GOP Rep Warns: Regulating Foreign Investments Won't Help American Economy

Rep. Bill Posey (R-Fla.) has introduced a bill that would block a proposed IRS regulation requiring banks to report the deposit interest paid to foreign investors. He explained his position at a Subcommittee on Financial Institutions and Consumer Credit hearing Thursday, saying it will not further U.S. interests. (0:35)

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Watchdog: U.S. At Risk Of Becoming A Tax Haven

During a hearing Thursday with a House Financial Services Subcommittee, Rebecca Wilkins, senior counsel on federal tax policy at Citizens for Tax Justice, supported a proposed IRS regulation requiring banks to report deposit interest paid to foreign investors as a way to curb tax evasion. Wilkins warned that failing to do so could lead to the U.S. becoming a tax haven. (0:32)

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Foreigners Invest In U.S. For Security, Says Banker

Alex Sanchez, president and CEO of Florida Bankers Association, told the Subcommittee on Financial Institutions and Consumer Credit Thursday that proposed IRS regulations requiring banks to report the deposit interest paid to foreign investors would threaten those investors’ security. (0:36)

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New Tax Credit Will Prompt Hiring, Says IRS Comissioner

Internal Revenue Service Commissioner Douglas Shulman says a tax credit included in the HIRE Act will give small businesses an incentive to hire new employees. (0:22)
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IRS Commissioner Offers Guidance To Small Businesses

In a hearing on Wednesday, Internal Revenue Service (IRS) Commissioner Douglas Shulman of IRS says his agency is offering guidance to assist small businesses with the services they need. (0:25)
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Unpaid payroll taxes $10 billion worse, says Sen. Levin

Senator Carl Levin (D-Mich.) says that the willful failure to remit payroll taxes is a felony and a disgrace, at a hearing on payroll tax abuse before the Permanent Subcommittee on Investigations of the Committee on Homeland Security and Governmental Affairs. Levin notes that in 1998, unpaid payroll taxes came up to $49 billion but now it has significantly increased to $58 billion. (0:37)
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Clinton says we need to shift priorities in the tax code

At the CWA Conference, Senator Hillary Clinton (D-NY) says when she says solutions, she says, she will rebuild the middle class, and will end 55 billion dollars in tax breaks for oil companies, drug companies, insurance companies, and Wall Street, and will give that money back to hard working middle class families instead. You will get more help with student loans, health care for all, and millions of jobs that cannot be sent overseas because they will be created right here. I will cut middle class taxes, she says, by at least 100 billion dollars a year, and I will let taxes increase on people earning more than $250,000 a year. They have had their run, it's time we shifted our priorities in the tax code. (:50)
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Senator McCaskill Comments on President Bush's Approach to the Economy

After the State of the Union, Senator Claire McCaskill (D-MO) expresses surpise at the President's making light of economic issues. (0:39)
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