In case you haven’t already come up with your own theory.
[via TaxProf]
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Omaha Mayor Proposes Crappy Idea to Fund Sewer Improvements
Omaha Mayor Jim Suttle was at the U.S. Conference of Mayors this week to brainstorm solutions to various problems with his fellow hizzoners. Omaha, for one, needs to make improvements to its sewer system to the tune of $1.7 billion. So it makes perfect sense for Suttle to suggest a simple way to get to the source of this problem:
Among the items on his brainstorming list: a proposal for a 10-cent federal tax on every roll of toilet paper you buy. Based on the four-pack price for Charmin double rolls Tuesday at a midtown Hy-Vee, such a tax would add more than 10 percent to the per-roll price, pushing it over a buck.
But just because Scuttle is throwing this out there doesn’t mean he’s on board with it; he’s just come up with solutions:
The idea came from a failed 2009 House measure by an Oregon congressman to help cities and the environment. “I heard about it and said, ‘Well, this is simple. Let’s put it on the table,’” said Suttle. “It doesn’t mean I endorse it.
Suttle unrolls toilet paper tax [OWH via TaxProf]
DOJ Curious to Know if Credit Suisse Pulled a UBS
That is, helped American clients stash money offshore.
Credit Suisse said Friday it had been notified that it was the object of an investigation by the United States Department of Justice, citing “a broader industry inquiry.” The Swiss bank said that it had previously received subpoenas and other information requests from the Justice Department and other government agencies regarding cross-border services that its private banking arm provided to American clients.
As you may recall, the situation for UBS didn’t turn out so well and they sorta went back on that whole “secrecy” thing. Unfortch for Credit Suisse, they’ll probably have to snitch too:
On Friday, a court in Lausanne upheld the Swiss government decision to force UBS to hand over client data, citing “virtually uncontrollable economic repercussions for Switzerland” if it had not done so. That decision implies that Credit Suisse, too, may be ordered to surrender information about customers’ accounts to American authorities.
Credit Suisse Discloses U.S. Inquiry Into Private Banking [DealBook]
Earlier: DOJ: You Bet Your A$$ We’re Going After More Offshore Tax Evaders
Trying to Care About the UBS and IRS Debacle is Getting Difficult
The whole IRS/UBS tango has gotten to the point where we’ll take any kind of resolution.
Like if the IRS decided that it was too much trouble and said, “We don’t need no stinking names”, we’d be thrilled. Or if UBS decided to hand over a truckload of Toblerones in order to bury the hatchet we’d think, “that was our idea” .
But no, the standoff continues, as the parties confirmed Friday’s meeting today to discuss the progress they’ve made in reaching a settlement. Regardless if a settlement is announced on Friday or the stalemate continues and the case starts on Monday the sooner this thing is over, the better.
UBS, IRS to Meet on Friday [WSJ]