Obama’s New Vision: No Further Increases in Tax Rates; Instead Focus on Eliminating Loopholes and Deductions And just last week all the pundits were saying any sort of serious budget deal was dead. Now, The New York Times, CBS News, and Washington Post/Associated Press report that president Barack Obama said future deals with Congress on the U.S. budget could set aside the option of raising tax rates and, instead, focus on eliminating tax loopholes and deductions to reduce the deficit. “I don’t think the issue right now is raising rates,” Obama said. Instead, a focus might be on mortgage interest…
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Deal Activity Will Likely See a Surge in 2013 if a Meaningful Deficit-Reduction Compromise Can Be Reached Wallace Witkowski at Marketwatch reported in mid-December that deal activity will likely see a surge in 2013 if a meaningful deficit-reduction compromise can be reached. Otherwise the market will remain stunted as it was in the past year. Democrats and Republicans didn’t come to a full agreement by year end, or even early January, but the fact that it’s still possible within weeks and months allows his prediction to stand:
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Some Stakeholders Suggest Improvements to Segment Reporting Information A 1996 accounting standard established to improve the way public companies report financial information about their business segments generally achieves that purpose, although some stakeholders suggest improvements. That was the overall conclusion of the post-implementation review (PIR) of Financial Accounting Standards Board (FASB) Statement No. 131, Disclosures about Segments of an Enterprise and Related Information (codified in Accounting Standards Codification Topic 280, Segment Reporting). The PIR process was established by the Financial Accounting Foundation (FAF) in 2010. The Financial Accounting Foundation elaborates:
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You’ve probably already read this story—Facebook Co-Founder Renounces U.S. Citizenship in Advance of IPO, Saving Millions in U.S. Taxes —heard about it on the radio, or seen it on TV. But Paul L. Caron of The TaxProf Blog has done a remarkable job of aggregating all the media responses to the story from about 20+ outlets, and linking to previous posts this week on the developing story. On Thursday: Bloomberg: Schumer Proposes Tax on People Like Facebook’s Saverin: U.S. Senator Charles Schumer proposed legislation that would impose a 30% capital gains tax on people like Facebook co-founder Eduardo Saverin unless…