Tax Break

Essential reading: NY State near budget, tax cuts, and more

March 19, 2013

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

* Albany near deal on budget, taxes. Erica Orden and Laura Nahmias – The Wall Street Journal. Gov. Andrew Cuomo and legislative leaders were close to reaching a deal to pay for about $700 million in new tax cuts or credits proposed by Republicans. Among the options debated: extending the so-called millionaires tax to raise money for other tax cuts. Link 

 * Those returning to school can find help in the tax code. Walecia Konrad – The New York Times. Some of the existing tax credits and deductions for education that were extended as part of tax legislation passed in January are particularly well suited to continuing education students. Link    

* Texas House’s top tax writer hopes to even out business margins levy. Robert Garrett – The Dallas Morning News. The House’s chief tax policy writer says eliminating some inequities in Texas’ business margins tax is his top tax relief priority this year. Link    

* Maryland senate passes bill granting local tax break to Lockheed Martin. John Wagner – The Washington Post. The Maryland Senate voted Monday to exempt Lockheed Martin from paying about $450,000 a year in hotel taxes to Montgomery County related to a training center that the giant defense contractor operates in Bethesda. Link    

* HSBC unit charged in Argentine tax case. Ken Parks – The Wall Street Journal. Argentina’s government said it filed criminal charges against the local subsidiary of U.K. bank HSBC Holdings PLC for allegedly helping businesses evade taxes and launder a total of 616 million pesos ($121 million). Link    

* Tax-deal architect shares new blueprint. Gerald Seib – The Wall Street Journal opinion. The key to tax reform, says Bill Bradley, is to find a formula that “aligns the interests” of all involved. Everybody claims to want a simpler tax code with fewer loopholes and flatter rates. Link    

* Ryan’s tax reforms cost more than all his spending cuts combined. Ezra Klein – The Washington Post opinion. Here’s an amazing fact: Ryan’s tax reform plan costs more than all his spending cuts combined. Link    

* The progressive shift. David Brooks – The New York Times opinion. Today, especially after the recent tax increases, the total tax burden is already at historic highs. If you combine federal, state, sales and other taxes, rich people in places like California and New York are seeing the government take 60 cents or more out of their last dollar earned. Link 

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