Tax Break

Essential reading: Corporate taxes come up for review, and more

May 3, 2013

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

* The corporate tax game. Graham Bowley – The New York Times
. Despite the widespread support, the campaign for a tax reform overhaul is exposing deep fault lines within the business world that suggest it may fall apart. Link

* Senate considering bill to ban tax scofflaw contractors. Tom Vanden Brook – The USA Today. The Senate is considering a bill the House unanimously passed last month that would prevent contractors with tax debts from doing business with the federal government. Link

* California tax revenue yields multibillion-dollar surplus. Chris Megerian – The Los Angeles Times. California has been flooded with revenue this tax season and is on track to finish the fiscal year with a surplus of billions of dollars, according to officials. Link

* British lobbying group condemns a proposed European financial transaction tax. Stephen Castle – The New York Times. A European tax on financial transactions would fall disproportionately on London firms, a business lobbying group said Thursday, highlighting growing tensions between Britain and its continental allies over banking regulation. Link

* Apple’s move keeps profit out of reach of taxes. Floyd Norris – The New York Times opinion. Apple has been a pioneer in tactics to avoid paying taxes to Uncle Sam. To distribute the cash to its owners would force it to pay taxes. So it borrows instead to buy back shares and increase its stock dividend. Link

* Obama has a sweet retirement deal. Will you? Allan Sloan РThe Washington Post. President Obama’s proposal to limit the value of 401(k)s, pensions and other tax-favored retirement accounts to about $3.4 million certainly sounds reasonable. Link

* Spain and taxes. The Wall Street Journal editorial. To finance these new government giveaways, the Spanish government has announced that the “temporary” income-tax hikes President Rajoy imposed in December 2011, which were meant to expire next year, won’t be so temporary after all. Link

* Cuccinelli, McAuliffe and taxes. Stephen Moore – The Wall Street Journal opinion. The Virginia governor’s race may be the hottest political contest in this November’s off year elections. It’s expected to be a razor tight affair in this once-red but now purple state with two Democratic senators and two straight victories for Barack Obama. Link

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