Kevin's Feed
Jan 31, 2013

How ‘territorial’ taxing of US foreign profit might work

Jan 31 (Reuters) – Many large corporations want the U.S.
government to adopt a “territorial system” that would exempt
their active overseas corporate profits from U.S. taxes, in
whole or in part.

John Engler, head of the Business Roundtable, a group that
lobbies for corporate chief executives, said on Thursday that
President Barack Obama might back such a change. A White House
spokesman responded by saying that Obama “does not believe that
a pure territorial system is the best way” to reduce corporate
taxes.

Jan 7, 2013

Analysis: “Fiscal cliff” deal sours tax reform outlook

WASHINGTON (Reuters) – Prospects for a 2013 overhaul of the U.S. tax code have faded after last week’s “fiscal cliff” fight, with Democrats still pushing to raise more government revenue by closing tax breaks and Republicans arguing that the tax debate is over.

The stand-off is crushing any modest post-election hopes that Washington could summon the political will needed for a comprehensive clean-up and simplification of the tax system.

Jan 7, 2013

Analysis – “Fiscal cliff” deal sours U.S. tax reform outlook

WASHINGTON (Reuters) – Prospects for a 2013 overhaul of the U.S. tax code have faded after last week’s “fiscal cliff” fight, with Democrats still pushing to raise more government revenue by closing tax breaks and Republicans arguing that the tax debate is over.

The stand-off is crushing any modest post-election hopes that Washington could summon the political will needed for a comprehensive clean-up and simplification of the tax system.

Jan 2, 2013

“Fiscal cliff” deal looks so-so for U.S. businesses on taxes

WASHINGTON (Reuters) – The “fiscal cliff” deal that slowly, painfully took shape in the U.S. Congress in recent days fulfills some of corporate America’s tax policy goals, but leaves others unmet, including a big one – meaningful deficit and debt reduction.

The bill, which received final congressional approval late on Tuesday on a 257-167 bipartisan vote in the House of Representatives, would provide businesses with greater tax certainty in the short term.

Dec 31, 2012

Analysis – At cliff’s edge, old ideas to cap U.S. tax breaks are new again

By Kim Dixon and Kevin Drawbaugh

(Reuters) – Imposing overall caps on how much high-income people in the United States can claim on their tax returns in deductions, exemptions and other tax breaks is an idea whose time may have come – again.

In the whirl of “fiscal cliff” talks, bipartisan backing has grown for imposing, or in some cases reinstating, caps on tax breaks for top earners.

Dec 31, 2012

Analysis: At cliff’s edge, old ideas to cap tax breaks are new again

By Kim Dixon and Kevin Drawbaugh

(Reuters) – Imposing overall caps on how much high-income people in the United States can claim on their tax returns in deductions, exemptions and other tax breaks is an idea whose time may have come – again.

In the whirl of “fiscal cliff” talks, bipartisan backing has grown for imposing, or in some cases reinstating, caps on tax breaks for top earners.

Dec 31, 2012

At cliff’s edge, old ideas to cap US tax breaks are new again

Dec 31 (Reuters) – Imposing overall caps on how much
high-income people in the United States can claim on their tax
returns in deductions, exemptions and other tax breaks is an
idea whose time may have come – again.

In the whirl of “fiscal cliff” talks, bipartisan backing has
grown for imposing, or in some cases reinstating, caps on tax
breaks for top earners.

Dec 31, 2012

Factbox: U.S. “fiscal cliff,” tax impact of no deal

WASHINGTON (Reuters) – Higher federal taxes for millions of businesses and individuals will become law on Tuesday unless Congress acts to stop them. These taxes, worth $500 billion, comprise the bulk of what is known as the “fiscal cliff” problem.

The following shows the probable impact on taxpayers if Congress does not act on Monday, or does not come back later and undo these tax increases, based on data from the nonpartisan Tax Policy Center.

Dec 31, 2012

U.S. ‘fiscal cliff,’ tax impact of no deal

WASHINGTON, Dec 31 (Reuters) – Higher federal taxes for
millions of businesses and individuals will become law on
Tuesday unless Congress acts to stop them. These taxes, worth
$500 billion, comprise the bulk of what is known as the “fiscal
cliff” problem.

The following shows the probable impact on taxpayers if
Congress does not act on Monday, or does not come back later and
undo these tax increases, based on data from the nonpartisan Tax
Policy Center.

Dec 28, 2012
via Tax Break

Essential reading: Fiscal cliff talks down to the wire

Photo

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

* Obama summons congressional leaders for ‘fiscal cliff’ talks. Lori Montgomery and Rosalind Helderman – The Washington Post. President Obama summoned congressional leaders to a Friday summit at the White House in a last-ditch effort to protect taxpayers, unemployed workers and the fragile U.S. recovery from severe austerity measures set to hit in just four days. Also Thursday, House of Representatives Speaker John Boehner announced he would call the House back into session this weekend. And in perhaps the most significant development, Senate Minority Leader Mitch McConnell was engaged directly in talks with the White House. He signaled an interest in cutting a deal. Link 

 * Summoned back to work, senators chafe at inaction. Jennifer Steinhauer – The New York Times. Senators bid hasty goodbyes to families, donned ties and pantsuits in lieu of sweat pants and Christmas sweaters and one by one returned to the Capitol on Thursday to begin the business of doing nothing in particular. But for once, those lawmakers were fully united, if only around their sadness and frustration at being stuck in Washington in a holiday week, peering over the edge of the fiscal abyss. Link