English: Margaret Thatcher photo cropped from this Image. Description of original image:Margaret Thatcher and Nancy Reagan at 10 Downing Street. President Ronald Reagan is behind, in between the two, and Mr. Denis Thatcher is to Mr. Reagan’s left. (Photo credit: Wikipedia)
LONDON – Love her or loathe her, one thing’s beyond dispute: Margaret Thatcher transformed Britain.
The Iron Lady who ruled for 11 remarkable years imposed her will on a fractious, rundown nation – breaking the unions, triumphing in a far-off war, and selling off state industries at a record pace. She left behind a leaner government and more prosperous nation by the time a mutiny ousted her from No. 10 Downing Street.
Thatcher’s former spokesman, Tim Bell, said that the former prime minister had died this morning of a stroke. She was 87.
For admirers, Thatcher was a savior who rescued Britain from ruin and laid the groundwork for an extraordinary economic renaissance. For critics, she was a heartless tyrant who ushered in an era of greed that kicked the weak out onto the streets and let the rich become filthy rich.
U.S. Supreme Court building. (Photo credit: Wikipedia)
WASHINGTON – The U.S. Supreme Court on Wednesday heard arguments from PPL Corp. and federal tax authorities in a case whose outcome could determine the fate of billions of dollars in corporate profits.
The dispute, two decades in the making, involves a British tax imposed on PPL of Allentown after it bought one of many businesses privatized by former British Prime Minister Margaret Thatcher.
At issue, specifically, are U.S. tax breaks for companies that pay foreign taxes. U.S. multinationals and lawmakers are watching closely — not only because the Obama administration has taken a very public stance against such tax breaks, but also because the nine Supreme Court justices rarely hear tax cases.
“The IRS recognizes the stakes in this case are broader than this particular [British] tax,” said Dirk Suringa, a former Treasury official, now a partner at law firm Covington & Burling.