Detroit rolls dice on casino-led comeback

Jun 9, 2014

Detroit rolls dice on casino-led comeback

by Tim Reid and Michael Erman

Detroit’s reliance on casino cash to help fund a recovery from the city’s historic bankruptcy is a high-risk bet on an increasingly shaky source of income. A trial to approve Detroit’s plan to exit its $18 billion bankruptcy, the largest municipal crash in U.S. ...

Jun 9, 2014

EU eyes using vice to boost economies

European governments are turning their attention to prostitution, drugs and contraband as possible ways of boosting their economic growth profiles, as they struggle away from their debt crises. Italy caused a stir when it announced last month that it would begin including revenues from ...

Abe vows to start cutting corporate tax in fiscal 2015

Jun 7, 2014

Abe vows to start cutting corporate tax in fiscal 2015

Prime Minister Shinzo Abe said Friday that the country will start cutting the effective corporate tax rate in fiscal 2015 as part of efforts to encourage foreign investment in the country. Speaking to reporters in Rome, Abe said he has already instructed Takeshi Noda, ...

Obama sizing up new housing, budget chiefs

May 18, 2014

Obama sizing up new housing, budget chiefs

President Barack Obama plans to nominate Housing Secretary Shaun Donovan to be budget director and is considering a rising Democratic star, San Antonio Mayor Julian Castro, to succeed Donovan, according to people familiar with the selection process. The second-term Cabinet reshuffle would raise the ...

May 6, 2014

U.S., Singapore reach agreement on tax evasion

Singapore has reached an agreement with the United States on sharing tax information under a new law meant to combat offshore tax-dodging by Americans, a U.S. Treasury Department spokeswoman said on Monday. The deal, which was expected for more than a year, will make ...

U.S. to unleash tax collector on Russian banks

May 6, 2014

U.S. to unleash tax collector on Russian banks

As the United States attempts to punish Russia for its actions in Ukraine, the Treasury Department is deploying an economic weapon that could prove more costly than sanctions: the Internal Revenue Service, the federal tax collecting agency. This summer, the U.S. plans to start ...

More opting to ditch U.S. citizenship

Apr 27, 2014

More opting to ditch U.S. citizenship

by Adam Geller

Inside the long-awaited package, six pages of government paperwork dryly affirmed Carol Tapanila’s anxious request. But when Tapanila slipped the contents from the brown envelope, she saw there was something more. Her U.S. passport now had four holes punched through it from cover to ...

Mar 3, 2014

Detroit bankruptcy prods other cities to target pensions

Local officials in at least 10 states are trying to cut pensions of municipal workers, or eliminate defined-benefit plans, pointing to Detroit as a symbol of the peril of growing retirement costs. From New York to California, mayors and county officials are asking legislatures, ...

Panel hits U.S. government over American Swiss bank account holders

Feb 26, 2014

Panel hits U.S. government over American Swiss bank account holders

Billions of dollars in U.S. taxes are going unpaid because Americans are exploiting Swiss bank accounts, and the U.S. government has failed to aggressively pursue Switzerland’s second-largest bank, a Senate investigation has found. The bank, Credit Suisse, has provided accounts in Switzerland for more ...