Kevin's Feed
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.

Jun 15, 2012

Obama challenges Romney on vague budget plan

June 15 (Reuters) – Aiming to shoot holes in
Republicans’ budget plans, U.S. President Barack Obama is
challenging reporters to verify his conclusions that they can’t
slash taxes and shrink deficits without gutting popular
government programs and tax breaks.

Obama on Thursday charged that the numbers in Republican
rival Mitt Romney’s plan for taxing, spending and deficits have
been only vaguely sketched out and their math does not add up.

Jun 15, 2012

Obama challenges on vague Romney tax, budget plan

By Kevin Drawbaugh and Kim Dixon

(Reuters) – President Barack Obama challenged reporters on Thursday to check out his analysis of the Republicans’ plan for taxes, the budget and the deficit – a plan sketched so far only in vague terms.

The president said his rival Mitt Romney and other Republicans want to keep the tax cuts approved under President George W. Bush, “add another $5 trillion in tax cuts on top of that,” cut $1 trillion from the budget, and reduce the deficit.

Jun 11, 2012

U.S. Senate tax chief warns of dangerous fiscal path

By Kevin Drawbaugh and Kim Dixon

(Reuters) – The United States is on a “dangerous path” that could lead to a European-style fiscal crisis, warned the Senate’s top tax legislator on Monday, while calling for more tax revenue and ending corporate incentives to shift profits and jobs overseas.

Democrat Max Baucus urged fellow lawmakers to resolve by the end of 2012 a host of “crucial spending and tax decisions” that will arise immediately following the November 6 presidential and congressional elections.