Welcome to the top tax and accounting headlines from Reuters and other sources.
* Attack targets Romney’s Marriott role. Laura Meckler – The Wall Street Journal. The Obama campaign Thursday released another TV ad suggesting that rival Mitt Romney may not have paid any income taxes at all in prior years, the latest in a relentless campaign centered on his refusal to release more than two years of tax returns. It highlights his role on the audit committee at Marriott International Inc., a period during which the company used improper tax strategies. The ad alleges Romney approved “son of BOSS” tax shelters. Link
* Romney on not releasing more tax returns: ‘I’m not a business’ Aaron Blake – The Washington Post. The man who once said “corporations are people” apparently doesn’t believe the inverse. When pressed on why he’s not releasing more tax returns in an interview with Bloomberg Businessweek, Mitt Romney justified it by saying: “I’m not a business.” “I have met with that requirement with full financial disclosure of all my investments, but in addition have provided and will provide a full two years of tax returns.” Link
* Obama knocks Romney on renewable energy, tax shelter. Jeff Mason – Reuters. Obama portrayed federal tax credits for the wind industry as a critical economic necessity that Romney, the former governor of Massachusetts, would nix. “Renewable energy is creating new jobs in states like Colorado and Iowa, my opponent wants to end tax credits for wind energy producers,” Obama told a crowd of some 3,500 people at the Colorado State Fairgrounds in Pueblo. The industry supports 5,000 jobs across Colorado, and 37,000 jobs would be at risk nationwide without the credits, he said. Link
* U.S. municipal downgrades most in a decade. Vivianne Rodrigues and Nicole Bullock – The Financial Times. Moody’s downgraded nearly 300 US municipal issuers in the second quarter, the most for any quarter in more than a decade and the latest sign of the potential pressure building in the market where states and local governments raise money. Local areas across the U.S. have been struggling for several years after the recession sharply undercut revenues, with three cities in California recently filing for bankruptcy in an attempt to alleviate their financial burdens. Link