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from The Great Debate:

Theodore Roosevelt on net neutrality

tr & crowd

“Above all else,” President Theodore Roosevelt admonished Congress in 1905, “we must strive to keep the highways of commerce open to all on equal terms.”

Roosevelt could not have imagined digital computers and fiber-optic cables. He was talking about railroads, the highways of commerce in his day.

But though the technology has changed, the principle TR expressed remains as essential as it was a century ago. We ignore it at our peril.

Until now, our digital highways of commerce have been open to all on equal terms. Media conglomerates and big-box retailers transmit information through the same pipes as bloggers, startups and boutiques. This principle of equality, known as net neutrality, has stimulated competition and spurred innovation since the Internet began.

from Tales from the Trail:

If middle class prospers, we all prosper: Obama in Olympics ad

A new national television advertisement released by President Obama's campaign and slated to air during the opening ceremony of the 2012 Olympic Games features the Democratic incumbent delivering an impassioned stump speech in which he ties national prosperity to the success of the middle class.

"I believe in fighting for the middle class because if they're prospering, all of us will prosper," Obama says in the 30-second advertisement, part of a $6 million Olympics ad buy, NBC confirmed. "That's the idea of America and that's why America is the greatest nation on earth."

from Tales from the Trail:

Business comments taken out of context, Obama says in new ad

President Barack Obama's campaign released a new television advertisement on Tuesday pushing back against a wave of attacks that followed remarks the Democratic incumbent made that Republicans deemed anti-business.

The 30-second advertisement -- “Always” -- will air in six battleground states and is the second in as many days featuring a regal Obama speaking directly into a camera -- a far cry from the campaign's hard-hitting ads, marked by ominous narrators and elaborate graphic design, portraying Mitt Romney as a ruthless former private equity executive whose personal finances are shrouded in secrecy.

from Tales from the Trail:

Romney hits Obama’s economic vision in Democrat’s hometown

Presumptive Republican nominee Mitt Romney told supporters at a swanky fundraiser in President Barack Obama's hometown on Thursday evening that under his administration they would see an “extraordinary resurgence of America’s economy” because of the former private equity executive's economic prescription of less taxation, regulation, and government meddling.

The fundraising event in Chicago raised roughly $3.3 million for the former Massachusetts governor's campaign and wider Republicans and came on the heels of speeches Romney and Obama gave hours before in different parts of the battleground state of Ohio outlining disparate visions for the economy.

from Tax Break:

Essential reading: China minister calls for tax changes to boost spending, and more

Welcome to the top tax and accounting headlines from Reuters and other sources.

* China minister calls for tax changes to boost spending. Liyan Qi - The Wall Street Journal. China needs to improve its tax system to stimulate spending, Finance Minister Xie Xuren said Thursday. The central government will study measures to expand a value-added tax trial, and improve China's consumption tax to "guide reasonable consumption" more effectively, Mr. Xie said in a statement on the ministry's website. Link

* Obama stands firm against extending tax cuts for rich. Caren Bohan and Thomas Ferraro - Reuters. President Barack Obama's Democrats traded shots with Republicans on Wednesday about how best to avoid a year-end "fiscal cliff," as the administration insisted on the need to let tax cuts for wealthier Americans expire as scheduled on January 1. The prospect of higher taxes and automatic spending cuts that kick in next year have spurred calls for Obama to temporarily extend all of the Bush-era tax breaks to coax Republicans into a sweeping debt deal, but the White House stood firm. Link

from Tales from the Trail:

Obama campaign TV spot hits Romney as governor

As President Barack Obama and presumptive nominee Mitt Romney hit up big-money donors on both coasts on Monday, their respective allies waged a public relations blitz to deride each other's message.

The Obama campaign announced a television advertisement, which can be viewed here, that slammed Romney's record as Governor of Massachusetts, saying he cut taxes for millionaires, outsourced call center jobs to India, and left the state saddled with debt.

from Tax Break:

Essential reading: How Apple keeps its tax bill low, KPMG inquiry in UK, and more

   

Welcome to the top tax and accounting headlines from Reuters and other sources.

* How Apple sidesteps billions in taxes. Charles Duhigg and David Kocieniewski - The New York Times. As it stands, Apple Inc paid cash taxes of $3.3 billion around the world on its reported profits of $34.2 billion last year, a tax rate of 9.8 percent. Apple was a pioneer of an accounting technique known as the "Double Irish With a Dutch Sandwich," which reduces taxes by routing profits through Irish subsidiaries and the Netherlands and then to the Caribbean. Today, that tactic is used by hundreds of other corporations — some of which directly imitated Apple’s methods, say accountants at those companies. Without such tactics, Apple’s federal tax bill in the United States most likely would have been $2.4 billion higher last year. Link  

* KPMG faces inquiry over rescue of HBOS. Helia Ebrahimi - The Sunday Telegraph. Accountancy giant KPMG could face a formal investigation by the UK’s accountancy watchdog for its conduct leading up to the rescue of HBOS by Lloyds TSB. HBOS whistleblower and former head of risk, Paul Moore, has referred KPMG to the regulator in a formal complaint. Moore also has written to Treasury select committee chairman Andrew Tyrie, seeking his support. Moore’s complaint comes a week after it emerged that the former head of HBOS’s corporate bank, Peter Cummings, is to fight a seven-figure fine handed out by the Financial Services Authority for his part in the collapse of the bank. Link  

from Tax Break:

Essential reading: Amazon will collect Nevada sales tax, debating tax cuts, more

A rainbow appears over hotels on the Las Vegas Strip in Las Vegas, Nevada, REUTERS/Ethan Miller

Welcome to the top tax and accounting headlines from Reuters and other sources.

* Amazon agrees to begin collecting sales taxes in Nevada.  The Wall Street Journal. Amazon.com Inc. has agreed to collect a sales tax on items sold in Nevada beginning in 2014, or earlier should proposed federal legislation mandate that online retailers collect sales taxes. The online retailing giant said it will collect taxes in the same manner as traditional brick-and-mortar retailers, an agreement that is expected to raise at least $16 million a year for the state, according to the Las Vegas Sun, which initially reported the news. Link

from Tax Break:

Essential reading: Cuts debated on tax breaks for retirement savings, Simpson-Bowles vote, more

Welcome to the top tax and accounting headlines from Reuters and other sources.

* Lawmakers consider changing tax breaks on retirement savings. Lori Montgomery - The Washington Post. The painful trade-offs of tax reform came into sharper focus on Tuesday as lawmakers began considering reducing or otherwise changing specific tax breaks, starting with laws that allow millions of Americans to avoid taxes while saving for retirement through 401(k) plans, employer pensions, IRAs and other programs. Link

* White House says Obama would veto Republican tax cut. Alister Bull - Reuters. The White House said on Tuesday that President Barack Obama would veto a small business tax cut proposal by Republicans in the House of Representatives that his Democrats complain is biased toward helping the rich. Link

from Tax Break:

Essential reading: Americans overseas balk at taxes, trickle-down taxation, more

U.S. Park Police Officer Calvin Covington with his horse Harper mails his family's income tax returns at a mobile post office near the Internal Revenue Service building in downtown Washington. REUTERS/Jonathan

Welcome to the top tax and accounting headlines from Reuters and other sources. 

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