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Accounting News
Obama Says High-Earners Should Pay at Least 30% of Income as Tax
President Barack Obama called on Congress to require the highest U.S. earners to pay at least 30 percent of their income in taxes, building on his election-year push for what he terms economic fairness.
The president’s proposal in his State of the Union address tonight would create a minimum tax on income exceeding $1 million. That floor would be established in part by eliminating high earners’ deductions for mortgage interest, health care, retirement and child care. Given congressional gridlock, there is little chance of its enactment this year.
Federal Reserve’s ‘beige book’ confirms improving U.S. economy
The Federal Reserve’s latest report on the nation’s regional economies showed that the pace of activity around the country is picking up, with the notable exception of the housing market.
The Fed report, dubbed the beige book, confirmed that consumer spending was strong at the end of last year, with most parts of the country indicating significant gains in holiday sales.
Estate May Deduct Interest on Loan Between Two Trusts
The Tax Court held that an estate could deduct as an administration expense interest incurred when a trust that was part of the estate borrowed funds to enable the estate to pay its federal estate tax.
Americans Expect 2012 to be Difficult Financially
Fewer than two out of five American adults plan to make positive financial changes in 2012 as many of them expect to go through another tough financial year.
Only 39 percent plan to pay down their debt this year and only 36 percent anticipate they will be able to save more money, according to a Harris Poll of 2,237 U.S. adults who were surveyed online in December.
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