billion in US farm sales

WASHINGTON – The United States could sell China $5 billion more in farm goods if Beijing cut trade barriers, according to an official study Tuesday that is likely to stoke trade tensions between the two powers. “Results suggest that the elimination of Chinese tariffs and non-tariff measures could lead to…

Top Republican: Cut taxes by 10% … for the rich

Congressman Dave Camp (R-MI), the chairman of the House Ways and Means Committee, said he hopes to cut the tax rate for the richest individuals and corporations to 25 percent to help spur job growth. The top U.S. tax rate has been 35 percent for both individuals and corporations since…

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