Welcome to the top tax and accounting headlines from Reuters and other sources.
* Romney’s remarks on limiting tax deductions draw fire. By Sam Youngman and Donna Smith – Reuters. After Mitt Romney was overheard telling supporters at a private fundraiser in Florida over the weekend that he might seek to limit tax deductions for mortgages and eliminate the Department of Housing and Urban Development (HUD), aides said on Monday that Romney was simply throwing out ideas, not outlining policy to help offset his proposal to slash all U.S. tax rates by 20 percent. Link
* ‘Buffett Rule’ tax plan fails in a Senate test vote. Naftali Bendavid – The Wall Street Journal. The Senate on Monday blocked the so-called Buffett Rule, a measure designed to ensure that high earners pay at least 30 percent in federal income tax, on a near-party-line vote highlighting the split over a key element of President Barack Obama’s election-year message. Link
* NYC’s well-off households would lose under tax-cut repeal. Frank Bass – Bloomberg. Wealthy New York-area households that benefited from a decade-long break on federal individual income taxes stand to lose the most if the Bush-era tax cuts are repealed next year. Link