* Obama fills in blanks of Romney’s plans, and GOP sees falsehoods. Michael Cooper – The New York Times. The President Barack Obama campaign is taking advantage of the many unknown details of Mitt Romney’s policy proposals by filling in the blanks in the least flattering light, often relying on the findings of research organizations. The Obama campaign is running an ad based on an analysis of Romney’s vague proposals by the Tax Policy Center, a nonpartisan group, which found that it was impossible for his plan to achieve all of its stated goals. Link
* US tax policies delay $2 billion Chinese loans. Henry Sender – The Financial Times. A loan worth nearly $2 billion from China Development Bank to help fund an ambitious San Francisco housing project is being delayed as a result of Chinese concerns about the effect of tax policies in the US, a person familiar with the situation said. The measures include the controversial Foreign Accounts Tax Compliance Act (FATCA), which comes into effect in 2014 and could force foreign banks to pay a 30 percent withholding tax on the interest income on any loans made to US entities or persons. Link
U.S. companies that face a higher probability of being audited by the tax-collecting Internal Revenue Service voluntarily pay more taxes, a new study has found.
Welcome to the top tax and accounting headlines from Reuters and other sources.
* Pension crisis looms despite cuts. Michael Corkery – The Wall Street Journal. Almost every state in the U.S. has made cuts to its public-employee pensions, seeking to dig out from the economic downturn, but so far the measures have fallen well short of bridging a nearly $1 trillion funding gap. Since 2009, 45 states have rolled back pension benefits for teachers, police, firefighters and other public workers, including cuts by Michigan and California this month. Next week, Republican Ohio Gov. John Kasich is expected to sign legislation requiring, for example, that certain teachers work longer and pay more toward their pensions. Link
By Jennifer Ablan and Matthew Goldstein
Who said bonds are boring? In recent days, Jeffrey Gundlach, the new king of the fixed-income world, has been dominating headlines with his lengthy CNBC interview on everything from counterparty risk to the market’s love affair with Apple stock to talk in the blogosphere about Gundlach’s pricey Santa Monica, Calif. residence being burglarized of more than $10 million in assets.