Tax Break

Essential reading: UK’s Cameron fights tax evasion, and more

April 25, 2013

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

 * UK premier David Cameron presses EU on tax evaders. Vanessa Houlder and George Parker – The Financial Times. David Cameron on Wednesday urged European leaders to be in the vanguard of a global effort to crack down on aggressive tax avoidance and evasion, as he tries to build momentum before the G8 summit in Northern Ireland in June. Link    

* States push to get the most out of marijuana taxes. Dan Frosch – The New York Times. If marijuana is legalized and properly regulated, its proponents have long said, it could generate millions of dollars in state tax revenue. But how the drug should be taxed has proved to be a thorny question. Link    

* Housing industry defends US tax breaks. James Politi – The Financial Times. The US housing industry will warn lawmakers not to curb the tax deduction on mortgage interest as they grapple with ways to reform the US tax code and reduce America’s budget deficits. Link    

 * Which states collect most income tax? Laura Saunders – The Wall Street Journal. The Tax Foundation has released a map of state income tax collections per capita for 2011—the most recent data available. No. 1 on the list is New York, with $1,864 per capita. Link

 * Q&A on proposed internet sales tax. John McKinnon – The Wall Street Journal. The Senate is considering legislation that would effectively end tax-free shopping on the Internet. Here’s a closer look at some of the many wrinkles in this complex debate. Link    

* H&R Block says IRS has cleared education tax credit glitch. The Associated Press. The problem started when the IRS announced March 12 that software problems affecting about 660,000 tax returns would delay refunds by as long as six weeks. Link     

 * The financial tax backlash. The Wall Street Journal editorial. Even though the British government hasn’t agreed to the levy, a British bank still must pay the tax whenever it trades securities with, say, a French counterparty. Link    

 * Does Max Baucus’s retirement make tax reform easier? Ezra Klein – The Washington Post opinion. Baucus’s retirement cuts both ways. It releases him from certain pressures. But it exposes him to new ones. Link    

 * Baucus and the tax code. Stephen Moore – The Wall Street Journal opinion. Washington lobbyists were scrambling on Tuesday to decipher the meaning of the announced retirement of Montana Sen. Max Baucus. Link

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