Tax Break

Essential reading: Falling deficit alters budget debate, and more

May 10, 2013

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

* Falling deficit alters debate. Damian Palleta – The Wall Street Journal. Rising government revenue from tax collections and bailout paybacks are shrinking the federal deficit faster than expected, delaying the point when the government will reach the so-called debt ceiling and altering the budget debate in Washington. Link    

* Who would win or lose on online sales tax. Jayne O’Donnell and Hadley Malcolm – USA Today. Major retailers and local stores will be the big winners if the House follows the Senate and requires Internet retailers to collect sales taxes on online purchases. Link    

* Weigh taxes when picking a state for retirement. Arden Dale – The Wall Street Journal. When it comes to choosing the best state in which to retire, some people look beyond traditional needs like nice weather and recreational opportunities. Link    

* Stop the plunder in Africa. Kofi Annan – The New York Times opinion. Africa has suffered more from tax evasion than any other region as businesses use aggressive tax planning and plunder of national wealth through offshore-registered companies. Link

* Agreeing to disagree on Obama’s retirement package. Alan Sloan – The Washington Post opinion. The Obama administration wants to place limits on the tax-deductibility of retirement savings. Link    

* A simpler Internet sales tax. Raymond Dever – The Wall Street Journal opinion. Right now, local retailers have it relatively easy. True, they are they are unpaid tax collectors—but only for one or a few jurisdictions. Link    

* Sales tax fairness. The Chicago Tribune editorial. It is unfair to require that Main Street businesses collect sales tax owed by their customers and ship that money to state revenue departments, while online merchants get to skip that same obligation. Link    

* Challenge to dogma on owning a home. Floyd Norris – The New York Times opinion. With the federal budget under pressure, reducing the tax benefits for homeownership might be easier if the halo around homeownership were to sag. Link

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