Tax Break

Essential reading: top U.S. House tax writer has lymphoma

July 30, 2012

July 26 (Reuters) – Good morning and welcome to the top tax and accounting headlines from Reuters and other sources.

* Chairman of key U.S. congressional committee has lymphoma – Reuters. U.S. Rep. Dave Camp, a Michigan Republican who chairs the powerful House Ways and Means committee, said on Saturday he will undergo treatment for non-Hodgkins lymphoma, a cancer that starts in parts of the body’s immune system. “After a recent routine yearly physical, it was discovered that I have a very early, highly treatable and curable type of non-Hodgkins lymphoma – large B-cell lymphoma,” Camp said in a statement. He said he and his doctors expect “a full recovery and cure.”

* Sarasin to shut out non-compliant clients by year-end – Reuters. Swiss private bank Sarasin plans to shut out clients who don’t pay taxes on assets held in Swiss accounts as it seeks to eliminate the risks that could be triggered by holding money that is not tax-compliant. The bank said on Monday that it would stop dealing with clients whose tax compliance could not be verified.

* A tax break’s cost, benefits are weighed – The Wall Street Journal. A New Jersey tax credit gives companies an average of more than $167,000 for every job they create or save from leaving, a program that has become the state’s fastest-growing business subsidy, according to a Wall Street Journal analysis.
Considered one of the most generous tax-incentive programs in the nation, New Jersey’s Urban Transit Hub Tax Credit has made awards of nearly $1 billion to 18 companies and developers since 2010, generating or retaining almost 6,000 jobs, according to the state Economic Development Authority, the program’s administrator.

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