Tax eBrief News
Welcome from AboutCashFlow.com to the top tax and accounting headlines from Reuters and other sources.
Being married subjects couples to marriage penalties and bonuses. Some couples see raised taxes “marriage penalty”, and lowered taxes for others “marriage bonus”. The marriage penalty is especially pronounced for married couples earning above $300,000.
* Happy Valentine’s Day? Check your taxes first. Laura Saunders – The Wall Street Journal. Being married raises taxes for some couples and lowers them for others. The marriage penalty is especially pronounced for couples earning above $300,000.
* U.S. slams EU’s tax-on-trades plan. Gabriele Steinhauser and Jenny Strausburg – The Wall Street Journal. The U.S. Treasury said it opposes plans by 11 European Union countries to impose a small tax on trades in shares, bonds and derivatives.
* U.S. banks warn over planned EU ‘Tobin tax’. Alex Barker and James Politi – The Financial Times. The European Commission will on Thursday unveil an ambitious plan for an international levy on financial trades to be collected by the eurozone’s biggest economies, raising an estimated 30 billion to 35 billion euros a year.
* Bill targeting tax loopholes could leave companies exposed. Emily Chasan – The Wall Street Journal. Multinational corporations started the year with a tax gift when a deal to avert the fiscal cliff extended several corporate incentives, but higher taxes could be in the offing if a bill introduced this week by Senate Democrats to cut corporate tax loopholes gains traction.
* Advisers match clients with tax pros. Arden Dale – The Wall Street Journal. With a new complicated tax regime in place, advisers say it is more important than ever that their clients are paired with the best tax professionals who know the tax code inside and out and whom they can connect with personally.
* Boxer’s push is a twist on carbon tax. Carolyn Lochhead – The San Francisco Chronicle. California Democrat Senator Barbara Boxer plans Thursday to co-sponsor a radical plan to control carbon dioxide emissions modeled on Alaska’s rebates of oil royalties to residents.
* More support soda tax if for kids’ health. Erin Allday – The San Francisco Chronicle. An overwhelming majority of California voters believe that sugary sodas are a major cause of obesity and that such beverages should be taxed – but only if the money raised goes toward improving nutrition and fitness programs in schools.
* The $9 minimum wage that already exists. Michael Saltsman – The Wall Street Journal. The Earned Income Tax Credit boosts wages for workers at the bottom of the pay scale without putting their jobs or incomes at risk. If President Barack Obama is dead set on using the government to boost wages, the EITC is the place to start.