Sharp Jabs Dominate Combative Vice-Presidential Debate [WSJ]
When the debate turned to the economy, Mr. Biden quickly raised Mr. Romney's secretly recorded comments at a campaign fundraiser that 47% of Americans pay no federal taxes and see themselves as victims. Democrats were dismayed that Mr. Obama had made no mention of those comments in his debate with Mr. Romney last week. Mr. Biden said many of the people who receive government benefits are people like his parents, who he said paid a higher income-tax rate than does Mr. Romney. Mr. Ryan tried to soften Mr. Romney's image with a story about his charitable giving as the two candidates were asked about Mr. Romney's 47% remark. Mitt Romney's a good man," Mr. Ryan said. "He cares about 100% of Americans in this country. And with respect to that quote, I think the vice president very well knows that sometimes the words don't come out of your mouth the right way."
A more wonky look at tax issues with WithumSmith + Brown's Anthony Nitti.
Two of Canada's accounting groups agree on national organization [Globe and Mail]
Two of Canada’s largest accounting bodies have reached an agreement to create a national organization to oversee a new CPA Canada accounting designation. The Canadian Institute of Chartered Accountants (CICA), the national association for CAs in Canada, and CMA Canada, which oversees the CMA designation, have announced they will launch a new combined CPA Canada oversight body as of Jan. 1.
Goldman Sachs Group Inc. (GS) Chief Executive Officer Lloyd C. Blankfein said he would be willing to pay higher U.S. taxes if he thought it would help reduce the national debt. “No one is so unpatriotic that they wouldn’t pay a little bit more to resolve it,” Blankfein, 58, said today in an interview on CNBC. He said that no one would be willing to pay higher taxes unless they’re sure it was part of a comprehensive solution to the country’s budget.
It isn’t alchemy. Instead, it is all about what you are measuring. To understand what the candidates are saying, you have to listen carefully to their language. Obama is talking about tax liability. Romney is talking about tax shares.
