Tax Break

Essential reading: Tax collections from wealthy are saving government, and more

May 9, 2013

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

* Swiss bank tied to indictment ponders U.S. registration -sources. John Letzing – The Wall Street Journal. A Swiss private bank that recently suspended an executive who allegedly helped U.S. taxpayers evade obligations is considering opening a U.S. branch, two people familiar with the matter said Wednesday, a step intended to help it comply with U.S. regulations. Link 

* Tax collections from wealthy are saving government. Robert Frank – CNBC. Call it proof that the system is working—or proof that the system is broken—but taxes paid by the nation’s top earners are putting government back in the black. Link 

* Economists see deficit emphasis as impeding recovery. Jackie Calmes – The New York Times. The nation’s unemployment rate would probably be nearly a point lower, roughly 6.5 percent, and economic growth almost two points higher this year if Washington had not cut spending and raised taxes as it has since 2011, according to private-sector and government economists. Link

* Austria is pressured to reveal more about tax evaders. James Kanter – The New York Times. Austria faced renewed pressure on Wednesday to reveal more about tax evaders after senior officials of the European Union called for automatic information sharing to apply more widely and rapidly within the bloc. Link 

* Indian authorities investigate BMW over taxes. Prasanta Sahu – The Wall Street Journal. Indian authorities are investigating whether the local unit of German auto maker BMW AG owes an additional $120 million in taxes on auto-part imports since March 2011, according to a person with knowledge of the matter. Link 

* State tax reform crackup. Francis DeLuca – USA Today opinion. Even in the face of continued political opposition, income tax reformers have changed their strategy. In the process, they’ve made tax reform a question of “when” and “how,” rather than “if.” Link

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