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November 21, 2022

Accounting News Roundup: Don’t Hate, Debate!; Some Auditor Confusion; Accountant’s Alleged “Addiction” Leads to Demise | 10.03.12

Claims Likely to Surface in Debate and Facts Behind Them [NYT]
TAXES: Mr. Obama says Mr. Romney’s tax plan would cut taxes further for the wealthy and increase them for everyone else. His charge derives from an analysis by the nonpartisan Tax Policy Center. Mr. Romney has proposed to cut income tax rates 20 percent, but in a way that neither hurts middle-income taxpayers nor adds to deficits — by cutting tax breaks for high-income taxpayers (but not those for their investments and savings). The Tax Policy Center made many favorable assumptions about Mr. Romney’s plan, given its lack of detail, yet said it does not add up. The analysts say he would have to cut tax breaks for the 95 percent of households with annual income under $200,000, including those for mortgage interest, health insurance and charitable giving. Families with children would pay $2,000 more on average, they said. Mr. Romney suggested on Monday limiting deductions to $17,000 for everyone. Mr. Romney counters that Mr. Obama has increased taxes on the middle class. His campaign cites a 61-cents-a-pack cigarette tax Mr. Obama signed in 2009 to help pay for a children’s health insurance program, and the health care law, which starting in 2014 imposes a tax penalty on people who do not have insurance. But the law provides more in tax credits for households to buy coverage. And Mr. Obama has cut taxes for middle-income households and businesses in several stimulus measures.

Romney's Middle-Class Tax Sale [WSJ]
So far this year's tax debate features one candidate with no credible plan running against a fake plan that his allies made up and another candidate with an admirable plan that for some reason he doesn't want to talk about. Mr. Obama is winning by default, but that doesn't mean Mr. Romney can't execute one of those turnarounds he's famous for, if he tries.

New York Attorney General Sues JP Morgan And Raises Question Of What The "Auditor" Knew [Forbes]
Someone please remind the NYAG who the "auditor" is.

No Joy on Wall Street as Biggest Banks Earn $63 Billion [Bloomberg]
“We may be on the verge of a new kind of banking crisis, and that’s a banking crisis where no one wants to own any banks as an investor,” said John Garvey, head of the financial- advisory practice at PricewaterhouseCoopers LLP in New York. “The future looks very dim.”

Will Going Over the Fiscal Cliff Make a Budget Deal Possible? [TaxVox]
WHEEEE!

Retired accountant 'beaten to death by Russian escort girl' [Telegraph]
A retired accountant who became a recluse following the death of his wife was beaten to death at his home by a Russian escort girl after becoming "addicted" to her, a court has heard.

American Airlines Pulls More Jets Following 3rd Seat Incident [CBS]
Fort Worth-based American Airlines says passenger seats on a third flight came loose during an airborne flight recently, and now says it’s continuing to inspect other jets with similar seating. The airline acknowledged Tuesday that seats came loose on a flight last week from Dallas-Fort Worth International Airport to Vail, Colo. The same thing happened aboard the same plane Monday and a second plane Saturday, according to the airline. American says it has pulled 47 planes from its 757 fleet out of service for inspection following the three incidents.  The airline found 4 other planes with same potential problems during inspections.

Study Shows Baldness Can Be a Business Advantage [WSJ]
This may explain Deloitte's leadership selection.

Man jailed for attacking wife with sandwich [KETV/ABC]
According to the arrest affidavit, [Larry] Spurling's wife called 911 and reported he pushed her down during an argument and rubbed a sandwich in her face. The woman told deputies that Spurling had become irate for "making him live in the county" and "being bored since there is no place for him to walk." She said that the argument went on for some time, during which Spurling drank three 24-oz cans of Natty Daddy, a malt liquor with 8 percent alcohol content. The woman told deputies that she "got tired" of the argument and made herself a sandwich and went to a bedroom. Spurling followed her, according to the affidavit, pulled her hair, pushed her onto the bed and rubbed the sandwich on her face. A deputy said he found several pieces of lunch meat on the carpet outside a bedroom and some pieces of bread in the bedroom. The woman said she had mayonnaise in her hair and on her face as a result of the attack, but she cleaned herself up before deputies arrived.

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