Tax Break

Essential reading: Obama budget taxes more Americans, and more

April 23, 2013

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

* Analysis of Obama’s budget finds a higher tax burden for most Americans. Zachary Goldfarb – The Washington Post. President Obama’s budget would raise taxes mainly on people earning more than $200,000 a year, although earners at nearly every income level would face a somewhat higher tax burden, according to a new nonpartisan analysis. Link

* The incredible shrinking budget deficit. Annie Lowrey – The New York Times. The growing economy is bolstering tax revenue and reducing the need for spending on programs like unemployment insurance. Link

* Hasbro weighing repatriation tax strategies. Maxwell Murphy – The Wall Street Journal. Hasbro Inc. is evaluating tax-efficient repatriation options for its $1.1 billion in overseas cash, executives said on a Monday conference call to discuss the toymaker’s first-quarter results. Link

* With taxes done, keep a lookout for identity thieves. Hayley Tsukayama – The Washington Post. While you may be breathing sighs of relief with the tax day now a week behind us, keep in mind that your tax returns may still return to haunt you. Link 

* Frank McCourt’s tax bill for Dodgers sale: $460 million. Bill Shaikin – The Los Angeles Times. Frank McCourt has paid more than $460 million in state and federal taxes related to the sale of the Dodgers, one of his attorneys said Monday. Link 

* German soccer hero faces prison amid record run and scandal. Nicholas Kulish – The New York Times. Uli Hoeness faces up to 10 years in prison for keeping a secret bank account in Switzerland that he admits to having used to evade taxes. Link

* In tax fight, Amazon hands baton to eBay. Andrew Ross Sorkin – The New York Times. For more than a decade, Amazon led a ferocious lobbying campaign in Washington against a law to force online merchants to collect state and municipal sales tax from their customers. Link 

* The Mom & Pop Internet sales tax. John Donahoe – The Wall Street Journal opinion. Small businesses with fewer than 50 employees or with less than $10 million in annual out-of-state sales should be exempt from the chore of collecting sales taxes nationwide. Link 

* Ohio tax tussle. Stephen Moore – The Wall Street Journal opinion. Ohio governor John Kasich proposed a 20 percent across-the-board income tax cut and a 50 percent reduction in small business income taxes. Link

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