Government plans massive Citigroup rescue effort (AP) and Tenn. gov: End tax exemption for family businesses (AP)

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City of Industry, CA --(www.USEquityNews.com)-- 11/26/2008 - Taxes industry alert provided by U.S. Equity News. WASHINGTON (AP) -- Rushing to rescue Citigroup, the government agreed to shoulder hundreds of billions of dollars in possible losses at the stricken bank and to plow a fresh $20 billion into the company. Regulators hope the dramatic action will bolster badly shaken confidence in the once-mighty banking giant as well as the nation's financial system, a goal that so far has been elusive despite a flurry of government interventions to battle the worst global crisis since the 1930s.Wall Street investors reacted enthusiastically. The Dow Jones industrials shot up about 300 points in morning trading. Stock markets in Britain and Germany also gained ground. [Read the full article]


NASHVILLE, Tenn. (AP) -- A lean budget year and a tax loophole that is saving some family owned businesses roughly $45 million could turn into the first showdown between Tennessee Democratic Gov. [Read the full article]

LONDON (AP) -- The British government cut the basic sales tax Monday to help boost consumer spending as the economy slides into recession, and proposed a higher rate of income tax for the biggest earners if it is re-elected. In his pre-budget report to legislators, Treasury chief Alistair Darling said the Value Added Tax (VAT) will be reduced to 15 percent -- the lowest level allowed under European Union laws -- from the current 17.5 percent until the end of 2009 in an attempt to kick-start the economy ahead of the crucial Christmas trading period. [Read the full article]

WASHINGTON (AP) -- An economic crisis, rising joblessness and a credit squeeze can make a president-elect refine his words. Today's word is "repeal."During his presidential campaign, Barack Obama promised to repeal President George W. Bush's tax cuts for the wealthy ahead of their scheduled expiration in 2011. It was part of how Obama would pay for an overall net tax cut aimed at low- and middle-income taxpayers, and an effort to bring what he called "fairness" to the tax system.
No one is talking tax hikes now.Over the weekend, Obama said he has charged his new economic team with devising a plan that would create or preserve 2.5 million jobs over two years. [Read the full article]

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