U.S. House Speaker John Boehner speaks to the media outside his office on Capitol Hill in Washington, December 7, 2012. REUTERS/Yuri GripasWelcome to the top tax and accounting headlines from Reuters and other sources.

* Tax arithmetic shows top rate is just a starter. Jackie Calmes – The New York Times. Despite hints in recent days that President Obama and House Speaker John A. Boehner might compromise on the tax rate to be paid by top earners, a host of other knotty tax questions could still derail a deal to avert a fiscal crisis in January. Link

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

* Fiscal talks spur charitable giving. Laura Saunders and Hanna Karp – The Wall Street Journal. Tax uncertainty in Washington is setting off a mad scramble among wealthy taxpayers and charities to maximize donations before the end of the year. Their worry: The tax deduction for charitable giving, a fixture of the tax code for nearly a century, is coming under pressure as part of a broader fiscal agreement now being hammered out on Capitol Hill. Link

* In Obama’s plan to tax rich, $250,000 figure may mislead. Catherine Rampell – The New York Times. A close look at the president’s plan shows that a large majority of families making up to $300,000 — as well as hundreds of thousands of families with even larger incomes — would not pay taxes at a higher marginal rate. Because the complexity of the tax code makes it difficult to draw clean lines, they are the beneficiaries of choices the administration has made to ensure that families earning less than $250,000 do not pay higher rates. Link 

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

* Some in GOP urge lawmakers to back tax hikes for changes in safety-net programs. Lori Montgomery and Rosalind Helderman – The Washington Post. A growing chorus of Republicans is urging House leaders to abandon their staunch opposition to higher tax rates for the wealthy with the aim of clearing the way for a broad deal that would also rein in the cost of federal health and retirement programs. Link

* Plan to limit tax breaks gets a push from Boehner. John McKinnon – The Wall Street Journal. A cap on tax breaks designed by a former Reagan adviser is drawing attention after House Speaker John Boehner floated it as an option this week. The White House and Republican leaders have proposed limiting tax breaks to raise tax revenue under a long-term deficit-reduction deal. GOP leaders want to limit deductions instead of raising individual income-tax rates. President Barack Obama wants to do both. Link

Speaker of the House John Boehner walks out with Senate Majority Leader Harry Reid after a bipartisan meeting with U.S. President Barack Obama, November 16, 2012. REUTERS/Larry Downing
Welcome to the top tax and accounting headlines from Reuters and other sources.

* In tax fight, GOP seeks a position to fall back on. Jonathan Weisman – The New York Times. With President Obama insisting on higher tax rates for affluent Americans and winning public support for the idea, Congressional Republicans find themselves in an increasingly difficult political spot and are quietly beginning to look for a way out. Link

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

* Top U.S. firms are cash-rich abroad, cash-poor at home. Kate Linebaugh – The Wall Street Journal. Emerson Electric Co. has $2 billion of cash in the bank. But this year it had to borrow money in the U.S. to help buy back shares, distribute dividends and even pay its taxes. As a result, Emerson says, it brings its foreign cash holdings back to the U.S. only if that can be “accomplished tax efficiently.” Link

* GOP makes counteroffer in cliff talks. Janet Hook and Carol Lee – The Wall Street Journal. House Republicans on Monday made a fresh deficit-reduction proposal to the White House that calls for $800 billion in increased tax revenue, half of what President Barack Obama has proposed. Link