Tax Break

Essential reading: Boehner tries to keep GOP ranks behind him, and more

December 11, 2012

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

 * Boehner’s test: Keep GOP ranks behind him. Patrick O’Connor – The Wall Street Journal. House of Representatives Speaker John Boehner’s strategy, and his future as speaker, will get tested between now and year-end as Washington wrestles with negotiations designed to avert tax increases and spending cuts due to begin in early January. Link 

 * Senate Democrats seek delay in medical device tax. Joseph Walker – The Wall Street Journal. A group of 17 Democratic U.S. senators and senators-elect have signed a letter urging for a delay in implementing a tax on the medical-device industry that is scheduled to go into effect Jan. 1, said two people familiar with the matter. Link 

 * Norquist: Revamping gas tax violates anti-tax pledge. Laura Vozzella – The Washington Post. Grover Norquist has a little advice for Virginia legislators as they look around for ways to pay the commonwealth’s ever-growing transportation tab: If you want to honor your no-tax pledge, don’t link the gas tax to inflation. Link 

 * Apple selloff prompts debate over tax impact versus fundamentals. Drew FitzGerald – The Wall Street Journal. Taxes on capital gains and dividends are expected to increase regardless of the outcome of budget negotiations in Washington, adding to the end-of-year pressure on Apple’s share price. Link 

 * Efficacy of tobacco taxes tied to gene type. Nicholas Balalar – The New York Times. An economist has published an unusual study that suggests about half of the population has a variation in a specific gene connected to nicotine addiction that makes them more likely to respond to cigarette tax increases. Link 

 * A truly balanced approach to the deficit. Senator Rob Portman – The Wall Street Journal opinion. Washington needs to pursue structural reforms in the country’s important but unsustainable entitlement programs and in an inefficient, outdated tax code. By doing so, lawmakers can responsibly avoid the immediate cliff while addressing the long-term fiscal crisis and spurring job creation. Link 

 * Obama’s middle class tax flip. William McGurn – The Wall Street Journal opinion. President Barack Obama proposition on the Bush-era tax cuts simply cannot be reconciled with his latest position, which is that America’s middle class will find itself hammered if Congress doesn’t extend the rate cuts. Link

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