Tax Break

Essential reading: Obama repeats call to end tax break for corporate jets, and more

February 6, 2013

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

* Obama repeats call to end tax break for corporate jets. Bart Jansen – USA Today. President Obama wants to stave off massive federal spending cuts scheduled March 1, but one of his suggestions to close tax breaks on corporate jets has upset that industry and Republican congressional leaders. Link  

* States look to pay repair tab. Kris Maher – The Wall Street Journal. Taxpayers and motorists across the country could be billed for fixes to a fraying infrastructure, as the nation’s governors float ideas to raise revenue for repairs that include boosting gasoline and state sales taxes and tying vehicle-registration fees to mileage. Link

* Gym shoes tax could fund aid for dropouts. Rafael Guerrero – The Chicago Tribune. Buying a new pair of running shoes in Illinois could cost a quarter more if a measure to tax gym shoes gets traction at the Capitol. Link  

* On online matchmaker for tax preparers and clients. Ann Carrns – The New York Times. Glen Ross, an accountant on Long Island, has started a new website that aims to match taxpayers with preparers online. The site is Prosado.com. Link  

* Setback on tax preparer regulations. Michelle Singletary – The Washington Post opinion. To help combat fraud by tax preparers, the Internal Revenue Service created the Registered Tax Return Preparer program. Then, just before the tax season got underway, the agency was told by a federal judge that it doesn’t have the authority to regulate the hundreds of thousands of tax preparers covered under the program. Link  

* A fiscal fantasy. The Wall Street Journal editorial. President Obama promised that higher taxes on the affluent would usher in a fiscal golden age, but Tuesday’s annual outlook from the Congressional Budget Office suggests that was, well, fantasy. Link  

* White House sequester antics. Jennifer Rubin – The Washington Post opinion. If Democrats have ideas for smarter spending cuts, they should bring them up for debate. But the American people will not support more tax hikes in place of the meaningful spending reductions both parties already agreed to and the President signed into law. Link

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