Unstructured Finance

Essential reading: Most Americans face lower tax burden than in 1980, and more

November 30, 2012

Welcome to the top tax and accounting headlines from Reuters and other sources.

* Complaints aside, most face lower tax burden than in 1980. Binyamin Applebaum and Robert Gebeloff – The New York Times. Most Americans in 2010 paid far less in total taxes — federal, state and local — than they would have paid 30 years ago. The combination of all income taxes, sales taxes and property taxes took a smaller share of their income than it took from households with the same inflation-adjusted income in 1980. Link

Essential reading: Mortgage-interest deduction could be in play, and more

November 29, 2012

Welcome to the top tax and accounting headlines from Reuters and other sources.

* Mortgage-interest deduction could be on the table in ‘fiscal cliff’ debate. Brady Dennis – The Washington Post. As Congress and the White House negotiate the first major rewrite of tax laws in decades, changing the generations-old mortgage-interest deduction — which costs the government roughly $100 billion a year — has gone from far-off possibility to part of the conversation. Link

Goldman, Moody’s bring some cheer; can the govt build on it?

November 29, 2012

A battered government has some good news to cheer this week. First, rating agency Moody’s kept the country’s rating outlook at stable, providing a breather after two other global firms downgraded it to negative.

Essential reading: Philippine tax sheriff takes aim at cheats, and more

November 28, 2012

Philippines’ Bureau of Internal Revenue Commissioner Kim Henares inspects her target board during target shooting, Manila, October 26, 2012. REUTERS/Romeo Ranoco.

Essential reading: On ‘fiscal cliff,’ both sides lay groundwork, and more

November 27, 2012

Welcome to the top tax and accounting headlines from Reuters and other sources.

* On ‘fiscal cliff,’ both sides lay groundwork for debate’s next phase. Zachary Goldfarb and Lori Montgomery – The Washington Post. Private talks between President Obama and top congressional leaders in search of a deal to avoid the year-end “fiscal cliff” are accelerating, officials said Monday, even as the president began ramping up pressure on Republicans to extend tax cuts for the middle class. Link

Talking straight with money managers, policy makers and econ gurus

November 27, 2012

By Matthew Goldstein and Jennifer Ablan

We may not be TV people but there’s something to be said for just sitting down and doing a video interview to discuss the big issues of the day. And that’s just what we did as part of this year’s Reuters Investment Outlook Summit and it’s something we hope to keep doing as  a regular feature going forward into the new year.

Eminent domain or principal reductions, the bottom line is reducing mortgage debt

November 26, 2012

By Matthew Goldstein and Jennifer Ablan

It’s been almost six months since we first reported on the plan by Mortgage Resolution Partners to find a community willing to use eminent domain to condemn and restructure underwater mortgages and pay a handsome fee to the private investment group for overseeing this process. The proposal has generated a lot interest, debate and heat, but so far  no community is yet willing to go down this road.

Essential reading: Consensus on increasing tax revenue, a wide gulf on how to do it, and more

November 26, 2012

Welcome to the top tax and accounting headlines from Reuters and other sources.

* ‘Fiscal cliff’: Consensus on increasing tax revenue, a wide gulf on how to do it. Lori Montgomery – The Washington Post. For the first time in decades, a bipartisan consensus has emerged in Washington to raise taxes. But negotiators working to avert the year-end “fiscal cliff” remain far apart on crucial details, including how taxes should go up and who should pay more. Link

Calendar

November 23, 2012

Some important tax and accounting events in the week to come:

Tuesday, Nov. 27  * U.S. Senator Dick Durbin, Majority Whip, speaks on the fiscal showdown and deficit reduction. 11:30 a.m. ET, Center for American Progress Action Fund. Washington.

Essential reading: Congress seeking ways to raise taxes but leave tax rate as is, and more

November 23, 2012

Welcome to the top tax and accounting headlines from Reuters and other sources.

 * Seeking ways to raise taxes but leave tax rate as is. Jonathan Weisman – The New York Times. Congressional negotiators, trying to avert a fiscal crisis in January, are examining ideas that would allow effective tax rates to rise for the wealthy without technically raising the top tax rate of 35 percent. They hope the proposals will advance negotiations by allowing both parties to claim they stood their ground. Link