Tax eBrief: Obama sees leverage in tax fight, and more

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

The wait-it-out political strategy in the White House is different from the one Mr. Obama pursued in previous tax and spending standoffs with Republican lawmakers. In those clashes, the president urgently sought to reach last-minute deals with Republicans to avoid the dire fiscal and economic consequences of an impasse.

Tax eBrief Obama sees leverage in tax fight Image

REUTERS/Kevin Lamarque

* White House counts on G.O.P. to bend on cuts’ effects are felt. Michael Shear – The New York Times. White House strategists say they believe that a constant drip of bad news will emerge in Congressional districts across the country in the weeks ahead, putting Republicans on the defensive for their refusal to raise taxes. Link 

* Poll: Most don’t believe in being a tax cheat. Stephen Ohlemacher – The Washington Post. With tax season in full swing, a newly released poll says an overwhelming majority of adults don’t believe it is ever okay to cheat on their income taxes, with most citing personal integrity as a reason to be truthful. Link

* Dividend recaps set to dwindle in 2013: Moody’s. Maxwell Murphy – The Wall Street Journal. Moody’s Investors Service expects fewer dividend recapitalizations this year compared to 2012, when companies rushed to distribute cash to shareholders ahead of expected tax hikes. Link

* N.J. gambles on revenue in online bets. Alexandra Berzon – The Wall Street Journal. New Jersey’s budget relies on $436 million in casino tax revenues next fiscal year, up from $235 million in the revised current budget. That would be a high for casino-related taxes not seen since the 2007 budget year, state records show. Link

* As casinos struggle, New Jersey tries new ways to bet. Kate Zernike – The New York Times. A shimmering $2.6 billion casino resort built with tax incentives announced last week that it was entering bankruptcy less than a year after it opened. Link 

* Fewer cities and towns seek permanent tax increases. Calvin Hennick – The Boston Globe. Most cities and towns are still figuring out their finances for the 2014 fiscal year beginning July 1, but if the recent past is any indicator, not many communities will ask voters this spring for a tax increase to help pay for municipal operations. Link 

* Few Marylanders support tax increase to fund traffic congestion fixes. John Wagner – The Washington Post. Though many Marylanders in the Washington region see traffic congestion as a major problem, there is little support for any solutions that involve raising taxes, a new Washington Post poll has found. Link 

* Gov. Patrick renews push for Mass tax changes. Bob Salsberg – Associated Press. Gov. Deval Patrick asked lawmakers on Wednesday to raise the state income tax rate to 6.25 percent from 5.25 percent while lowering the sales tax rate. Link

Reference:
Reuters
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