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Louisville basketball imposes ban amid scandal
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Twitter suspends 125,000 terrorist accounts
Apollo Education drops on new subpoena
When is China stock market closed for holiday?

Twitter said to plan algorithm for timeline


National polls show Bernie Sanders nearly even with Hillary Clinton
National polls show Sanders nearly even with Clinton
Why do young voters like Sanders so much?
Is ‘Trump bubble’ bursting in New Hampshire?
Rubio, Cruz gain in N.H., WSJ/NBC poll finds

All the bad things Hillary Clinton
has done

Clinton to ‘look into’ paid-speech transcripts

Earthquake topples buildings, kills 7 in Taiwan

How to know if your tax preparer is a crook
How to know if your tax preparer is a crook

Tax software firm warns of data breach

China’s forex reserves poised for another record drop
China’s forex reserves poised for record drop
Will China soon burn through its reserves?

John Bogle dismisses index-fund 'danger'
John Bogle dismisses index-fund 'danger'

Wanted at Vanguard: A CFO
Wanted at Vanguard: A CFO



Four reasons the January jobs report is fishy
Why the Fed is likely to stay put in March

Chicken-little investors, please read jobs report
Economists say ‘wow’ to jobless rate
Manufacturing jobs hit 7-year high
Job growth slows, jobless rate hits 8-year low

Oil-tax proposal steps on Obama jobs message
Obama: Oil tax won't disrupt economy
Obama: GOP 'doom, despair tour' not helpful

Barron's: Here comes $20 oil
Here comes oil for just $20 a barrel


Morgan Stanley gives up on higher oil prices

Bad buybacks and nine other money stories you may have missed
Bad buybacks and 9 other must-read stories
Only place left to invest if ‘Oilmageddon’ hits

LinkedIn loses a Twitter in market cap

LinkedIn’s stock suffers biggest-ever selloff
LinkedIn earnings confuse investors into panic
5 reasons you hate LinkedIn so much

The best biotech plays once sector stabilizes

Tesla earnings: Model 3 spending, Model X sales in focus
Tesla earnings: Model 3, Model X in focus

How to retire early and still avoid 10% penalty
Worst money mistakes at any age
Know 4 important retirement account changes

How recent college grads are faring in 3 charts

20 ways bosses fire you without actually saying ‘you’re fired’
20 ways bosses fire you without actually saying so
‘Celebrity Apprentice’ to Buffett: ‘You’re hired’

Americans spend 43 days on hold in lifetime

$2,000 to go traveling, and ‘Panda Fridays’: The 10 best employee perks
10 best employee perks: Which do you have?
Will your job benefits get better this year?

20 dividend stocks that Wall Street loves the most
The 20 dividend stocks that Wall Street loves most
Dividend stocks that will give you a raise

Recession in the U.S.? That’s not happening, CEOs say

The biggest mistakes executors make
The biggest mistakes executors make

How even ‘cord cutters’ can watch the Super Bowl
It’s pretty hard to get a mortgage in 8 minutes
Super Bowl 50: Domestic-violence PSA
Here’s the PayPal ad running on Super Bowl
What time is the Super Bowl?

/conga/frontpage.html 367237

Markets »

139.01MDow Volume:
Avg Vol: 128.61M
Unchanged
165
Decliners
4918
Advancers
1419
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,205 -212 1.29%
Nasdaq
/quotes/zigman/12633936/realtime 4,363 -146 3.25%
S&P 500
/quotes/zigman/3870025/realtime 1,880 -35 1.85%
GlobalDow
/quotes/zigman/629063/realtime 2,139 -24 1.12%
Gold
/quotes/zigman/33772884/delayed 1,174 +17 1.43%
Oil
/quotes/zigman/2260836/delayed 31.00 -0.72 2.27%
FTSE 100
/quotes/zigman/3173262/delayed 5,848 -51 0.86%
DAX
/quotes/zigman/2380246/delayed 9,286 -107 1.14%
CAC 40
/quotes/zigman/3173214/delayed 4,201 -28 0.66%
FTSE MIB
/quotes/zigman/1482176/delayed 17,250 -376 2.13%
IBEX 35
/quotes/zigman/2759620/delayed 8,500 +31 0.37%
Stoxx 600
/quotes/zigman/2380150/delayed 326 -3 0.87%
Asia Dow
/quotes/zigman/6959860/realtime 2,510 +7 0.29%
Nikkei 225
/quotes/zigman/5986735/delayed 16,820 -225 1.32%
Hang Seng
/quotes/zigman/2622475/delayed 19,288 +105 0.55%
Shanghai
/quotes/zigman/1859015/delayed 2,763 -18 0.63%
Sensex
/quotes/zigman/1652085/delayed 24,617 +279 1.14%
Singapore
/quotes/zigman/1709939/delayed 2,623 +65 2.53%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 -0.01 0.47%
Yen
/quotes/zigman/16008150/realtime/sampled 116.87 +0.09 0.08%
Pound
/quotes/zigman/16008140/realtime/sampled 1.45 -0.01 0.60%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 -0.01 1.83%
DXY Index
/quotes/zigman/1652083/delayed 96.96 +0.41 0.42%
WSJ $ Idx
/quotes/zigman/41508961/realtime 89.81 +0.50 0.56%
U.S. 10yr
/quotes/zigman/15866666/realtime 1.83 0.00 0.00%
German 10y
/quotes/zigman/15866409/realtime 0.30 -0.01 2.16%
Italy 10yr
/quotes/zigman/15866497/realtime 1.56 +0.05 3.14%
Spain 10yr
/quotes/zigman/15866444/realtime 1.65 +0.03 1.72%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.56 0.00 0.00%
Japan 10yr
/quotes/zigman/15866525/realtime 0.03 -0.03 51.16%
Crude Oil
/quotes/zigman/2260836/delayed 31 -1 2.27%
Gold
/quotes/zigman/33772884/delayed 1,174 +17 1.43%
Corn
/quotes/zigman/25518691/delayed 366 -3 0.81%
DJIA F
/quotes/zigman/48241424/delayed 16,118 -210 1.29%
S&P F
/quotes/zigman/43106711/delayed 1,874 -34 1.78%
Silver
/quotes/zigman/32655632/delayed 15 +0 1.21%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 104.07 -6.42 -5.81%
AAPL /quotes/zigman/68270/composite 94.02 -2.58 -2.67%
GOOG /quotes/zigman/59527964/composite 683.57 -24.44 -3.45%
BAC /quotes/zigman/190927/composite 12.95 -0.30 -2.26%
C /quotes/zigman/5065548/composite 39.86 -0.93 -2.28%
F /quotes/zigman/264304/composite 11.45 -0.08 -0.69%
T /quotes/zigman/398198/composite 36.88 0.35 0.96%
BP /quotes/zigman/247026/composite 30.46 -0.15 -0.49%
GE /quotes/zigman/227468/composite 28.54 -0.64 -2.19%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
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Rates »

5 yr CD
1.3%
2 yr CD
0.7%
1 yr CD
0.5%
MMA $10K+
0.2%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.96% 11.88% 11.62%
Business 13.12% 13.11% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.30% 14.12%
Airline 15.17% 15.16% 15.10%
Cash Back 15.26% 15.23% 15.27%
Reward 15.28% 15.25% 15.14%
Instant Approval 18.21% 18.18% 18.00%
Bad Credit 22.88% 22.88% 22.73%
Source:CreditCards.com

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The Tax Blog
The latest news, insights and tips about taxes

Obama: Overhaul the Corporate Tax Code

As part of his broader effort to bring down the deficit and win support from both parties for his budget proposal, President Barack Obama pledged not only to work to rein in entitlements like Medicare and Medicaid, but also, according to The Wall Street Journal,  “overhaul the tax code to root out ‘spending embedded’ in it—a reference to tax breaks.”

Associated Press

Meanwhile, Treasury Secretary Timothy Geithner “reiterated an administration call for corporate-tax changes that eliminates loopholes and reduces the overall rate companies pay.”

It’s partly a shot at the corporate tax rate–which on the surface seems to be quite high, but in reality is so full of loopholes that many corporations ultimately pay very little in taxes. US News & World Report blogger Susan Milligan–echoing Tax Guy Bill Bischoff–says lowering the corporate tax rate isn’t really the answer. It’s true that many U.S. companies pay significantly lower effective rates than the official top rate, but many tax experts say it’s still high enough to be a drag on domestic investment.

Still, closing the loopholes is far more critical, argues Milligan, who says, “Lowering the corporate tax rate would cost jobs. Mind you, the job loss would not be among those sad grunts now pictured in newspapers, signing up for unemployment benefits. No, the new unemployed would be the well-paid tax attorneys who scour the tax code for loopholes. They would be followed in the unemployment line by the lobbyists who bustle around Capitol Hill fighting to keep those loopholes.”

As Bischoff wrote earlier, if anything, fixing the corporate tax code would do a lot to create jobs in the U.S. since there’d be less incentive to move work overseas and could boost business overall.

But Washington insiders say it all amounts to tax increases. And according to WSJ, proposed tax increases for businesses and high earners that play a big role in the president’s budget outline have a slender chance of passing Congress this year. Says the story: “Of particular concern to some business groups was the proposal to raise taxes on multinational corporations by $129 billion over the next decade. The president had included the idea in his 2011 budget, but most of it was never enacted.”

And, of course, taxpayer advocate Nina Olson chided the complicated code, calling it one of the top three problems taxpayers face.

That’s a lot of reform being proposed, demanded and hoped for. And plenty of politics and partisanship standing in the way of any moves to change entitlements, loopholes and other benefits companies and individuals would be loathe to give up.

Readers, what are the odds for real tax code reform? What do you believe is most likely to go from proposal to reality this year? Next year?

Comments

We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name.

Comments (5 of 8)

View all Comments »
    • Wow, that is some serious hypbreole! First, these slight changes in the economics of oil will simply give taxpayers the money they have deserved for a long time.Second, this in no way will eliminate the domestic oil and gas industry , that is simply inaccurate.Third, If renewables get the same economic push now that oil got back in its heyday, then we could be solar powered in no time flat. Even if we simply put the royalty money straight to buying panels to power gov’t buildings.

    • I agree there needs to be tax reform. When 50% of the pulibc pays no taxes, that is a problem. If we could lower the top rate and broaden the base, cut corporate subsidies (especially boondoggles like ethanol), and then reform entitlements, I think we can get there. We need a growing economy to make the numbers work, but we also have to cut government spending, and that is hard to do when so much of the pulibc pays no taxes. When we hammer the over $250,000 per year people with higher taxes, we hit small businesses that are sole proprietorships. Job creation is our problem; job destruction is what the current administration produces with its heavy-handed approach to regulation, endless extended unemployment benefits, and crazy health care schemes. Why is all of the money on the sidelines? Because we hammered the small banks with Dodd-Frank while leaving Fannie Mae and Freddie Mac untouched. We bailed out car companies and Wall Street, and used stimulus to pave roads that didn’t need paving, initiated Cash for Clunkers, Dollars for Dryers and other kooky ideas, and drove ourselves into unsustainable debt. We need a new president, and then a fresh, thoughtful approach to deficit reduction and economic growth. Sorry academia, the last presidential election will go down as one of the most profound blunders the American voters have ever made.

    • 1

    • -1′

    • tH1IkN avmdaietcplp

About The Tax Blog

  • The Tax Blog brings together a team of award-winning tax journalists from the Dow Jones network and around the web to examine the tax issues, changes and legislation that affect families, investors and small business owners. Our contributors include Tax Report columnist Laura Saunders (WSJ), Tax Guy columnist Bill Bischoff and senior reporter Jilian Mincer (SmartMoney.com), retirement-focused reporter Anne Tergesen (WSJ), wealth management writer Arden Dale (Dow Jones Newswires), TaxWatch columnist Eva Rosenberg and personal finance reporter Andrea Coombes (MarketWatch), and reporter Alyssa Abkowitz (SmartMoney). They’ll provide the latest news and insight, mine the tax code for tips and loopholes, and answer your questions about tricky tax situations. Contact the The Tax Blog with ideas, suggestions or tax questions at thetaxblog@dowjones.com.

MarketWatch - Stock Market Quotes, Business News, Financial News
Bulletin
Investor Alert
need to know
Louisville basketball imposes ban amid scandal
N. Korea rocket launch could now come Sunday
Bank stocks have taken enough punishment
Investors dump stocks, scoop up bonds
GoPro rallies on Microsoft licensing deal
Twitter suspends 125,000 terrorist accounts
Apollo Education drops on new subpoena
When is China stock market closed for holiday?

Twitter said to plan algorithm for timeline


National polls show Bernie Sanders nearly even with Hillary Clinton
National polls show Sanders nearly even with Clinton
Why do young voters like Sanders so much?
Is ‘Trump bubble’ bursting in New Hampshire?
Rubio, Cruz gain in N.H., WSJ/NBC poll finds

All the bad things Hillary Clinton
has done

Clinton to ‘look into’ paid-speech transcripts

Earthquake topples buildings, kills 7 in Taiwan

How to know if your tax preparer is a crook
How to know if your tax preparer is a crook

Tax software firm warns of data breach

China’s forex reserves poised for another record drop
China’s forex reserves poised for record drop
Will China soon burn through its reserves?

John Bogle dismisses index-fund 'danger'
John Bogle dismisses index-fund 'danger'

Wanted at Vanguard: A CFO
Wanted at Vanguard: A CFO



Four reasons the January jobs report is fishy
Why the Fed is likely to stay put in March

Chicken-little investors, please read jobs report
Economists say ‘wow’ to jobless rate
Manufacturing jobs hit 7-year high
Job growth slows, jobless rate hits 8-year low

Oil-tax proposal steps on Obama jobs message
Obama: Oil tax won't disrupt economy
Obama: GOP 'doom, despair tour' not helpful

Barron's: Here comes $20 oil
Here comes oil for just $20 a barrel


Morgan Stanley gives up on higher oil prices

Bad buybacks and nine other money stories you may have missed
Bad buybacks and 9 other must-read stories
Only place left to invest if ‘Oilmageddon’ hits

LinkedIn loses a Twitter in market cap

LinkedIn’s stock suffers biggest-ever selloff
LinkedIn earnings confuse investors into panic
5 reasons you hate LinkedIn so much

The best biotech plays once sector stabilizes

Tesla earnings: Model 3 spending, Model X sales in focus
Tesla earnings: Model 3, Model X in focus

How to retire early and still avoid 10% penalty
Worst money mistakes at any age
Know 4 important retirement account changes

How recent college grads are faring in 3 charts

20 ways bosses fire you without actually saying ‘you’re fired’
20 ways bosses fire you without actually saying so
‘Celebrity Apprentice’ to Buffett: ‘You’re hired’

Americans spend 43 days on hold in lifetime

$2,000 to go traveling, and ‘Panda Fridays’: The 10 best employee perks
10 best employee perks: Which do you have?
Will your job benefits get better this year?

20 dividend stocks that Wall Street loves the most
The 20 dividend stocks that Wall Street loves most
Dividend stocks that will give you a raise

Recession in the U.S.? That’s not happening, CEOs say

The biggest mistakes executors make
The biggest mistakes executors make

How even ‘cord cutters’ can watch the Super Bowl
It’s pretty hard to get a mortgage in 8 minutes
Super Bowl 50: Domestic-violence PSA
Here’s the PayPal ad running on Super Bowl
What time is the Super Bowl?

/conga/frontpage.html 367237

Markets »

139.01MDow Volume:
Avg Vol: 128.61M
Unchanged
165
Decliners
4918
Advancers
1419
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,205 -212 1.29%
Nasdaq
/quotes/zigman/12633936/realtime 4,363 -146 3.25%
S&P 500
/quotes/zigman/3870025/realtime 1,880 -35 1.85%
GlobalDow
/quotes/zigman/629063/realtime 2,139 -24 1.12%
Gold
/quotes/zigman/33772884/delayed 1,174 +17 1.43%
Oil
/quotes/zigman/2260836/delayed 31.00 -0.72 2.27%
FTSE 100
/quotes/zigman/3173262/delayed 5,848 -51 0.86%
DAX
/quotes/zigman/2380246/delayed 9,286 -107 1.14%
CAC 40
/quotes/zigman/3173214/delayed 4,201 -28 0.66%
FTSE MIB
/quotes/zigman/1482176/delayed 17,250 -376 2.13%
IBEX 35
/quotes/zigman/2759620/delayed 8,500 +31 0.37%
Stoxx 600
/quotes/zigman/2380150/delayed 326 -3 0.87%
Asia Dow
/quotes/zigman/6959860/realtime 2,510 +7 0.29%
Nikkei 225
/quotes/zigman/5986735/delayed 16,820 -225 1.32%
Hang Seng
/quotes/zigman/2622475/delayed 19,288 +105 0.55%
Shanghai
/quotes/zigman/1859015/delayed 2,763 -18 0.63%
Sensex
/quotes/zigman/1652085/delayed 24,617 +279 1.14%
Singapore
/quotes/zigman/1709939/delayed 2,623 +65 2.53%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 -0.01 0.47%
Yen
/quotes/zigman/16008150/realtime/sampled 116.87 +0.09 0.08%
Pound
/quotes/zigman/16008140/realtime/sampled 1.45 -0.01 0.60%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.71 -0.01 1.83%
DXY Index
/quotes/zigman/1652083/delayed 96.96 +0.41 0.42%
WSJ $ Idx
/quotes/zigman/41508961/realtime 89.81 +0.50 0.56%
U.S. 10yr
/quotes/zigman/15866666/realtime 1.83 0.00 0.00%
German 10y
/quotes/zigman/15866409/realtime 0.30 -0.01 2.16%
Italy 10yr
/quotes/zigman/15866497/realtime 1.56 +0.05 3.14%
Spain 10yr
/quotes/zigman/15866444/realtime 1.65 +0.03 1.72%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.56 0.00 0.00%
Japan 10yr
/quotes/zigman/15866525/realtime 0.03 -0.03 51.16%
Crude Oil
/quotes/zigman/2260836/delayed 31 -1 2.27%
Gold
/quotes/zigman/33772884/delayed 1,174 +17 1.43%
Corn
/quotes/zigman/25518691/delayed 366 -3 0.81%
DJIA F
/quotes/zigman/48241424/delayed 16,118 -210 1.29%
S&P F
/quotes/zigman/43106711/delayed 1,874 -34 1.78%
Silver
/quotes/zigman/32655632/delayed 15 +0 1.21%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 104.07 -6.42 -5.81%
AAPL /quotes/zigman/68270/composite 94.02 -2.58 -2.67%
GOOG /quotes/zigman/59527964/composite 683.57 -24.44 -3.45%
BAC /quotes/zigman/190927/composite 12.95 -0.30 -2.26%
C /quotes/zigman/5065548/composite 39.86 -0.93 -2.28%
F /quotes/zigman/264304/composite 11.45 -0.08 -0.69%
T /quotes/zigman/398198/composite 36.88 0.35 0.96%
BP /quotes/zigman/247026/composite 30.46 -0.15 -0.49%
GE /quotes/zigman/227468/composite 28.54 -0.64 -2.19%
Visit the quote page and your most recently viewed stocks will automatically be displayed here.
Please log in to view your watchlist
MarketWatch Portfolio

World News from MarketWatch

Rates »

5 yr CD
1.3%
2 yr CD
0.7%
1 yr CD
0.5%
MMA $10K+
0.2%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.96% 11.88% 11.62%
Business 13.12% 13.11% 12.85%
Student 13.42% 13.42% 13.14%
Balance Transfer 14.35% 14.30% 14.12%
Airline 15.17% 15.16% 15.10%
Cash Back 15.26% 15.23% 15.27%
Reward 15.28% 15.25% 15.14%
Instant Approval 18.21% 18.18% 18.00%
Bad Credit 22.88% 22.88% 22.73%
Source:CreditCards.com

Top 3 from Barron's

Today's list of the most-viewed stories from Barron's. More »

  1. 1.
  2. 2.
  3. 3.

Visit Barrons.com

SPONSORED SECTIONS

Trending Tickers
  • /quotes/zigman/231157/composite K+0.01%
  • /quotes/zigman/246332/composite XLI-0.95%
  • /quotes/zigman/88377/composite GOLD+1.95%
  • /quotes/zigman/246134/composite XLP-0.16%
  • /quotes/zigman/16536112/composite COTY-1.09%
X
Powered by StockTwits
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As of July 2, 2013, the SmartMoney content you loved now lives on MarketWatch.

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