When a group of 86 large U.S. companies came out in late October in favor of fixing the debt it was seen as a rare example of corporate unity, and a wake up call on just how urgent an issue the growing federal deficit has become for business.
In a new report, the Institute for Policy Studies (IPS), a liberal Washington think tank, argues that the group, called “Fix the Debt” is basically a larger version of an earlier Washington corporate lobbying group called “Win America”, and shares its focus on getting corporate money now being held overseas back into the United States with little or no taxes taken out.
(Reuters) – Proposals on the ballot in three states to expand gambling got mixed results from voters on Tuesday.
A Maryland proposal for casino expansion was approved; one in Oregon was rejected; and in Rhode Island, voters split, backing only one of two expansions.
Nov 7 (Reuters) – Proposals on the ballot in three U.S.
states to expand gambling got mixed results from voters on
A Maryland proposal for casino expansion was approved; one
in Oregon was rejected; and in Rhode Island, voters split,
backing only one of two expansions.
Nov 7 (Reuters) – Uncertainty about who will occupy the
White House is over now that U.S. President Barack Obama has
been re-elected, but uncertainty about taxes is still with us.
There is no need to feel paralyzed though.
Tax advisers say it is possible now to suggest tax planning
moves that could be a smart way for individuals to play a second
Obama presidency, though a lot of variables remain.
Nov 5 (Reuters) – On Election Day, Marylanders will vote on
a proposal to expand casinos in their state, choosing whether to
raise their bet on the hottest hand going in state government -
Like many U.S. states, Maryland in recent years has upped
its ante, responding to competition from neighbors such as West
Virginia and trying to keep gamblers interested. First came the
lottery, then video slot machines. Now the state is weighing an
embrace of full-on, Las Vegas-style gaming 24 hours a day.
(Reuters) – Can peer pressure make delinquent taxpayers pony up what they owe the government?
Behavioral economists say it can, and some tax agencies in both the United States and Britain are taking their advice to heart — and finding that they are reaping rewards.
Financial Times columnist Lucy Kellaway has published a piece encouraging UK regulators to see the positives in the fact that many leading financial executives come from one of the Big Four audit firms – Deloitte, Ernst & Young, KMPG and PwC.
Following on a UK Competition Commission report published last week that found two-thirds of all chief financial officers used to work for a Big Four firm, hampering competition, Kellaway writes that there could be under-appreciated benefits to such closeness. Someone who once worked at an audit firm — or a newspaper — knows more about how their work is done and where the potential weaknesses lie, she writes.
Last Sunday, 1,586 priests and pastors stood up before their congregants across the United States and endorsed a candidate running for public office. They were purposefully breaking the portion of the tax code which prohibits non-profits from making such endorsements, something they see as a violation of freedom of religion and speech.
A tax-exempt group may take positions on political issues and argue for them, that is allowed under U.S. law. Recommending a vote for or against a certain candidate, however, is not permitted.
* Foreign profits can create earnings illusion. David Reilly – The Wall Street Journal. Foreign-cash stashes and their impact on U.S. tax revenue are garnering increased attention given the looming presidential election and “fiscal cliff.” Investors should be concerned about the potential for these profits to distort earnings. Companies in the S&P 500 had $1.5 trillion parked outside the U.S. for which they hadn’t accrued tax expense in 2011, more than double the amount five years earlier. Link
* The math behind Obama camp’s tax changes. Damian Paletta – The Wall Street Journal. One of the most divisive issues between the Obama and Romney campaigns is the math behind the Republican candidate’s proposal to overhaul the tax code. The debate has left many Americans’ heads spinning, given the large numbers and the complexities of the tax code. But it still remains one of the most important questions facing voters in the Nov. 6 election and comes down to this – whose math do voters trust? Link
Oct 7 (Reuters) – Baptist Pastor Mark Harris
stood before his flock in North Carolina on Sunday and joined
hundreds of other U.S. religious leaders in deliberately
breaking the law in an election-year campaign that tests the
role of churches in politics.
By publicly backing candidates for political office from the
pulpit, Harris and nearly 1,500 other preachers at services
across the United States were flouting a law they see as an
incursion on freedom of religion and speech.