Daily Archives: July 30, 2010 - 3 results

A Democrat-sponsored bill to stimulate up to $300 billion in lending to small businesses has been mired in a game of political football. Republicans refused to allow the bill to go to a Senate vote. The reason: Democrats refused to consider Republican amendments to extend tax breaks and cap federal spending.   $30 billion in federal money to fund $300 billion in loans Republicans wanted to add tax and spending cuts Small businesses turn to SBA and unconventional sources for …

Florida Senator Bill Nelson announced Wednesday an inquiry into BP’s intention to deduct the costs of the Gulf oil spill cleanup from its federal income tax. The company lost $32 billion last quarter. The cleanup costs, although not any related fines and penalties, would normally be deductible.   BP cleanup costs a deductible ordinary and necessary business expense PR savvy firms waive deducting notorious expenses Senator proposing tax relief for spill’s harm to area taxpayers   Oil Spill Cleanup Costs …

Give it up for Congress. On Wednesday lawmakers of both parties agreed to right a wrong and narrow the spread between the penalties for possessing crack and powder cocaine. The extremely harsh sentences for possessing crack have been on the books 25 years. If the injustice was so clear, what took so long? And why did judges go along with it?   Sentences for crack possession brought closer to those for powder cocaine Criminal justice requires sentence to fit the …