Tax Break

Essential reading: Proposals to tax trades spark financial firm lobbying, and more

March 25, 2013

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

* Trading clamps spur lobby effort. Jenny Strasburg and Scott Patterson – The Wall Street Journal. High-speed trading firms and exchanges are being forced into the lobbying game by taxes on trades in Europe, proposals for similar levies in the U.S. and beefed-up regulatory scrutiny. Link    

* U.S. seeks answers in Liechtenstein on tax cheats. Dylan Griffiths – Bloomberg. The U.S. has asked Liechtenstein to hand over data on foundations that may have been used to hide untaxed American money from the Internal Revenue Service, a step that may threaten Swiss banks. Link

* Email tax may slice spam and scams out of inboxes. George Skelton – The Los Angeles Times. An email tax — as part of a broader Internet tax — could raise money to help keep the Postal Service afloat, California Gordon Wozniak said of his proposal. Link    

* Hollande tries 66 percent. The Wall Street Journal editorial. Rest In Peace: The 75 percent top-marginal income tax, which French President Francois Hollande had been promising for millionaires since his campaign last year, is dead. Next up is a supposedly non-confiscatory 66 percent top rate. Link    

* Real tax reform would force both sides to do some heavy lifting. Robert Ehrlich – The Baltimore Sun opinion. The federal tax code is the primary tool used by Congress and the Executive Branch to direct public policy. Link    

* Is the estate tax doomed? Kenneth Scheve and David Stasavage – The New York Times opinion. For much of history, it was easier for a government to record the value of an estate than to track income on an annual basis. The lesson is clear: estate taxation first arose because it was easy, not because of concerns about inequality. Link    

* Our carbon, our climate, our cash. Nancy Folbre – The New York Times opinion. A tax on carbon consumption could help solve the global warming problem, bringing the prices of carbon-intensive goods and services into closer alignment with their true costs and discouraging us all from buying more of them. Link

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