Watching Government - Taxing times

05/26/2003
Congress may soon pass a sweeping tax stimulus proposal, possibly in late spring. Corporate America generally likes both House and Senate versions, although oil companies are unhappy with a key Senate provision.To help meet a self-imposed spending limit, the Senate narrowly voted to repeal an income tax exemption for US expatriates. The Senate action effectively eliminates $80,000 of tax-free earned income (plus certain housing costs) granted to many multinational oil company employees working overseas.US jobsSenate Democrats led by Sen. John Breaux (D-La.) failed to remove the proposal earlier this month."The type of people we are affecting are really Americans who are working overseas f...
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