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Corporate Inversions

July 17, 2014 Comments off

Corporate Inversions
Source: U.S. House of Representatives, Ways and Means Committee (Democrats)

Congress enacted Section 7874 of the Internal Revenue Code in 2004 as a way to discourage U.S. companies from acquiring smaller foreign companies and moving their tax home to a foreign jurisdiction as part of the overall transaction.

Under current law, a corporate inversion will not be respected for U.S. tax purposes if 80% or more of the new combined corporation (incorporated offshore) is owned by historic shareholders of the U.S. corporation (or, in the case of a partnership, interest owners of the partnership). Alternatively, if at least 60% (but less than 80%) of the combined foreign corporation is owned by historic shareholders of the U.S. corporation, the inversion itself will be respected but the expatriated entity will be subject to an “inversion gain,” including restrictions on the use of certain corporate attributes such as net operating losses. However, these unfavorable rules do not apply if the expanded affiliated group (“affiliated group”) that includes the combined corporation has “substantial business activities” (25% of employees by number, employees by compensation, assets, and income) in the foreign country where it is incorporated.

Since the provision was enacted in 2004, there have been almost 50 corporate inversions.

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Hearing: The State of Religious Liberty in the United States

June 11, 2014 Comments off

Hearing: The State of Religious Liberty in the United States
Source: U.S. House of Representatives Judiciary Committee
Archived webcast and PDFs of witness statements:

  • Mr. Mathew D. Staver

Founder and Chairman of Liberty Counsel
Dean of Liberty University School of Law

  • Ms. Kim Colby

Senior Counsel
Christian Legal Society

  • The Rev. Barry Lynn

Executive Director
Americans United for the Separation of Church and State

  • Mr. Gregory S. Baylor

Senior Counsel
Alliance Defending Freedom

CRS — Social Media in the House of Representatives: Frequently Asked Questions

April 30, 2014 Comments off

Social Media in the House of Representatives: Frequently Asked Questions (PDF)
Source: Congressional Research Service (via Federation of American Scientists)

Recently, the number of Member offices adopting social media as an official communications tool has increased. With the increased use of social media accounts for official representational duties, the House has adopted policies and regulations regarding the creation, content, and use of third-party social media services. This report answers several questions about the regulation of social media accounts in the House of Representatives.

• How does the House define social media?
• How are social media accounts regulated in the House?
• What makes a social media account an official resource?
• Can Members use official funds for social media?
• Is some content prohibited on official social media accounts?
• Do the mass communications regulations apply to social media?

Investigation of “Drug Speculation” by “Gray Market” Drug Companies

April 28, 2014 Comments off

Investigation of “Drug Speculation” by “Gray Market” Drug Companies
Source: U.S. House of Representatives, Committee on Oversight and Government Reform

In the 112th Congress, Ranking Member Elijah E. Cummings launched an investigation into why hospitals and other health care providers have difficulty obtaining short-supply prescription drugs needed to treat patients suffering from cancer and other life-threatening conditions.

The investigation resulted in a bicameral report titled “Shining Light on the Gray Market,” which exposed a network of private “gray market” companies that take advantage of the national drug shortage crisis to charge exorbitant prices for drugs used to treat cancer and other life-threatening conditions. Follow the links below to learn more about the investigation.

Investigation of Executive Compensation at For-Profit Colleges

April 28, 2014 Comments off

Investigation of Executive Compensation at For-Profit Colleges
Source: U.S. House of Representatives, Committee on Oversight and Government Reform

In the 112th Congress, Ranking Member Elijah Cummings announced an investigation into the compensation packages of top executives at for-profit colleges.

Ranking Member Cummings sent document request letters to the CEOs of 13 for-profit schools seeking copies of compensation agreements for senior executives as part of an effort to determine whether salaries, bonuses, and other compensation are appropriately tied to the performance of students they educate, the vast majority of whom pay for their education with federal tax dollars.

On July 27, 2012, Ranking Member Cummings circulated a memo with preliminary findings from his investigation. Follow the links below to learn more about the investigation.

The Road to Boston: Counterterrorism Challenges and Lessons from the Marathon Bombings

March 27, 2014 Comments off

The Road to Boston: Counterterrorism Challenges and Lessons from the Marathon Bombings (PDF)
Source: U.S. House of Representatives, Homeland Security Committee (via Cryptome.org)

This report examines much of Tamerlan Tsarnaev’s personal history and his interaction with Federal agencies, including his radicalization, the 2011 threat assessment carried out by the FBI, and his travel to Russia in early 2012. Additionally, the Committee explored missed opportunities that potentially could have prevented this attack.

House Budget Committee Releases Report on the War on Poverty

March 7, 2014 Comments off

House Budget Committee Releases Report on the War on Poverty
Source: U.S. House of Representatives, Budget Committee (GOP)

Today, the House Budget Committee’s majority staff released a new report, “The War on Poverty: 50 Years Later.” The report provides an in-depth look at the federal government’s efforts to alleviate poverty in America today. In fiscal year 2012, Washington spent at least $799 billion on 92 programs to help low-income families. But as the report shows, some of these programs are duplicative or even counterproductive. And as a whole, they often discourage families from getting ahead.

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