International Economics News Assignment

Summary

The U .S Chamber of Commerce , International Business Machines Corp Microsoft Corp . and General Electric Co . are pressing the Congress to defeat a jobs bill containing billions of dollars in taxes on their global operations . This bill would begin taxing 35 of the carried interest this year at ordinary rates . It would increase to 40 by 2013 which is three-quarters of the carried interest . Eight provisions in the bill projected to raise 14 .5 billion which serves as the reason behind the protests of many business groups especially the International

Business Machines Corp . This makes it more difficult and complicated for U .S-based companies to claim credits for the other taxes that they pay to certain government agencies . The tax credits are intended to prevent double taxation and can only be claimed when those foreign profits are repatriated to the U .S . The bill would also increase government spending due to the deficits that it may incur . Estimately , it would spend around 63 billion to postpone cuts in HYPERLINK "http /www .bloomberg .com /apps /quote ?ticker USBOMDCR 3AIND " Medicare fees to doctors 55 billion to extend unemployment benefits and 24 billion to aid state governments . Opposition from major U .S .-based multinational corporations injects a new lobbying front into an effort to defeat the HYPERLINK "http /waysandmeans .house .gov /media /pdf /111 /America_Jobs_Summary .pdf \n _blank bill , which has been opposed most prominently by private-equity firms such as New York-based HYPERLINK "http /www .bloomberg .com /apps /quote ?ticker BX...