Kevin's Feed
Nov 13, 2012

Analysis: Businesses turn to tax fight, some stung by Romney bets

WASHINGTON (Reuters) – Major U.S. businesses are plunging into the Washington tax policy debate now that the elections are over and some are in an awkward position after betting heavily on Mitt Romney.

The Republican, who lost in last week’s presidential vote, was backed overwhelmingly not only by Wall Street, but also by the oil and gas, agribusiness, construction, private equity and transportation sectors, according to data from the Center for Responsive Politics.

Nov 2, 2012

Factbox: Key elements of U.S. “fiscal cliff” post-elections

WASHINGTON (Reuters) – After the November 6 elections, Congress and the White House will face tough decisions on tax rates, tax breaks and budget cuts in a convergence of high-stakes deadlines that Federal Reserve Chairman Ben Bernanke dubbed a ‘massive fiscal cliff.’

The most urgent U.S. economic issue will be finding a way down from the ‘fiscal cliff’ without plunging the U.S. economy over the edge.

Nov 2, 2012

Timeline: America’s long stumble toward the “fiscal cliff”

WASHINGTON (Reuters) – The long, bumpy road to America’s “fiscal cliff” has been traced over many years by Congress and successive U.S. presidents.

Some of the steps along the way had good intentions; some had no intention at all, other than to avoid hard decisions.

Nov 2, 2012

Factbox: 20 key players in U.S. “fiscal cliff” drama

WASHINGTON (Reuters) – After the November 6 elections, urgent tax and spending issues must be addressed, forcing Washington’s power players to make some tough decisions before the end of the year.

Here are some of the politicians, administration figures, lobbyists and researchers who must find a way down from the “fiscal cliff” without pushing the economy over the edge.

Nov 2, 2012

America’s long stumble toward the “fiscal cliff”

WASHINGTON, Nov 2 (Reuters) – The long, bumpy road to
America’s “fiscal cliff” has been traced over many years by
Congress and successive U.S. presidents.

Some of the steps along the way had good intentions; some
had no intention at all, other than to avoid hard decisions.

Oct 5, 2012

Analysis: In fog of numbers, little tax clarity from Obama-Romney

By Kevin Drawbaugh and Kim Dixon

(Reuters) – For an event so freighted with expectations of tax insights, the Obama-Romney debate on Wednesday offered few clues on what the candidates’ tax plans could mean for average Americans.

Republican nominee Mitt Romney stuck to his strategy of promising tax cuts. To pay for this, he pledged again to close yet-to-be-named tax loopholes. And he said new tax revenues would come from economic growth spurred by lower taxes.

Oct 3, 2012

Romney floats tax deductions cap idea resembling one from Obama

Oct 3 (Reuters) – Mitt Romney’s talk of putting a cap on
income tax deductions aligns him with others, including
President Barack Obama, behind a tax code change that could gain
traction in Washington.

On Tuesday, the eve of his first debate with Obama, the
Republican presidential challenger told Fox News TV in Denver
that one option for changing the code could be to cap
deductions, perhaps at $17,000 for a middle class family.

Oct 2, 2012

Tax questions that need answers at Obama-Romney debate

WASHINGTON (Reuters) – After months of rhetoric, the U.S. presidential candidates may offer voters some substance on taxes at their first debate on Wednesday, but only if they face tough questions.

Here are some questions worth asking Democratic President Barack Obama and Republican challenger Mitt Romney on taxes.

Aug 2, 2012

Will U.S. Olympic medalists get a tax break?

By Nanette Byrnes and Kevin Drawbaugh

(Reuters) – When U.S. athletes at the London Olympic Games bow their heads to receive a medal, one would hope they are not thinking about their taxes. But as with much in life, Olympic glory has a price — a tax price, that is.

Legislation to exempt U.S. Olympic athletes from having to pay tax on prize money won at the games was proposed on Wednesday in the U.S. Congress by Senator Marco Rubio.

Jul 30, 2012
via Tax Break

Essential reading: top U.S. House tax writer has lymphoma

July 26 (Reuters) – Good morning and welcome to the top tax and accounting headlines from Reuters and other sources.

* Chairman of key U.S. congressional committee has lymphoma – Reuters. U.S. Rep. Dave Camp, a Michigan Republican who chairs the powerful House Ways and Means committee, said on Saturday he will undergo treatment for non-Hodgkins lymphoma, a cancer that starts in parts of the body’s immune system. “After a recent routine yearly physical, it was discovered that I have a very early, highly treatable and curable type of non-Hodgkins lymphoma – large B-cell lymphoma,” Camp said in a statement. He said he and his doctors expect “a full recovery and cure.” http://link.reuters.com/tax69s