Tax Break

Essential reading: Sports betting raises state coffers, and more

March 28, 2013

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

* Cash-hungry states eye sports betting, to leagues dismay. Joe Drape – The New York Times. Nevada took in more than $3.4 billion in bets on sports last year, generating $15 million to $20 million in tax revenue. Link     

* A new variation of a costly tax-time offer. Ann Carrins – The New York Times. Some tax preparation firms, like Liberty Tax Service and Jackson Hewitt, continue to make the refund anticipation loans using nonbank partners. Link    

* IRS videos come under fire. Lynnley Browning – The New York Times. An Internal Revenue Service training and leadership video based on “Gilligan’s Island,” the campy 1960’s television show, has emerged. Link    

* NY lawmakers slammed for ‘vampire’ budget finale. The Associated Press. Major elements of the budget were only revealed in news reports in recent days, including the extension of a $2 billion income tax increase aimed at millionaires once opposed by legislature leaders. Link    

* Bills making recession-era tax increases permanent headed to Delaware senate. The Associated Press. Delaware’s Democratic Gov. Jack Markell’s proposals to make several recession-era tax increases permanent have been cleared for a state Senate vote. Link    

* Japan teetering on the edge of recovery. Michiyo Nakamoto – The Financial Times. Japan’s corporate tax rate of about 38 percent compares unfavorably with the 24.2 percent in South Korea and 17 percent in Singapore. Link

 * The red-state path to prosperity. Arthur Laffer and Stephen Moore – The Wall Street Journal. Red states in the Southeast and Sunbelt are following President Ronald Reagan’s model by reducing tax rates and easing regulations. Link

* Is tax reform the new “repeal and replace”? Jonathan Bernstein – The Washington Post opinion.  Just as the mythical “repeal and replace” did in the previous Congress, tax reform gives Republicans an illusion of a positive agenda. Link

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