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ANR: Mitt Romney Doesn’t Have a $5 Trillion Tax Cut; PwC’s Record Revenue; LEAVE BIG BIRD ALONE | 10.04.12

Obama and Romney, in First Debate, Spar Over Fixing the Economy [NYT]
But for all of the anticipation, and with less than five weeks remaining until Election Day, the 90-minute debate unfolded much like a seminar by a business consultant and a college professor. Both men argued that their policies would improve the lives of the middle class, but their discussion often dipped deep into the weeds, and they talked over each other without connecting their ideas to voters. If Mr. Romney’s goal was to show that he could project equal stature to the president, he succeeded, perhaps offering his campaign the lift that Republicans have been seeking. Mr. Obama often stopped short of challenging his rival’s specific policies and chose not to invoke some of the same arguments that his campaign has been making against Mr. Romney for months. At one point, Mr. Romney offered an admonishment, saying, “Mr. President, you’re entitled, as the president, to your own airplane and to your own house, but not to your own facts, all right?” He forcefully engaged Mr. Obama throughout the night, while the president often looked down at his lectern and took notes.

Romney tells Obama: 'I don't have a $5 trillion tax cut' [The Hill]

“If the tax plan he described were a tax plan I was asked to support, I’d say absolutely not,” Romney said at the Denver debate. “I’m not looking for a $5 trillion tax cut. What I’ve said is I won’t put in place a tax cut that adds to the deficit.”
Night's Big Dispute Hinges On Tax Cuts and Deficit [WSJ]
One of the most confusing—but also important—exchanges in Wednesday night's debate was a lengthy clash between President Barack Obama and Republican presidential nominee Mitt Romney over their competing tax proposals. Both candidates hurled giant numbers at each other—$5 trillion here, $4 trillion there—but the crux of their divide was much simpler: What role should taxes play in an economic recovery, and should tax increases be used as part of a deal to reduce the nation's budget deficit? Mr. Romney's tax story goes like this: cut income-tax rates 20%, limit or eliminate deductions, and don't include new taxes in a package to reduce the deficit. Mr. Obama's version goes like this: raise taxes on the wealthy to reduce the deficit, and use the tax code to give incentives to certain industries like manufacturing.
Consulting helps push PwC's revenues to $31.5 billion [Reuters]

PwC, the world's largest accounting firm, reported a record $31.5 billion in revenues in 2012 and forecast a big shift in business to developing markets in the next five years. Helped by increased advisory and consulting work, revenues for the year ended June 30 rose by 8 percent from $29.2 billion in fiscal 2011, PwC said in a statement on Thursday. Advisory and consulting revenues rose nearly 17 percent, while audit and related services rose over 3 percent and tax revenues went up nearly 8 percent, PwC said. Despite a debt crisis in the Eurozone, Western Europe remained PwC's biggest source of revenues, at nearly $12 billion in 2012, up from $11.5 billion in 2011.

Romney Debates Obama, Says He May Need a New Accountant [AT]
After Obama said he wanted to end corporate tax breaks for companies that ship jobs overseas, Romney responded, “You said you get a deduction for taking a plant overseas. Look, I've been in business for 25 years. I have no idea what you’re talking about. I maybe need to get a new accountant.”

Romney Promises To Cut Taxpayer Funding For PBS (But Says He Still Loves Big Bird) [Forbes]
Bird Big has a sad.

Tax Whoppers in Last Night's Presidential Debate [TaxProf]
There were a few.

Overseas Cash and the Tax Games Multinationals Play [DealBook]
The tax code provides multinationals based in the United States with many incentives to shift income to foreign low-tax jurisdictions. In theory, American corporations are taxed at 35 percent on their worldwide income. But income earned by an active controlled foreign corporation is not usually taxed until the cash is repatriated to the parent company in the United States as a dividend. From a policy perspective, the problem is not so much that tax on foreign income is deferred, but rather that United States income is being masqueraded as foreign income.

FASB, IASB keep time value of money in revenue recognition standard [JofA]
Cops: Man squirts soap in girlfriend's mouth for cursing [WTSP]

Stephanie Madewell called police after her on-again, off-again — who is now currently on-again — boyfriend of five years, 26-year-old John Caruso, came up behind her and squirted dish soap into her mouth as she sat on their love seat. At one point during the soaping incident, she also suffered a small cut to her upper lip. After calling police, Stephanie then called her mother, who told police she spoke with John and he told her he did it because her daughter would not stop cursing. John told the deputy he did it because she would not stop yelling and cursing and didn't want her to wake their two sleeping children. He told the deputy he warned her three times before doing it and that it was what his parents used to do to him.


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