Tax Break

Essential reading: Tax haven hunter Levin to retire, and more

March 8, 2013

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

* Michigan Sen. Carl Levin will not seek reelection. Rachel Weiner and Aaron Blake – The Washington Post. As chairman of the Senate Permanent Subcommittee on Investigations, Carl Levin has investigated Enron, the credit card industry, the 2008 financial crisis, and offshore tax havens. Link

* IASB loan-loss proposal a test for convergence. Emily Chasan – The Wall Street Journal. International accounting rulemakers have, for now, agreed to disagree with U.S. accounting standard setters on a new model for companies to account for credit losses, adding another delay to the convergence process between the two rulemakers. Link    

* Obama continues Congressional outreach with White House lunch. Jackie Calmes – The New York Times. On Capitol Hill, there was guarded optimism that these meetings would continue to be productive. Though the vast political differences between the two parties on issues like taxes and spending were hardly far from leaders’ minds. Link

* Hopes, maybe misguided, that food will breed productivity on Capital. Jeremy Peters – The New York Times. “I’m hopeful that something will come out of it. But if the president continues to insist on tax hikes, I don’t think we can get very far,” said House of Representatives Speaker John Boehner speaking about President Barack Obama’s Republican invitations to the White House. Link     

* Obama efforts renew ‘grand bargain’ hopes. James Politi – The Financial Times. President Barack Obama has focused his attention on Republican senators who have shown more willing to consider raising new taxes for deficit reduction. Link    

* A tax on bikes? Hit the road, some cyclists say. Matt Pearce - The Los Angeles Times. Current proposals are again circulating in the state legislatures of Washington and neighboring Oregon that bicyclists should pay a tax for hitting the road on two wheels instead of four. Link    

* Tea Party group airs ad attacking McDonnell, in Iowa. Ben Pershing – The Washington Post. Virginia Gov. Bob McDonnell is widely believed to be mulling a presidential bid in 2016. The ad accuses McDonnell of pushing the largest tax increase in Virginia history. Link    

* Michigan seeks to deny A123 tax credit transfer. Patrick Fitzgerald – The Wall Street Journal. The state of Michigan said advanced battery maker A123 Systems Inc. can’t transfer more than $125 million in state tax credits to its new owner, a subsidiary of China’s Wanxiang Group. Link 

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