Tax

Fifty-seven percent of the senior business executives surveyed by KPMG’s Tax Governance Institute expect some type of value-added tax to be introduced in the U.S. within five years, and 18 percent anticipate a VAT within 10 years.

A group of Democratic lawmakers has introduced legislation that would impose a tax on Wall Street securities transactions.

The White House convened a jobs summit in which President Obama heard from business and union leaders about various proposals for reducing unemployment, including tax incentives for job creation.

The House voted to set the inheritance tax at 45 percent permanently for estates larger than $3.5 million.

Leaders of the Senate Committee on Small Business and Entrepreneurship have introduced legislation that would make permanent the $250,000 Section 179 expensing limits for small businesses created under the Recovery Act.

Businesses will have to act soon on a bevy of tax breaks before they expire at the end of the year.

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The tax subcommittee of the President’s Economic Recovery Advisory Board has decided to postpone its report outlining tax reform plans for the White House after being inundated with suggestions.

A group of Democratic lawmakers has introduced a bill that would impose a temporary war surtax beginning in 2011 to pay for the war in Afghanistan.

The First-Time Homebuyer Tax Credit helped spur a 10.1 percent jump in sales of existing homes in October.