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<ul class="summary-list"><li>Rep. <keyword id="11940431" type="UNKNOWN" weightage="60" keywordseo="josh-gottheimer" source="Orion">Josh Gottheimer</keyword> is leading a group of <keyword id="11896865" type="UNKNOWN" weightage="60" keywordseo="democrats" source="Orion">Democrats</keyword> who want to include a tax cut in any spending deal.</li><li>But Manchin doesn't seem inclined to bring back a tax break for high-income residents of high-tax states and cities.</li></ul>Some House Democrats are threatening to oppose a possible spending deal that revives pieces of President Joe Biden's agenda if it doesn't restore a tax cut that largely benefits the wealthy. The nascent imbroglio deals with the rollback of a $10,000 cap on state and local taxes that taxpayers are able to deduct from their federal bill, known as SALT. Taxpayers used to have unlimited deductions before the new cap was established in the 2017 Republican tax law. The House-approved <keyword id="12054670" type="UNKNOWN" weightage="60" keywordseo="build-back-better" source="Orion">Build Back Better</keyword> bill that later died in the Senate raised the deduction limit to $80,000, a measure with <a href="https://www.businessinsider.com/chart-democrats-plan-salt-tax-cut-to-moderately-rich-wealthy-2021-11">outsized benefits to richer taxpayers</a>. As negotiations to revive a slimmer spending bill with Sen. <keyword id="11930702" type="UNKNOWN" weightage="60" keywordseo="joe-manchin" source="Orion">Joe Manchin</keyword> of West Virginia appear to gain steam, some House Democrats want to ensure that it's included."As I've consistently said, If there are any changes to the tax code that affect families in my district, then restoring SALT must be part of it. No SALT, no dice," Rep. Josh Gottheimer of New Jersey said in a statement first reported by Punchbowl News.Rep. Tom Suozzi of New York, another House Democrat, backed up Gottheimer and said: "No SALT, no deal."A spokesperson for Speaker <keyword id="128640" type="UNKNOWN" weightage="60" keywordseo="nancy-pelosi" source="Orion">Nancy Pelosi</keyword> didn't immediately return a request for comment.Behind the scenes, negotiations are ongoing to revive a $1 trillion bill that devotes half of its spending to deficit reduction. That leaves roughly $500 billion for Democrats to set aside for clean energy tax credits and potentially extending enhanced Affordable Care Act subsidies poised to expire at the end of the year. Both represent major priorities for the party going into the November midterms.It appears unlikely Manchin will agree to address SALT in the spending deal. He's <a href="https://twitter.com/doug_sword/status/1468726786636849159?s=20&amp;t=ChgZCyPv0IIZU6xCsP93FA">long been uneasy</a> with the provision, and he has said his chief priority is stepping up taxes on the wealthiest Americans rather than hand them a sizable tax cut. The conservative Democrat <a href="https://twitter.com/josephzeballos/status/1488621479436693511?s=20&amp;t=yUxNOIwnS1leFg6HVmbGwA">told reporters in February</a> he believed the measure was "too expensive" to include in a scaled-down bill."SALT's not been in the talks at all," <a href="https://twitter.com/alexanderbolton/status/1547247834256252928?s=20&amp;t=1Si2ZKhapMHvY8-JlNN5Cw">he said on Wednesday</a>.Gottheimer <a href="https://www.businessinsider.com/house-democrats-advance-spending-plan-showdown-pelosi-moderates-ilhan-omar-2021-8">spearheaded another revolt</a> last year aimed at severing the link between an infrastructure bill and the larger social spending and climate bill that Democratic leaders wanted to pass at the same time. The New Jersey Democrat <a href="https://www.businessinsider.com/house-democrats-warn-biden-bill-salt-tax-cut-for-rich-2022-1">reiterated earlier this year</a> that he wanted to include SALT in any revived Democratic bill.<a href="https://www.axios.com/2022/07/13/manchin-schumer-reconciliation-house-centrists?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=editorial&amp;utm_content=politics-housecentrists">Axios reported on Monday</a> that he is reaching out to other centrist House Democrats to gauge their support for a separate bill that doesn't include any tax increases. Pelosi can only afford to lose three votes since Democrats hold only a slender majority in the House.

Some House Democrats threaten to revolt against a Manchin-approved spending plan if a tax cut for the rich isn't included

If you think <keyword id="10387" type="CITY" weightage="60" keywordseo="Microsoft">Microsoft</keyword>’s prolonged search for the next <keyword id="5645" type="POSITION" weightage="100" keywordseo="CEO">CEO</keyword> is getting a bit nutty, especially with a disgruntled <keyword id="62333" type="PERSON" weightage="60" keywordseo="Steve-Ballmer">Steve Ballmer</keyword> waiting on the sidelines to hand over the mantle, you are not far from the truth. But then, that is the actual state of the coveted C-Suite nowadays – volatile is the right word if you want to sum it up. There is no job security at the top and even the best performer for years can get redundant within the span of a few weeks. The issues could be many – right from <keyword id="646347" type="UNKNOWN" weightage="100" keywordseo="poor-performance">poor performance</keyword> to <keyword id="610960" type="UNKNOWN" weightage="100" keywordseo="business-restructuring">business restructuring</keyword> to alleged <keyword id="6375736" type="UNKNOWN" weightage="100" keywordseo="corruption-charges">corruption charges</keyword>. But the biggest factor is relevance, a perfect future-fit that can take companies ahead, according to <keyword id="67736" type="UNKNOWN" weightage="100" keywordseo="Industry-experts">industry experts</keyword>. In a difficult <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, companies are compelled to twist and turn to keep track of profitability and their requirements change accordingly. Hence, their leaders have to adapt, shape up or ship out, as the case might be. 
 India is no exception and business leaders across the country have been frequently ‘released’ by industry giants. Many of them leave with ‘immediate effect’ while others are on garden leave or worse still, waiting for their predecessors to turn up (just like Ballmer). Yet, most of the C-Suite executives are tight-lipped about their departures, at least here in India. We are yet to come across an announcement like the one made by <keyword id="384914" type="PERSON" weightage="60" keywordseo="Groupon">Groupon</keyword>’s founder and former CEO <keyword id="488139" type="PERSON" weightage="60" keywordseo="Andrew-Mason">Andrew Mason</keyword>. But exit happens all the same – be it discreet or blatant. Here’s a quick look at some of the top-notch C-Suite executives from India who parted ways with their respective companies in 2013, their official exit lines and what happened behind the scene.

Strife At The Top: These
11 C-Suite Execs From India
Were ‘Let Go’ In 2013

In a new dimension to the Dewan Housing Finance Ltd. (<keyword id="127124" type="General" weightage="20" keywordseo="dhfl" source="Orion">DHFL</keyword>) fraud, an apex banking union and the staff of the UTI-AMC have demanded a "forensic audit" into their company's purported "Rs 2000-crore exposure" into the scam-hit group of Dheeraj R. Wadhawan and Kapil R. Wadhawan. The staffers' groups are: the Mumbai-based All India UTI-AMC Officers' Association (AIUTI-AMCOA) and the external but influential Chennai-based All India Bank Officers Association (AIBOA). The AIUTI-AMCOA and AIBOA have shot off separate letters to various entities while a top leader has sought Central government's directions to the Central Bureau of Investigation (CBI), Enforcement Directorate (ED) and Income Tax (IT) Department to probe the matter thoroughly as it involved "huge public funds". AIUTI-AMCOA Chairman Vishwas Utagi and General Secretary Pawan K. Abrol have written to the Joint Secretary, Department of Investment &amp; Public Asset Management (DIPAM), Ministry of Finance and the SEBI Chairman on the losses allegedly suffered by the UTI Treasury Advantage Fund in the DHFL imbroglio. On its two letters (November 2019 and January 2020), Utagi and Abrol said that the UTI-AMC gave a vague reply (November 25, 2019) that the "UTI Mutual Fund (UTI MF) had taken a prudent exposure of 3.5 per cent-4 per cent in UTI-TAF Scheme when DHFL was AAA rated". Abrol said this implied that there were no subsequent investment/s by UTI-AMC, particularly after September 2018 when DSP Mutual Fund sold off their exposure to the Wadhawan brothers' DHFL securities. However, ex-officials of UTI-MF - who were privy to sensitive information - later revealed that the UTI-AMC was quietly investing in the DHFL Securities to bail out redemption of earlier securities, even after the scam tumbled out and leading to the arrest of the Wadhawans, said Utagi. "When the entire MF industry had exited DHFL Securities, the UTI-AMC's exposure had grown to a staggering Rs 2,000-crore. The UTI-AMC Director and CEO Imtiazur Rahman must internally probe to find out who authorised such illegal investments, with or without his knowledge, make it public and hand over the matter to the CBI-ED for further investigations," Utagi demanded. In a separate missive to T.K. Pandey, Secretary, DIPAM, the AIBOA General Secretary S. Nagarajan has called for a proper "forensic audit" into the UTI-AMC's investments in DHFL Securities. "As we live in a world of transparency and the Government at the Centre is pursuing the 'zero tolerance' in all matters, we request you to initiate the 'forensic audit' of investments made by the UTI-AMC Ltd," Nagarajan urged Pandey. Utagi and Abrol pointed out that since the DHFL fiasco is under investigation by various probe agencies, "the AIUTI-AMCOA seeks a 'forensic audit' of each and every investment transaction of UTI MF to verify the authenticity of the UTI-AMC's claims". The DHFL was founded in April 1984 by the late Rajesh Kumar Wadhawan and later headed by Kapil R. Wadhawan as the Chairman-cum-Managing Director and his brother Dheeraj R. Wadhawan as a Director. After the frauds erupted in 2019, the Reserve Bank of India (RBI) in November 2019 sacked the DHFL Board and later Kapil Wadhawan was arrested by the ED in connection with the fake-loans and money-laundering scams of over Rs 21,000-crore involving several other companies, banks and financial institutions. The trio of Nagarajan, Abrol and Utagi said the Centre and SEBI, as well as the central investigating agencies must "immediately act" in the larger national interest as public funds are at stake and the truth must emerge. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ranbir-kapoors-brahmastra-wipes-out-over-800-crore-wealth-of-pvr-and-inox-investors/articleshow/94095579.cms">Brahmastra wipes out over ₹800 crore wealth of PVR and Inox investors</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/queen-elizabeth-ii-remembering-her-visits-to-india/slidelist/94093345.cms">Queen Elizabeth II’s special connection with India</a>

Bank unions call for forensic audit of UTI AMC's ₹2,000 crore exposure in DHFL

New Delhi, Mar 1 () The "test checks" as promised by the government on AGR-hit telecom companies' dues assessment could start this week for large telcos, according to a senior DoT official. The government also wants Vodafone Idea to expedite its self-assessment, and Telecom Secretary Anshu Prakash is believed to have communicated DoT's views in this regard to VIL, CEO and MD Ravinder Takkar during a recent meeting on Friday evening. A DoT official said that "test checks" of AGR calculation for a sample year would commence shortly and it could be as early as this week at least for large telecom companies. On Saturday, telecom operator Bharti Airtel said it has made payment of Rs 8,004 crore towards adjusted gross revenue (AGR) dues to the government, an amount over and above Rs 10,000 crore it has already paid. The amount of Rs 8,004 crore includes Rs 3,004 crore towards full and final settlement on AGR dues based on self assessment, and a deposit of buffer Rs 5,000 crore to cover DoT's reconciliation differences. "Based on the aforesaid payment we have now complied with AGR judgement and the directions in the order of the Supreme Court dated October 24, 2019," Airtel said in a regulatory filing. According to the Department of Telecom (DoT) estimates, however, Airtel owes nearly Rs 35,000 crore. DoT is also asking three telecom companies Bharti Airtel, Vodafone Idea and Tata Teleservices to provide substantiating documents to support their claims on AGR arithmetic. Once substantiating documents are filed by the companies, the telecom department will initiate random 'test checks' on the AGR calculation in a time-bound manner. The 'test check' will be done for any one year (of telcos' dues) to examine the deviation between telecom companies' assessment and the government's own calculation of AGR liabilities. In all, 15 entities owe the government Rs 1.47 lakh crore in unpaid statutory dues -- Rs 92,642 crore in unpaid licence fee and another Rs 55,054 crore in outstanding spectrum usage charges. Of the estimated dues that include interest and penalty for late payments, Airtel and Vodafone Idea account for about 60 per cent. These dues arose after the Supreme Court, in October last year, upheld the government's position on including revenue from non-core businesses in calculating the annual AGR of telecom companies, a share of which is paid as licence and spectrum fee to the exchequer. The Supreme last month rejected a plea by mobile carriers such as Bharti Airtel and Vodafone Idea for extension in the payment schedule and asked companies to deposit their past dues for spectrum and licences. Since then, telecom firms and the telecom ministry had been doing separate maths on the actual dues. Vodafone Idea, which is confronted with Rs 53,000 crore in statutory dues as per DoT's calculation, has so far paid only seven per cent of those dues in two tranches. Airtel has paid over Rs 18,000 crore out of its DoT estimated liability of over Rs 35,000 crore. Tata Teleservices has paid Rs 2,197 crore, the entire outstanding it believes to have arisen after the October ruling of the apex court for calculating dues. Both Bharti Airtel Chairman Sunil Mittal and Vodafone Idea Chairman Kumar Mangalam Birla continued to meet top government functionaries over the last few days to seek prompt measures that would offer a breather to the troubled sector. Mittal has urged the government for reduction in levies and taxes, as he termed the AGR "an unprecedented crisis for industry". Even as the AGR-crisis has pushed telcos to the brink, the crucial meeting of Digital Communications Commission (DCC) on Friday discussed options on relief to the distressed telecom sector but could not arrive at a decision, as government officials said more details are required for reconciliation of data on statutory dues. Telecom companies have been desparately waiting for a bailout package from the Government after an SC-order on statutory dues, and all eyes were on the DCC meet for the much-needed breather to fix the AGR imbroglio. MBI DRRDRR

'Test checks' on AGR-hit telcos' dues assessment may start this week: DoT sources

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Markets Insider</div></div></div>Stocks surged in the final trading of the first quarter, but the S&amp;P 500 was unable to erase its first quarter loss. The benchmark index fell 1.19% during the first quarter, snapping its streak of nine consecutive quarterly gains. It also marked first time in eight years that Q1 was negative. Here's Thursday's scoreboard:<ul><li>S&amp;P 500: +1.38%</li><li>Dow Jones: +1.07%</li><li>Nasdaq: +1.64%</li></ul>Tech names like <a href="http://markets.businessinsider.com/stocks/fb-stock">Facebook</a>, <a href="http://markets.businessinsider.com/stocks/intel-stock">Intel</a>, <a href="http://markets.businessinsider.com/stocks/AAPL-stock">Apple</a> and <a href="http://markets.businessinsider.com/stocks/MSFT-stock">Microsoft</a> led the Dow's top gainers as <a href="http://markets.businessinsider.com/news/stocks/facebook-stock-price-surging-wall-street-this-too-shall-pass-data-scandal-2018-3-1019864000">Wall Street changed its tone following</a> the social network's ongoing Cambridge Analytica imbroglio.Even Amazon, which <a href="http://markets.businessinsider.com/news/stocks/amazon-stock-price-slides-after-trump-tweets-concerns-about-e-commerce-behemoth-2018-3-1019848317">slid early following a Trump tweet </a>decrying its lack of federal corporate tax payments and ripping off the US Postal Service, finished the day slightly in the green.Tesla, on the other hand,<a href="http://markets.businessinsider.com/news/stocks/tesla-stock-price-continues-to-slide-ahead-of-next-weeks-delivery-numbers-2018-3-1019853833"> has had a terrible week.</a> The stock has lost over $5 billion in market cap following a fatal crash, resulting NTSB investigation, Moody's downgrade, and ongoing production issues.Outside of equities, <a href="http://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude oil</a> gained slightly, reaching $64.91 while the 10-year Treasury yield fell 4 basis points to 2.74%.<a href="http://www.businessinsider.com/bitcoin-ethereum-litecoin-price-march-29-2018-3">Cryptocurrencies got smoked,</a> with many reaching new lows for the year. Longfin, one of the first Nasdaq-listed companies to pivot to blockchain and see its stock price explode, saw 75% of its equity value disappear this week as it was <a href="http://markets.businessinsider.com/currencies/news/longfin-stock-price-eviscerated-after-being-ousted-from-the-russell-2018-3-1019878811">kicked out of the Russell 2000 index</a>.Markets in the US and Europe are closed Friday in observance of Good Friday, but investors will be closely watching<a href="http://markets.businessinsider.com/news/stocks/spotify-ipo-dominating-the-streaming-music-industry-rbc-2018-3-1019865871"> Spotify's direct listing on the New York Stock exchange on Tuesday</a> following the Easter holiday. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/555-phone-number-tv-movies-telephone-exchange-names-ghostbusters-2018-3">Why 555 is always used for phone numbers on TV and in movies</a></h3> <div> </div> </div>

Stocks surge to end the first quarter

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters / Luke MacGregor</div></div></div><ul class="summary-list"><li>Larry Hatheway, the chief economist at $145 billion GAM Investments, says the US stock market has reached a stage where it's beyond its peak.</li><li>Perhaps more ominously, he warns that there's no equity market anywhere in the world capable of stepping up and filling to void left by the US.</li><li>Hatheway outlines his thoughts in an op-ed provided exclusively to Business Insider.</li></ul>Slumping global equity markets in October have surprised investors. The biggest puzzle is what caused the sell-off. What do markets know now that they didn't know a few months ago?Trade wars and their potential escalation? Uncertainty about US mid-term elections? China slowing? Fed hikes? Italy's fiscal rule-breaking? Angela Merkel's political woes? A strong dollar? Higher oil prices? Hard Brexit? Nope, nothing new there.About the only 'new news' in October is the Saudi Arabia imbroglio. Yet few investors ascribe the global equity meltdown to Saudi Arabia alone.While it is fashionable to blame large market sell-offs on 'technicals' - algorithmic trading or index trackers dumping ETFs - that can't be the whole story. If the market decline isn't fundamental, then opportunity exists to buy at knock down prices. Yet the reluctance of stock pickers to move in suggests they sense something is awry.More likely, we've entered 'post-peak.' The best of growth and earnings is over. If so, then the litany of troublesome policies and politics begins to matter.Put differently, when things are good and getting better, it's easy to climb the wall of worry. When things stop getting better, the metaphor becomes Wiley Coyote in thin air a few feet from the edge of another wall - the face of the Grand Canyon.But is it true that we've passed peak growth and peak earnings?It looks that way. Consider first global growth.In the US, economic activity peaked mid-year. Softness is now showing up in housing and autos. Real short rates are edging back toward positive territory (deflated by core inflation). The boost to corporate spending from tax cuts and deregulation is happening now. It will fade next year. Corporate taxes won't be cut again and the low hanging fruit of deregulation by executive order has been picked.Most important, the US economy is at full employment, with trend growth around 2.5%, not 4.2% (the Q2 rate of GDP growth), nor 3.5% (the Q3 rate of GDP growth). From here, either growth slows or inflation accelerates. And if the latter happens, the Fed will hike rates even faster to ensure growth slows.Can China replace the US as the world's growth locomotive? That's unlikely for two reasons. First, China gets less bang for an additional buck (renminbi) of easing. Second, China is now relaxing credit policy to offset the risk that exports will shrivel as trade conflict with the US intensifies. That's hardly reassuring. China is girding itself for the worst, not preparing for compromise.As for Europe, Japan or the rest of the emerging economies the lesson is age-old. They follow, not lead, the global business cycle. Investors could spend less time waiting for Godot.Still, the bulls might counter, what about profits? Aren't we in a golden age of profitability? Surely that will lure investors back into equities.True, for the US and Japan the past decade has seen profit share in GDP, return on capital and a host of other earnings metrics scale heights never before seen in the post-war period.Unfortunately, the best is past in the US. The share of corporate profits in US GDP peaked at 12.6% in Q2 2012, where it then hovered for a few years. Over the last two years, however, it has been falling and is now nearly two percentage points below its cyclical peak.Why? Largely because firms have already squeezed as much as they can out of labour - capturing the bulk of productivity gains for the bottom line. Wages are beginning to rise, while productivity lags. Energy costs are also rising, as is the cost of debt finance. Lastly, as various companies have recently noted, tariffs are pushing up prices for selected inputs.Post-peak US profits is unnerving because in 2018 US equities have been the only game in town. So will any equity market replace the US?Japan is quietly enjoying a remarkable decade-long rise in corporate profits - but can anyone imagine Japan, alone, leading global equity markets higher? Europe and emerging markets have consistently failed to deliver on earnings and without an (unlikely) acceleration of economic growth that won't change.In sum, when times were good and getting better, markets could tolerate shabby politics and dubious economic policy, as well as Fed tightening. Post-peak, that's proving too much to ask.So while it would be nice to think that the rest of the world can grab the market leadership baton from the US, or that value can replace growth as the driver of equity returns, that's unlikely so long as Washington, London, Rome, and a few other places don't start putting wrongs to right. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/why-you-shouldnt-be-afraid-to-fly-2016-10">Why you shouldn't be afraid to fly, according to a pilot with over 20 years of experience </a></h3> <div> </div> </div>

You Searched For "Tax imbroglio" and got 6 results

Some House Democrats threaten to revolt against a Manchin-approved spending plan if a tax cut for the rich isn't included

Joseph Zeballos-Roig

Strife At The Top: These 11 C-Suite Execs From India Were ‘Let Go’ In 2013

Sanghamitra Mandal

Bank unions call for forensic audit of UTI AMC's ₹2,000 crore exposure in DHFL

IANS

'Test checks' on AGR-hit telcos' dues assessment may start this week: DoT sources

PTI

Stocks surge to end the first quarter

Graham Rapier

A $145 billion chief economist says the US market is past its peak - and warns there's nothing else in the world that can step in to take its place

Larry Hatheway, GAM Investmen…

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