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December 6, 2022

Accounting News Roundup: Buffett Rule Blocked; Taxes Trickle Down; Ex-BDO Partner Going Away | 04.17.12

In Senate, Republicans Block Debate on ‘Buffett Rule’ [NYT]
Senate Republicans on Monday blocked a move to open debate on the so-called Buffett Rule, ensuring that a measure pressed for months by President Obama and Senate Democrats to ensure that the superrich pay a tax rate of at least 30 percent will not come to a decisive vote. But the fierce debate preceding the 51-45 vote — the Democrats were nine votes short of the 60 they needed — set off a week of political wrangling over taxes that both parties insist they are already winning.

The Buffett Rule: Right Goal, Wrong Tool [NYT]
It’s good politics: most Americans believe the rich do not pay enough tax. President Obama has said that the Buffett Rule is a principle for tax reform, and heaven knows that the tax code needs an overhaul. But as part of such reform, we should correct the underlying defects that let multimillionaires like Mr. Buffett and Mitt Romney pay relatively low taxes — namely, those lightly taxed capital gains and dividends. The Fair Share tax is not the right tool for this job. It is bad policy. If it became law, it would needlessly complicate taxes and create new inequities. In so doing, it would repeat an egregious error made 43 years ago when Congress created the first minimum tax in a poorly executed effort to rein in tax breaks for millionaires.

Trickle-Down Taxation [WSJ]
Did you think Grover Norquist wasn't going to find elbow in an op-ed this week?

United Appoints Finance Chief [WSJ]
United Continental Holdings Inc. said Zane Rowe, its finance chief since the 2010 merger of United Airlines and Continental Airlines, is leaving to take a nonfinancial position at Apple Inc. John Rainey, 41-years-old and a senior vice president of financial planning and analysis for Chicago-based United Continental, was promoted to succeed Mr. Rowe. A spokesman for Cupertino, Calif.-based Apple said Mr. Rowe is joining the consumer electronics company as a vice president of sales. "He built a great team at United and we think he is going to do a fantastic job at Apple," the Apple spokesman said.

Ex-BDO Seidman Partner Favato Gets 18 Months for Tax Crimes [BBW]
Stephen Favato will be taking a little vacation.
Tax Day: Post Offices Won't All Be Open Late On April 17 [HP]

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