Tax Break

Essential reading: Tax reform spurs bipartisan lobbying, and more

March 20, 2013

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

 * In shift, lobbyists look for a bipartisan support to repeal a tax. Eric Lipton – The New York Times. Lobbyists across Washington are redoubling their efforts to build bipartisan coalitions — not just on the 2.3 percent medical device excise tax, but other hot topics, like the possible rewriting of corporate tax laws. Link

* With west flat, big brewers peddle cheap beer in Africa. Paul Sonne, Devon Maylie and Drew Hinshaw – The Wall Street Journal. One of the main ways brewers are expanding market share in Africa: specially negotiated tax deals, now in place with at least seven African governments. Link 

* Deal in Albany would extend higher taxes on top earners. Thomas Kaplan – The New York Times. New York Gov. Andrew M. Cuomo and legislative leaders are finalizing a surprise deal to extend a high-tax bracket for the state’s top incomes. Link    

 * City’s tax plan vexes homeowners. Peter Loftus – The Wall Street Journal. A shake-up of the way Philadelphia levies property taxes has sparked divided reactions among residents, as homeowners in recently gentrified neighborhoods fear hefty increases in their bills. Link    

 * Court tells travel sites to pay Hawaii $70 million as penalty for unpaid general excise taxes. The Associated Press. Popular travel sites are being told to pay Hawaii a $70 million penalty for skirting state general excise taxes over the past 10 years. Link

* French minister steps down in Swiss bank investigation. Scott Sayare – The New York Times. Just hours after an announcement that he would be investigated on charges of tax fraud and money laundering, Budget Minister Jerome Cahuzac resigned from the French government on Tuesday evening, though he insisted he had done nothing wrong. Link   

* South Korea flirts again with Tobin tax. Song Jung-a – The Financial Times. South Korean government officials are flirting again with the idea of introducing taxes on financial transactions to curb rapid capital flows in and out of Asia’s fourth-largest economy. Link    

* Need your tax refund? Accessing early is costly. Jeff Reeves – USA Today. The reality is that steep fees associated with tapping your tax refund early can take a big bite out of your wallet. Link    

* The revenue deficit from progressive tax rates. Michael Solon – The Wall Street Journal opinion. The share of all individual income taxes paid by the top 1 percent has risen to 41.8 percent in 2008 from 17.4 percent in 1980 — but almost two-thirds of the income from the top 1 percent comes from nonwage income, including capital gains, dividends and proprietor’s profits. Link

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