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  May 16, 2013, 11:24 am

Republican links IRS scandal to SEC’s corporate disclosure proposal

By Ben Goad

A top House Republican sought Thursday to tie a contentious corporate disclosure proposal before the Securities and Exchange Commission to the IRS scandal, suggesting both reflect an overtly politicized federal government.

Financial Services Committee chairman Jeb Hensarling said the IRS’ apparent targeting of conservative groups raises questions about how pervasive “tactics of harassment” have become within the Obama administration, saying the scandal is “right out of the Watergate playbook.”

The Texas Republican, during a budget hearing, warned new SEC chairman Mary Jo White that her agency could similarly be viewed as acting in a partisan manner if it pursues a rule requiring public firms to report their political spending to shareholders.

Hensarling said the proposal “is well known to be part of a partisan political agenda of labor union bosses.”

“Now the American people are horrified at those who would use the strong arm of government for partisan political advantage, but it remains to be seen whether this could ever happen at the SEC,” Hensarling said. Read more...

Archived under: Banking/Financial Institutions, Finance
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  May 16, 2013, 11:14 am

Congressmen weigh calling for IRS special prosecutor

By Erik Wasson

Conservative lawmakers unsatisfied with the resignation of acting IRS Commissioner Steven Miller are weighing whether a special prosecutor needs to be called in to look into political targeting by the Internal Revenue Service. 

House Tea Party Caucus head Rep. Michele Bachmann (R-Minn.) said the IRS cannot be trusted to police itself, and the Department of Justice has a credibility problem. As a result, an outside investigation should be considered, she said.

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Archived under: Domestic Taxes
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  May 16, 2013, 11:13 am

Gov. Walker would use online sales tax to lower income tax

By Brendan Sasso

Wisconsin Gov. Scott Walker (R) promised on Wednesday to lower state income taxes if Congress approves online sales tax legislation.

In a letter to the state's members of Congress, Walker said the Wisconsin Department of Revenue estimates that the online sales tax bill would bring in $95 million in additional state revenue every year.

"I want to make clear, should federal Marketplace legislation become law, my intention would be for any resulting additional revenue be used to provide individual income tax relief for Wisconsin’s taxpayers," Walker wrote.

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Archived under: Technology, Domestic Taxes
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  May 16, 2013, 11:04 am

Obama to name IRS acting chief this week

By Bernie Becker

The new commissioner will replace Steven Miller, who resigned Wednesday amid the fallout over the targeting of conservative groups.

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Archived under: Domestic Taxes
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  May 16, 2013, 10:26 am

Tea Party groups set to sue IRS over targeting

By Peter Schroeder and Erik Wasson

At least 17 groups are preparing lawsuits over the agency's improper targeting of conservative organizations. 

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Archived under: Domestic Taxes
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  May 16, 2013, 9:45 am

Obama's Labor nominee advances in party line vote

By Vicki Needham

After weeks of delays, a Senate panel approved President Obama's nominee to lead the Labor Department on Thursday in a party line vote.

Thomas Perez, the head of the Justice Department's Civil Rights Division, cleared the Senate Heath, Education, Labor and Pensions Committee on a 12-10 vote. 

Perez is facing stiff resistance from Senate Republicans, and his nomination remains in jeopardy as it heads to the full Senate. 

Panel chairman Tom Harkin (D-Iowa) said Perez's nomination "couldn't be more timely and important" as the nation's economic recovery limps along. 

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Archived under: Economy
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  May 16, 2013, 9:15 am

News bites: Second term trouble

By Bernie Becker

Regulators weaken rule, allowing banks to keep control over derivatives.

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Archived under: Banking/Financial Institutions
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  May 16, 2013, 8:46 am

Jobless claims hit highest level in six weeks

By Vicki Needham

First-time jobless claims jumped sharply last week, a possible signal that businesses are laying off workers over concerns about the effects of across-the-board spending cuts and tax hikes from the sequester.

The number of workers seeking unemployment benefits increased 32,000 to a seasonally adjusted 360,000, the highest level since the end of March, after hitting a five-year low the previous week, the Labor Department reported on Thursday. 

But the four-week moving average, a figure that provides a better trajectory of where the labor market is headed, rose 1,250 to 339,250, a level that reflects steady hiring. 

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Archived under: Economy
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  May 16, 2013, 6:04 am

House panel approves $940B farm bill

By Erik Wasson

The bill expected on the House floor in June, is scored as reducing the deficit by $39.7 billion over 10 years.

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Archived under: Agriculture
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  May 15, 2013, 8:00 pm

Dems applaud, GOP cautious on IRS chief's exit

By Bernie Becker and Vicki Needham

Congressional Democrats on Wednesday applauded President Obama’s move to force out the acting Internal Revenue Service (IRS) commissioner, while Republicans on Capitol Hill signaled that they were far from done investigating the agency’s targeting of conservative groups.

Steven Miller, the acting chief, became the first agency official to lose his or her job over the IRS’s singling out of Tea Party groups seeking tax-exempt status, with the 25-year IRS employee now set to leave the agency in June.

Speaking at the White House, Obama said Miller’s resignation would help restore confidence at the embattled agency, whose actions have also put the administration on its heels.

Miller’s resignation comes one day after a Treasury inspector general report found ineffective management at the agency, leading staffers to seek unnecessary information like donor lists from conservative groups seeking 501(c)(4) status and often delaying the application process.

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Archived under: Domestic Taxes
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