Kevin's Feed
Feb 12, 2013

Charities press Congress in defense of tax deduction

WASHINGTON (Reuters) – Giving is a virtue under the U.S. tax code, but concern is growing among philanthropic leaders about the charitable contributions deduction, a key fund-raising tool for charities.

Worried that federal deficit-fighting efforts are putting a pinch on the tax break, dozens of United Way executives will visit Congress this week to plead their case.

Jan 31, 2013

Factbox: How ‘territorial’ taxing of foreign profit might work

By Kevin Drawbaugh

(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 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.