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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.”

Jul 29, 2012

Analysis: A decade on, is Sarbanes-Oxley working?

By Kevin Drawbaugh and Dena Aubin

(Reuters) – When Peregrine Financial collapsed earlier this month, a nagging question resurfaced. As in the implosion of Lehman Brothers, the fall of Bernard Madoff and other cases in recent years, many asked: Where were the accountants?

That this question still arises could be seen as an indictment of the 2002 Sarbanes-Oxley law, enacted 10 years ago on Monday. The law was a response to accountants’ failures to sound the alarm about financial misconduct at Enron Corp, WorldCom and a host of other companies.

Jul 26, 2012

US Treasury tells how to comply with offshore account law

WASHINGTON, July 26 (Reuters) – The U.S. Treasury Department
on Thursday spelled out different ways for countries and foreign
financial institutions to comply with new U.S. disclosure rules
on offshore accounts controlled by Americans, ramping up a
crackdown on tax evasion.

Treasury is gradually implementing 2010′s Foreign Account
Tax Compliance Act, or FATCA, a controversial statute that is
shaking the foundations of financial secrecy worldwide.

Jun 28, 2012

Supreme Court ruling casts tax shadow over U.S. healthcare law

WASHINGTON (Reuters) – Republicans seized on a momentous U.S. Supreme Court ruling on Thursday to accuse President Barack Obama of hiding a tax increase in his healthcare law, an argument likely to intensify a congressional tax policy war already underway.

The court ruled the 2010 law was valid because Congress has the power to impose taxes. The Obama administration played down the tax factor, but Republican opponents pounced on the decision, seeking to elicit political points from a legal issue.