Essential reading: More tax revenue to IRS before cliff, and more

Tax News

Tax News - Reuters - Nicky Loh

Reuters – Nicky Loh

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

* U.S. tax bonanza may be tapped out. Spencer Jakab – The Wall Street Journal. All the talk about the fiscal cliff and the inadequacy of the last-minute deal to avert it obscures one fact: It probably provided the government with tens of billions of dollars in unexpected tax receipts. Link

* Tax code may be the most progressive since 1979. Annie Lowrey – The New York Times. With 2013 bringing tax increases on the incomes of a small sliver of the richest Americans, the country’s top earners now face a heavier tax burden than at any time since Jimmy Carter was president. Link

* France says no tax rises planned. Inti Landauro – The Wall Street Journal. French Budget Minister Jerome Cahuzac said on Sunday the government isn’t planning any tax increases for the next few years as it tries to offer stability to companies and taxpayers following the exit of high-profile citizens such as actor Gerard Depardieu. Link

* Greek tax scandal distracts from a collection shortfall. Liz Alderman and Rachel Donadio – The New York Times. Greece, its foreign lenders say, has fallen woefully short of its tax collection targets and is still not moving hard enough to tackle widespread tax evasion — long tolerated, particularly among the country’s richest citizens. Link

* The stealth tax hike. The Wall Street Journal editorial. The revival of two dormant provisions of the tax code means the much ballyhooed $450,000 income threshold for the highest tax rate is largely fake. The two provisions are the infamous PEP and Pease, which aficionados of stealth tax increases will recognize immediately as relics of the 1990 tax increase. Link

* The next round of tax increases. The New York Times editorial. The White House seems to think the deal has established a firm foundation for building a new fiscal house. In fact, the deal could make tax reform less likely. Link

Author: Patrick Temple-West
Source: Reuters

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