A bill to renew more than 50 expired tax breaks for businesses and individuals cleared a key hurdle in the Senate Tuesday, giving hope to millions of taxpayers who would otherwise be hit with unwelcome tax increases next spring. Other hurdles remain, however. The Senate voted 96-3 to open debate on the bill, which has
President Barack Obama is proposing more tax increases for U.S. multinational corporations, seeking ways to prevent them from avoiding taxes by exploiting gaps in international law. In the fiscal 2015 budget proposed yesterday, the Obama administration seeks to generate $276 billion over the next decade from what it calls loophole-closing in the international tax system.