Anti-tax man Norquist defiant at “fiscal cliff” edge
WASHINGTON (Reuters) – Prominent American anti-tax crusader Grover Norquist on Monday insisted that his movement was as strong as ever and that Congress would withstand pressure to raise taxes even if more Republican lawmakers are spurning his anti-tax pledge.
A vast majority of elected Republicans have signed Norquist’s “taxpayer protection pledge,” launched in 1986, which commits them to voting against tax increases, and it became a sort of litmus test among U.S. conservatives.
Essential reading: Investors rush to beat threat of higher taxes, and more
Welcome to the top tax and accounting headlines from Reuters and other sources.
* Investors rush to beat threat of higher taxes. Nathaniel Popper and Nelson Schwartz – The New York Times. Business owners and investors are rapidly maneuvering to shield themselves from the prospect of higher taxes next year, a strategy that is sending ripples across Wall Street and broad areas of the economy. Link
* Europe seeks more taxes from U.S. multinationals. Eric Pfanner – The New York Times. As governments throughout Europe seek to close gaping holes in their budgets, they are taking aim at United States multinational companies, especially Internet giants like Google and Amazon.com, which pay little or no taxes in Europe, despite generating billions of dollars in revenue on the Continent. Link
Essential reading: Less tension this time for Obama, Boehner, and more
Welcome to the top tax and accounting headlines from Reuters and other sources.
* Less tension this time for Obama, Boehner. Janet Hook and Carol Lee – The Wall Street Journal. The election is over. The fiscal concerns are more acute. And after the August 2011 downgrade of the U.S.’s credit rating, both John Boehner and Barack Obama are painfully aware of the consequences of failure. Link
* Senate ‘Gang of 8′ says this isn’t its moment in deficit talks. Jonathan Weisman – The New York Times. After years of wrangling, members of the bipartisan group of senators known as the Gang of Eight are ratcheting back expectations for a deficit reduction breakthrough and now say the best they can probably do is offer ideas for the one fiscal negotiation that will truly matter: talks between President Obama and Speaker John A. Boehner that begin in earnest on Friday. Link
Top U.S. House tax writer vows tax reform in 2013
WASHINGTON (Reuters) – The House of Representatives’ top Republican tax writer on Thursday pledged to tackle a full-scale overhaul of the tax code in 2013, but offered few specifics on how to get it done.
Republican Dave Camp said in the text of a dinner speech that the House Ways and Means Committee, which he chairs, “will write, act on and pass comprehensive tax reform legislation in 2013.”
Essential reading: Obama’s “new ideas” likely well-worn tax proposals, and more
Welcome to the top tax and accounting headlines from Reuters and other sources.
* Obama’s “new ideas” likely well-worn tax proposals. Kim Dixon – Reuters. President Barack Obama stuck to his script on Wednesday that he wants taxes on the richest 2 percent of Americans to rise, but said he was open to new ideas to raise new revenues. Link
* At president’s meeting with executives, some push, pull and give. Damian Paletta and Kate Linebaugh – The Wall Street Journal. A key issue at the meeting: What should Washington do to avoid $500 billion in tax increases. Obama is attempting to solicit more feedback from corporate executives while also drumming up support for his plan to rework the tax code. Link
Essential reading: Senate Finance chair sees flexibility on Bush tax cuts, and more
U.S. Senator Max Baucus
Welcome to the top tax and accounting headlines from Reuters and other sources.
* Senate Finance chair sees flexibility on Bush tax cuts. Kim Dixon – Reuters. The chief Democratic tax-writer in the U.S. Senate said on Tuesday that to steer clear of the fiscal cliff, the top rates paid by the richest Americans must rise in any deal between Congress and the White House, but he suggested there is some flexibility in ways to strike a deal. Link
* Obama sets steep tax target. Janet Hook and Carol Lee – The Wall Street Journal. President Barack Obama will begin budget negotiations with congressional leaders Friday by calling for $1.6 trillion in additional tax revenue over the next decade, far more than Republicans are likely to accept and double the $800 billion discussed in talks with GOP leaders during the summer of 2011. Link
Essential reading: Democrats like a Romney idea on income tax, and more
Welcome to the top tax and accounting headlines from Reuters and other sources.
* Democrats like a Romney idea on income tax. Jonathan Weisman – The New York Times. Democrats are latching on to an idea floated by Republican presidential candidate Mitt Romney to raise taxes on the rich through a hard cap on income tax deductions. Democrats now see it as an important element of a potential deficit reduction agreement. Link
* U.S. Congress comes back Tuesday to confront ‘fiscal cliff.’ Rachael Younglai and Jason Lange – Reuters. Amid a global fright over Washington’s political brinkmanship, U.S. lawmakers return to the capital on Tuesday with a seven-week deadline to reach agreement on scheduled tax hikes and budget cuts that threaten to trigger another recession. Link
Essential reading: Starbucks, Amazon and Google to face UK lawmakers over tax, and more
Welcome to the top tax and accounting headlines from Reuters and other sources.
* Starbucks, Amazon and Google to face UK lawmakers over tax. Tom Bergin – Reuters. UK lawmakers will quiz executives of Starbucks, Google and Amazon on Monday about how they have managed to pay only small amounts of tax in Britain while racking up billions of dollars worth of sales. Link
* Weekend interview: Mitch McConnell: ‘We have a voter mandate not to raise taxes. The Wall Street Journal. “I am not willing to raise taxes to turn off the sequester. Period,” Republican Senate Minority Leader Mitch McConnell said. Link
Essential reading: Raising tax rates ‘unacceptable’ to U.S. House Speaker Boehner, and more
Speaker John Boehner (R-OH) on Capitol Hill, June 28, 2012. REUTERS/Yuri Gripas
Welcome to the top tax and accounting headlines from Reuters and other sources.
* Raising tax rates ‘unacceptable’ Speaker Boehner. John Parkinson – ABC News. Raising tax rates is “unacceptable” to House Speaker John Boehner as he prepares to open negotiations on the looming “fiscal cliff” with the president and congressional Democrats, he told “World News” anchor Diane Sawyer today in an exclusive interview. Link
* GOP’s rejection of higher tax rates an obstacle to debt deal. Paul Kane and David Fahrenthold – The Washington Post. The new conciliatory tone among House Republican leaders this week will soon have to confront an old Washington reality: the GOP’s deep opposition to higher tax rates. As they begin bipartisan talks on a broad debt deal, White House and congressional leaders face a group of skeptical rank-and-file Republicans in the House who don’t view Tuesday’s Democratic victories as a reason to retreat on taxes. Link
U.S. in talks with dozens of nations on anti-tax dodge pacts
WASHINGTON (Reuters) – In a step toward reining in offshore tax evasion, the U.S. Treasury Department on Thursday said it was close to finalizing tax information-sharing pacts with countries ranging from Canada to islands such as Guernsey and the Isle of Man.
Treasury listed 47 jurisdictions, from India to Sint Maarten, that are in various negotiation stages on formal agreements governing how their local financial businesses can comply with the U.S. Foreign Account Tax Compliance Act (FATCA).
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