Tax Break

Essential reading: Obama’s “new ideas” likely well-worn tax proposals, and more

November 15, 2012

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

* Wonks dust off radical revenue-raising ideas. Robin Harding – The Financial Times. Tax policy in the US is suddenly in play. The first priority is to resolve the fiscal cliff, but the new environment is prompting wonks to dust off some of their most beloved working papers. Link

* These Marlins’ tax bills are headed way north. Brian Costa – The Wall Street Journal. The five Miami Marlins players headed to the Toronto Blue Jays are going to one of the world’s most cosmopolitan cities to play for a team that figures to be far better than their old one. But for them, the move also comes at a price: a steep tax hike. Link 

* The president’s tax math. The Wall Street Journal editorial. ‘You know, the math tends not to work,” declared President Obama at his Wednesday press conference, as part of his explanation for why closing tax loopholes for the wealthy wouldn’t provide enough revenue for a budget deal. Ergo, he says, tax rates must go up immediately for those making more than $250,000 a year. Link

* The other California tax grab. The Wall Street Journal editorial. Amid so much other good news—13.3 percent tax rate, liberal supermajority—Californians will also be overjoyed to know that this week the state’s new cap-and-trade tax gets underway. Liberals are counting on this to raise billions in new revenue, as if it won’t drive more jobs out of the state. Link

* Filling up on your dime. James Alm and Jay Soled – The New York Times opinion. By reporting their personal automobile use as a business expense, millions of drivers are essentially getting taxpayer subsidies for their gasoline. About 10 million drivers break these rules every year, according to the Internal Revenue Service. Link 

* Obama presses again on taxes. Jonathan Bernstein – The Washington Post opinion. President Barack Obama clearly wasn’t willing to give the kind of flat-out answer on taxes reporters were looking for on Wednesday. But his formula — raise revenue, maintain progressivity and use real numbers — really doesn’t leave much room for anything other than raising the tax rates he campaigned on. Link

Post Your Comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/