Essential reading: Less tension this time for Obama, Boehner, and more

Welcome from About Cash Flow to the top tax headlines from Reuters and other sources.

 * Less tension this time for Obama, Boehner. Janet Hook and Carol Lee – The Wall Street Journal. The election is over. The fiscal concerns are more acute. And after the August 2011 downgrade of the U.S.’s credit rating, both John Boehner and Barack Obama are painfully aware of the consequences of failure. Link  

* Senate ‘Gang of 8′ says this isn’t its moment in deficit talks. Jonathan Weisman – The New York Times. After years of wrangling, members of the bipartisan group of senators known as the Gang of Eight are ratcheting back expectations for a deficit reduction breakthrough and now say the best they can probably do is offer ideas for the one fiscal negotiation that will truly matter: talks between President Obama and Speaker John A. Boehner that begin in earnest on Friday. Link  

* Obama allies press Republican lawmakers to accept higher taxes. Peter Wallsten – The Washington Post. White House aides and allies are turning parts of President Obama’s reelection machinery into an outside-the-Beltway campaign to pressure Republican lawmakers to accept higher taxes on wealthier Americans, according to people familiar with the planning. Link  

* Gene Sperling: Tax deal needs ‘well over $1 trillion.’ Damian Paletta – The Wall Street Journal. Top White House economic adviser Gene Sperling said Thursday that any significant package of changes to reduce the deficit must have “well over $1 trillion in revenues.” Link  

* Fleeing taxes, France’s rich are putting their homes on the market. Jean Rafferty – The New York Times. The tax changes slated for the 2013 budget by President François Hollande’s Socialist government are having an effect on the Paris luxury property market before they have even passed into law. Link  

* Cable pledges action on tax avoidance. Vanessa Houlder and Andrea Felsted – The Financial Times. UK business secretary Vince Cable signaled that the government would take action against tax avoidance by multinationals on Thursday as retailers Dixons and John Lewis warned of potential damage to the high street from the tax arrangements of rival companies. Link  

* How to get a grand bargain. James Baker – The Wall Street Journal opinion. One way to generate the necessary political will for a deal would be to establish a mechanism guaranteeing that any agreed-upon spending cuts actually happen—and then remain in place after taxes are raised. Link  

* Why lower tax rates are good for everyone. Stephen Moore – The Wall Street Journal opinion. If President Barack Obama wants the Warren Buffetts and Justin Biebers to shoulder more of the nation’s tax burden, he would do well to pay attention to the history of tax rates. Over the past century, lower rates have shifted the tax burden onto high-income earners and away from the middle class while maintaining the tax code’s progressivity. Link  

* Obama must preserve the payroll tax cut. Jamelle Bouie – The Washington Post opinion. If enacting the payroll tax holiday produced a measurable boost to the economy in 2011, then allowing it to expire would be ruinous for the recovery. Obama should preserve the payroll tax holiday. Link

Via Reuters – Essential reading: Less tension this time for Obama, Boehner, and more

Tagged , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply