Kevin's Feed
May 10, 2012

Risks loom as China orders Big 4 auditors to go local

WASHINGTON (Reuters) – China and the world’s largest audit firms face credibility risks under an order Beijing issued saying the firms must hire more Chinese citizens to manage operations there, analysts said.

Thursday’s order follows a string of accounting scandals at Chinese companies listed on U.S. stock markets and amid broader questions about China’s willingness and ability to conform with international business standards and rules.

Mar 16, 2012
via Tax Break

Do you support a “Buffett tax” on the wealthy?

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Warren Buffett (C), chairman and CEO of Berkshire Hathaway, sells jewelry at Borsheims jewelry store in Omaha, Nebraska, May 1, 2011 as part of his annual shareholders' meeting. Buffett supports higher taxes on the wealthy. REUTERS/Nati Harnik/Pool

Nearly two-thirds of Americans support imposing a minimum tax rate of 30 percent on those who earn $1 million or more a year, according to Reuters/Ipsos poll results released on Tuesday.

Mar 13, 2012

Most Americans back ‘Buffett tax’: Reuters/Ipsos

By Kevin Drawbaugh

(Reuters) – Nearly two-thirds of Americans support imposing a minimum tax rate of 30 percent on those who earn $1 million or more a year, according to Reuters/Ipsos poll results released on Tuesday.

The poll showed that 64 percent of those surveyed favored a “Buffett tax” as proposed by the Obama administration and named for multibillionaire investor Warren Buffett, who backs it.

Feb 2, 2012

Wall St. cash flows to Romney over Obama

By Kevin Drawbaugh

(Reuters) – The captains of Wall Street have picked a presidential candidate for 2012 and it is Republican Mitt Romney, rather than Democratic President Barack Obama, campaign donation records show.

The records released Tuesday by the U.S. Federal Election Commission illustrate a basic shift in political giving at the presidential level by the nation’s financial elite.

Feb 2, 2012

Analysis: Wall St. cash flows to Romney over Obama

By Kevin Drawbaugh

(Reuters) – The captains of Wall Street have picked a presidential candidate for 2012 and it is Republican Mitt Romney, rather than Democratic President Barack Obama, campaign donation records show.

The records released Tuesday by the Federal Election Commission illustrate a basic shift in political giving at the presidential level by the nation’s financial elite.

Jan 31, 2012
via Tax Break

Taxes not just certain, they’re right thing to do-survey

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Internal Revenue Service office near Times Square in New York.

Most Americans believe strongly that it’s a civic duty to pay their “fair share” in taxes, that cheating on taxes is wrong and that cheaters should be held accountable, said a survey from the U.S. Internal Revenue Service’s Oversight Board released on Monday.

Created by Congress in 1998 to keep an eye on the IRS, the oversight board does its survey annually. This year’s is consistent with past results showing strong support for the tax obligations of citizenship and low tolerance for those who shirk it.

Jan 19, 2012

Factbox: What’s behind Romney’s 15-percent tax comment

By Kevin Drawbaugh

(Reuters) – Does Mitt Romney pay a lower effective federal income tax rate than a lot of Americans who, unlike him, work for a paycheck?

The short answer: yes.

But the fabulously wealthy Republican presidential candidate almost certainly pays a higher effective rate than most Americans, almost half of whom pay no federal income tax at all.

Jan 19, 2012

Analysis: Romney’s 15-percent tax rate fuels “fair share” debate

WASHINGTON (Reuters) – The fairness of the tax code is a raw nerve for many Americans and Mitt Romney hit it on Tuesday when he pegged his effective personal tax rate at close to 15 percent.

Considering the Republican presidential candidate’s vast fortune, estimated at up to $270 million, his 15 percent estimate to some seemed low, especially compared to the tax rates that many Americans presume they pay, with the ordinary income tax rate topping out at 35 percent.

Jan 19, 2012

Romney’s 15-pct tax rate fuels ‘fair share’ debate

WASHINGTON (Reuters) – The fairness of the U.S. tax code is a raw nerve for many Americans and Mitt Romney hit it on Tuesday when he pegged his effective personal tax rate at close to 15 percent.

Considering the Republican presidential candidate’s vast fortune, estimated at up to $270 million, his 15 percent estimate to some seemed low, especially compared to the tax rates that many Americans presume they pay, with the ordinary income tax rate topping out at 35 percent.

Jan 17, 2012

Corrected: Business group contests Obama labor appointments

By David Ingram and Kevin Drawbaugh

(Reuters) – In the first legal challenge to last week’s recess appointments by the Obama administration, a U.S. lobbying group for small businesses said on Friday it is contesting the naming of three members to the U.S. National Labor Relations Board.

Alleging that the appointments violated the Constitution, the National Federation of Independent Business is seeking to add the appointments challenge onto an earlier legal action it already had pending against the NLRB over a different issue.