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November 28, 2022

Accounting News Roundup: Trump’s Fantasy Tax Plan and More on Audit Partner Naming | 12.23.15

Analysis of Trump’s Tax Plan Shows Big Cuts in Taxes, Federal Revenue [WSJ]
The study by the Tax Policy Center estimates that Donald Trump's tax plan would cut $9.5 trillion in government revenues over 10 years. Richard Rubin reports that the plan would "lower income tax rates and exempt millions of low-income households, requiring significant new borrowing or unprecedented spending cuts beyond anything Mr. Trump has detailed in his campaign." Which is fine since a) Trump obviously doesn't know what those details are and b) the plan will never, ever become law.

The PCAOB on Partner Naming – Late News from the Devil’s Playground [Re:Balance]
Jim Peterson calls the PCAOB's partner naming rule "a half-baked solution in search of a real problem" and says that similar rules in Europe have resulted in "no visible evidence that audit quality has been affected one way or the other." As a matter of policy, Jim says that the PCAOB has much bigger fish to fry including the outdated auditor's report and going concern reporting.

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