UBS is going to name names, albeit not all of them, bringing us to ever so close to the bitter end of the whole IRS/UBS standoff.
All the gory details are expected to be released on August 10th, when hopefully everyone will kiss and make up officially.
The focus of the settlement will be around 7,000 or so accounts that are associated with offshore companies and trusts that are possibly tied to some financial shenanigans. Under the potential settlement, UBS won’t turn over any names until after September 23rd, which is the last day for offshore account holders to confess their sinful ways.
Deal Reached in UBS Tax Battle [WSJ]
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After Today’s Job Report, Eric Cantor Can’t Imagine Why Anyone Would Think Raising Taxes Is Good Idea
” ‘Disappointing’ is an understatement,” Cantor said on the floor in a colloquy with House Minority Whip Steny Hoyer (D-Md.). Cantor was citing the jobs report for June that said only 18,000 private-sector jobs were created in that month, and that the unemployment rate increased to 9.2 percent.
“Just look at the jobs report today,” Cantor added. “I cannot fathom how anybody, how anyone thinks right now is a good time to raise taxes. Who thinks that raising taxes on individuals and small businesses can help create jobs?” [The Hill]
Memo to “I’m-not-a-good-test-taker” Tax Preparers: The IRS Asks That You Take Their Competency Exam Sooner Rather Than Later
No one is saying that you can't pass this thing, but if tests aren't your […]
Turns Out the Guy that Joe Biden Called a Smartass Is Just an Ass
Yesterday we learned about Joe Biden not taking too kindly to a custard shop manager’s suggestion that he can eat all the free custard he wants as long as JB & the rest of the crew “lower our taxes.”
The Veep retorted that maybe the dude in the funny paper hat should try saying nice for change instead of being a smartass. It was the typical Joe Biden charm that you would expect. Perhaps he should have suggested visiting the White House’s tax savings tool instead of name-calling but the past is the past and we’ll just chalk up another Joe Biden moment of hilarity/political liability.
But wait! What if the VP was right about this portly custard slinger? We read over a little mini memoir over at Daily Intel that indicates that the guy probably had it coming:
First of all, as anyone who has ever lived in Milwaukee knows: Kopp’s Frozen Custard is the most delicious dessert on the planet. It’s basically ice cream with twice the fat. So when Smilin’ Joe Biden showed up at Kopp’s in Glendale, Wisconsin, last week, you can only imagine his annoyance at being interrupted in the middle of his first taste — from the looks of things, Friday’s special flavor, chocolate chip cookie dough — by a store manager cracking that the cone was free, as long as the vice-president would agree to “lower our taxes.” Biden being Biden, he called the manager “a smartass.” And who was that smartass? None other than my nemesis of twenty years ago — the first boss I ever hated and feared.
Said smartass is Scott Borkin and the author of this piece, Dan Kois, proceeds to tell a tale of a lunatic boss from hell (thanks, Richard Lewis):
Once, very late on a long, hot night of customers piling in and the custard machines jamming and the store’s owner, Carl Kopp, walking around in his apron and hat terrifying everyone, Scott Borkin came over to collect a shake for order number 87. “What the hell is this?” he asked me.
Inside, I panicked. What had I done wrong this time? But I had the ticket right in my hand — malt with chocolate — and was positive that’s what I had made. “It’s a chocolate malt.”
“No, this,” he said, pointing at my Sharpied “7” on the lid. I’d written it with a line through the center because once someone had mistaken my non-lined 7 for a 2.
“Uh, it’s a seven,” I replied.
“This is a seven,” he said, taking the ticket from my hand and drawing a non-lined numeral. “Do it right or you’re outta here.” He plucked the malt off the counter and stalked away. “This isn’t Germany!” he called over his shoulder.
Christ. Threatening termination because of lined 7 and anti-Germany? PLUS he likes bitching about taxes? This guy could be the next Joe the Plumber. Oh wait, he’s already been on Fox & Friends. Mission accomplished.