* Fiscal talks spur charitable giving. Laura Saunders and Hanna Karp – The Wall Street Journal. Tax uncertainty in Washington is setting off a mad scramble among wealthy taxpayers and charities to maximize donations before the end of the year. Their worry: The tax deduction for charitable giving, a fixture of the tax code for nearly a century, is coming under pressure as part of a broader fiscal agreement now being hammered out on Capitol Hill. Link
Essential reading: Some in GOP urge lawmakers to back tax hikes for changes in safety-net programs, and more
* Some in GOP urge lawmakers to back tax hikes for changes in safety-net programs. Lori Montgomery and Rosalind Helderman – The Washington Post. A growing chorus of Republicans is urging House leaders to abandon their staunch opposition to higher tax rates for the wealthy with the aim of clearing the way for a broad deal that would also rein in the cost of federal health and retirement programs. Link
By Matthew Goldstein and Jennifer Ablan
Big money managers do not always agree–that’s what makes a market–but if there was one consensus coming out of our just concluded Reuters Investment Outlook Summit, it’s that next year will probably be another bang up one for the bond market.
* Top U.S. firms are cash-rich abroad, cash-poor at home. Kate Linebaugh – The Wall Street Journal. Emerson Electric Co. has $2 billion of cash in the bank. But this year it had to borrow money in the U.S. to help buy back shares, distribute dividends and even pay its taxes. As a result, Emerson says, it brings its foreign cash holdings back to the U.S. only if that can be “accomplished tax efficiently.” Link
from Lauren Tara LaCapra:
At the Goldman Sachs investor conference on Tuesday, Morgan Stanley wealth management executive Greg Fleming ran through his 31 slides like a financially savvy drill sergeant, with a full discussion of margins, lending, technology, "value propositions" and "illustrative solutions."
Monday, Dec. 3 – Wednesday, Dec.5
• Securities and Exchange Commissioner Luis A. Aguilar, SEC acting chief accountant Paul Beswick, and the chairs of the Public Company Accounting Oversight Board, Financial Accounting Standards Board and International Accounting Standards Board all speak to the American Institute of CPAs conference on SEC and PCAOB developments. Marriott Wardman Park Hotel. Washington.