Speaker John Boehner (R-OH) on Capitol Hill, June 28, 2012. REUTERS/Yuri Gripas
Welcome to the top tax and accounting headlines from Reuters and other sources.
* Raising tax rates ‘unacceptable’ Speaker Boehner. John Parkinson – ABC News. Raising tax rates is “unacceptable” to House Speaker John Boehner as he prepares to open negotiations on the looming “fiscal cliff” with the president and congressional Democrats, he told “World News” anchor Diane Sawyer today in an exclusive interview. Link
* GOP’s rejection of higher tax rates an obstacle to debt deal. Paul Kane and David Fahrenthold – The Washington Post. The new conciliatory tone among House Republican leaders this week will soon have to confront an old Washington reality: the GOP’s deep opposition to higher tax rates. As they begin bipartisan talks on a broad debt deal, White House and congressional leaders face a group of skeptical rank-and-file Republicans in the House who don’t view Tuesday’s Democratic victories as a reason to retreat on taxes. Link
* Tax twist: At some firms, cutting corporate rates may cost billions. Michael Rapoport – The Wall Street Journal. President Barack Obama has said, most recently during last month’s presidential debates, that the 35% U.S. corporate tax rate should be cut. That would mean lower tax bills for many companies. But it also could prompt large write-downs by Citigroup, AIG, Ford and other companies that hold piles of “deferred tax assets,” or DTAs. Link