Bush closes defense contractor tax loophole

President Bush on Tuesday shut a loophole that defense contractors had been using to avoid paying millions of dollars in payroll taxes.

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AP IMPACT: An islands tax haven for US defense contractor

When the Pentagon announced an obscure California company had won a lucrative military contract, no one mentioned any plans for a Caribbean outpost — a tropical shell the company quickly created that allowed it to duck millions in taxes and deflect U.S. lawsuits.

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With President Barack Obama proposing to increase the top income tax rates for wealthy Americans, Republicans are engaging in an orgy of hyperbole.

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But he emphasized there was nothing illegal about such gifts because the rules that prohibited corporate insiders from selling stock during periods when they were privy to information unavailable to other investors did not apply to charitable contributions.

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Dec.

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...oh, those SWEET, SWEET tax loopholes... You remember BLACKSTONE GROUP, right?? & they're trying to BUY THE HILTON CHAIN... Oh, goodie. *shudder*

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A Hummerdinger of a Tax Loophole?

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