House Proposes Energy and Water Spending Cuts

The first major spending bill with significant cuts for the coming year was released this week. The bill, which funds energy and water programs, cuts funding for those programs by about 10 percent.

Overall, the bill provides $30.4 billion, $2.9 billion less than fiscal year 2013 (before sequestration) and $4.1 billion below the president’s request.

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White House to Combat Tax Evasion

The White House released a four-step National Action Plan this morning, June 18, outlining an initiative to tackle tax evasion and money laundering. The plan reflects an international initiative agreed upon by the U.S. and seven foreign governments at a G8 Summit being held in Northern Ireland.  

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Wildfires to Cost U.S. Forest Service More Under Sequestration

A 16,000 acre wildfire blazing in the Black Forest of Colorado has burned more than 485 homes and taken two lives, but the efforts of firefighters may be hindered by budget disagreements in Washington.

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“Fix the Debt” Corporate Supporters Would Reap $173 Billion Windfall from Territorial Tax

Fifty-nine corporations behind the “Fix the Debt” campaign could reap $173 billion in immediate tax windfalls if a “territorial tax” is enacted, according to a new report by the Institute for Policy Studies.

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Report: Sequestration Cuts Affecting States

Broad cuts to federal funding, known as sequestration, will eliminate $5.1 billion in federal assistance to states this year, according to a report by the Economic Policy Institute.

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More than a Half Million Sign Petition Against Tax Havens

More than 590,000 individuals have signed a petition to G8 leaders calling on them to address tax havens and tax avoidance. The signatories are asking international leaders to “agree and implement tough, binding measures to combat tax evasion” at the G8 Summit to be held in Northern Ireland starting on June 17.

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Offshore Tax Havens May Be Addressed at G8 Summit

The issue of offshore tax havens appears likely to play a central role at the annual multinational G8 summit, set to begin June 17. On this side of the Atlantic, Apple’s recent high profile testimony before Congress brought media attention to the issue. The hearing called attention to strategies of “tax avoidance” that saved Apple more than $8 billion in taxes in 2009, 2010, and 2011.

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