The U.S. Internal Revenue Service has won $100 million over two years in corporate tax arbitration cases against Canada, winning all three cases, Reuters reports. Patrick Temple-West writes the process is known as baseball arbitration, where revenue agents from both countries put toward the figure they believe should be collected …
Read More »Ex-Treasury Secretaries Rubin, O’Neill Differ on Fiscal Cliff Solutions
Former President Bill Clinton’s and former President George W. Bush’s treasury secretaries have different ideas on how Congress should avert the fiscal cliff, GovExec reports. Robert Rubin, who served under Clinton, told CNN’s Fareed Zakaria rate increases will have to be in the top two brackets if one takes the …
Read More »US, China Likely to See New Trade Leaders
Both the U.S. and China are likely to choose new senior trade leaders this month, Keith Bradsher reports for the New York Times. Commerce Minister Chen Deming lost his seat during the Communist Party Congress, which ended last Wednesday, meaning he will have to leave his post during the National …
Read More »Treasury Enlisting Intl Partners for Tax Info Sharing Agreement
The Treasury Department is discussing a pact with dozens of other countries where signees would report and share tax information, Reuters reports. Patrick Temple-West writes the Treasury officially listed 47 countries as partners in negotiations, but that nearly 50 countries and territories are in negotiations to govern how local businesses …
Read More »Four in Capitol Hill’s Freshman Class Brings Fed Experience
Four newly-elected lawmakers will bring their bureaucratic experience when they join Congress, Matthew Weigelt writes for Federal Computer Week. Sen.-elect Elizabeth Warren (D-Mass.) was the former chairwoman of the Congressional Oversight Panel for the Troubled Asset Relief Program and is known for assembling the Consumer Financial Protection Bureau. Rep.-elect Tammy …
Read More »Advisory Panel: Chinese Investment in US Could Be Seen As ‘Trojan Horse’
Chinese-owned firms in the U.S. added between 10,000 and 20,000 workers in the past five years and helped shore up some financially troubled U.S. firms, a congressional advisory panel said in a study released Wednesday. Reuters reports the U.S.-China Economic and Security Review Commission found the investments to be largely …
Read More »Robert Shea: 6-Month Sequestration Delay Could Bring Bargain Deal
Congress will likely delay sequestration cuts for six months, buying time to reach a compromise, a former White House budget director told Federal News Radio. Robert Shea, who was also a member of Republican challenger Mitt Romney’s transition team, told the station the compromise will likely be a bargain instead …
Read More »WH Ready for New Healthcare Law Hearing
The White House is prepared for a new case in the U.S. Supreme Court against the 2010 healthcare law, Jonathan Stempel reports for Reuters. Solicitor General Donald Verrilli said in Wednesday filing the government will not oppose any legal proceeding brought forth by Liberty University against the law’s individual mandate, …
Read More »Report Recommends Army Engineers Decommission Some Infrastructure for Funding Relief
National water resources infrastructure will continue to decline if program funding for the Army Corps of Engineers continues to decline, a National Research Council report says. According to Fierce Government, the corps currently maintains 700 dams, 14,000 miles of federal levees and 12,000 miles of river navigation channels. Geoff Whiting …
Read More »House Lawmakers Ask OMB for Sequestration, WARN Act Guidance Docs
Three members of the House Education and the Workforce Committee have asked the Office of Management and Budget to provide them with documents and communication related to guidance on how contractors should address the potential of sequestration. A Monday release says Committee Chairman John Kline (R-Minn.), Tim Walberg (R-Mich.) and …
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