New York (CNNMoney) - Apple executives defended the company's tax strategy on Capitol Hill Tuesday, claiming that it pays one of the highest effective tax rates of any major corporation.
The Senate called a hearing Tuesday to examine the iPhone maker's strategy of shifting income to an Irish subsidiary to avoid paying U.S. taxes. Apple officials said the company shifted money to its overseas operations, such as those in Ireland, not to avoid taxes but because of the growth of Apple's sales overseas.FULL STORY
New York (CNNMoney) - Facebook CEO Mark Zuckerberg and a number of other leading technology CEOs are forming a public interest group to push for immigration and lobbying reform.
The group, named FWD.us, and pronounced as Forward US, is pushing for a significant increase in legal immigration and a path to citizenship, especially for those educated here or who came to the country as children.FULL STORY
New York (CNNMoney) - The fiscal cliff hasn't been reached yet, but it has already affected the nation's economy.
Economists say some key aspects of the economy - particularly those affecting consumer and business spending - have been weakened by worries about the fiscal cliff negotiations. But they say the damage is relatively small so far, well short of the new recession that so many feared. Improvements in home and auto sales, as well as job creation, have tempered the decline up to now.FULL STORY
New York (CNNMoney) - The number of newly unemployed seeking jobless benefits fell more sharply than expected last week, according to the government's latest reading on the state of the labor market.
There were 350,000 filing for initial jobless claims in the week, down from the 362,000 who sought assistance a week earlier. Economists surveyed by Briefing.com had forecast 375,000 would be seeking help last week.FULL STORY
(CNNMoney) - Several prominent Michigan Democrats met with Republican Gov. Rick Snyder on Monday in an effort to convince him not to sign the "right-to-work" bill expected to pass the legislature.
The legislation, which cleared some legislative hurdles last week, is expected to get final approval Tuesday. It would allow workers at union-represented employers to not pay dues even though the union would be bargaining on their behalf.FULL STORY
New York (CNNMoney) – The number of people filing for unemployment benefits for the first time declined last week, a sign that the impact of Hurricane Sandy on jobs is starting to wane.
The Labor Department reported that 393,000 filed for initial jobless claims during the week, down from the 416,000 who sought help the previous weeks.FULL STORY
New York (CNNMoney) – Warren Buffett is again arguing for higher taxes on himself and other high-income individuals, calling for an even steeper bite than in the Obama administration's so-called "Buffett Rule."
In an op-ed column in Monday's New York Times, Buffett advocates that taxable income of between $1 million and $10 million should be taxed at a minimum 30% rate, and that income above $10 million should be taxed at 35%.FULL STORY
New York (CNNMoney) – Hurricane Sandy could cause a delay in the release of the highly-anticipated October jobs report set for this Friday.
The report is normally released at 8:30 a.m. ET the first Friday of the month. This month's report is the final reading on the health of the job market before the presidential election.FULL STORY
New York (CNNMoney) - Would the U.S. auto industry be doing as well as it is today if it was Mitt Romney competing his first term as president?
Romney argues that his plan for the industry in his now-famous November 2008 New York Times op-ed piece, "Let Detroit go bankrupt," was what the Obama administration eventually did: a managed bankruptcy at both companies.FULL STORY
New York (CNNMoney) – Economists think Republican presidential candidate Mitt Romney would be better for the economy than President Obama. But they're not very enthusiastic about either of them.
Nine of 17 top economists surveyed by CNNMoney picked Romney when asked who's election would help the economy grow more. Only three picked Obama.FULL STORY