Welcome to the top tax and accounting headlines from Reuters and other sources.
* Soaking the rich might not be a panacea. Vanessa Houlder – The Financial Times. The super rich are under fire across much of the developed world. U.S. President Barack Obama is on the road this week promoting the “Buffett rule”, a minimum tax on millionaires. In France, François Hollande is proposing a 75 per cent tax rate on the rich. In Britain, George Osborne, chancellor, has expressed shock at evidence showing the scale of tax planning by some of the wealthiest people in the country. Link
*Obama to enlist millionaires in Buffett Rule campaign. Margaret Talev – Bloomberg News. President Barack Obama is intensifying his campaign for higher taxes on top U.S. earners, casting the issue against Republican opposition as one of fairness and support for the middle class. Link
*UBS fends off lawsuit of billionaire tax evader. Lynnley Browning – Reuters. A U.S. federal judge ruled on Tuesday in favor of Swiss bank UBS AG in a lawsuit brought by Igor Olenicoff, a billionaire former client who ran afoul of tax collectors and tried to blame the bank. Olenicoff accused the bank of fraud in handling some $200 million he kept in offshore accounts, claiming that UBS had wrongfully advised him that he did not have to report them to the IRS. Link
*EU CO2 law could scupper global climate talks-India. Krittivas Mukherjee – Reuters. A European Union law that charges airlines for carbon emissions is “a deal-breaker” for global climate change talks, India’s environment minister said, hardening her stance on a scheme that has drawn fierce opposition from non-EU governments. Link