Tax eBrief: Tax holiday ends, consumer scrimp, and more

Tax eBrief News

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

Surveys show the majority of Americans who are aware of the end of the tax holiday and tax increase say they plan to cut spending, and consumer confidence has wavered.

Tax eBrief: Tax Holiday REUTERS/John Gress Shopping

REUTERS/John Gress

* Tax holiday ends, consumer scrimp. Neil Shah – The Wall Street Journal. Surveys show the majority of Americans who are aware of the tax increase say they plan to cut spending, and consumer confidence has wavered. Link

* Higher payroll tax pinches those with the least to spare. Nelson Schwartz – The New York Times. At street level, the pain from the expiration of a two-percentage-point break in Social Security taxes in 2011 and 2012 is plain to see. Link

* Obama’s pre-Superbowl attack on carried interest puts PEGCC on offensive. Hillary Canada – The Wall Street Journal. Following a prime-time attack on carried interest by President Barack Obama, the private equity industry’s lobby group appears to be girding up for a fight regarding carried interest. Link

* U.K. runs tax deal past Usain Bolt. Peter Evans – The Wall Street Journal. The U.K. government is hoping to tempt Olympic gold medalist Usain Bolt to race again in London this summer after granting a one-off tax exemption that has previously deterred the sprinter from competing in Britain. Link

 * Falling commodities prices hit Australian mining tax. James Glynn and Enda Curran – The Wall Street Journal. Australia’s government said it raised 126 million Australian dollars (US$130 million) over six months from a new tax on mining and resources, far less than expected because of falling commodity prices and the strength of the local currency. Link

* ’666′ on tax form causes Christian worker to quit his job. Bob Smietana – USA Today. Walter Slonopas, 52, resigned as a maintenance worker at Contech Casting LLC in Clarksville after his W-2 tax form was stamped with the number 666. Link

* A sensible change in taxing derivatives. Victor Fleischer – The New York Times opinion. Republican Rep. Dave Camp’s proposed legislation is an important first step toward a more sensible approach to taxing financial instruments, an area of the tax code plagued by complexity, inconsistency and opportunities for gamesmanship. Link

Reference:
Reuters
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