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Bramwell's Lunch Beat: Trump on Raising His Own Taxes: ‘I’m OK with It’

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Aug 27th 2015
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Donald Trump says he wants to raise taxes on himself
Republican front-runner Donald Trump began to flesh out his economic vision for America – and it includes raising taxes on the wealthy, wrote David Knowles of Bloomberg. Trump said during a Wednesday interview on Bloomberg's With All Due Respect that he would like to change the tax code. “I would take carried interest out, and I would let people making hundreds of millions of dollars-a-year pay some tax, because right now they are paying very little tax and I think it's outrageous,” Trump said. “I want to lower taxes for the middle class.” Asked whether his proposed changes meant he was prepared to raise taxes on himself, Trump said: “That's right. I'm OK with it. You've seen my statements, I do very well, I don't mind paying some taxes. The middle class is getting clobbered in this country. You know the middle class built this country, not the hedge fund guys.”

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Business groups assail Donald Trump for urging higher taxes on some companies
Donald Trump's recent proposal to increase taxes on companies, such as Ford, when they source parts or make cars in countries like Mexico has drawn the ire of the conservative Club for Growth, wrote Alan Rappeport of the New York Times. Trump suggested imposing a 35 percent tax on the carmaker as a penalty for such behavior. “It should thrill liberals and Democrats everywhere that Trump wants to create new taxes and start a trade war to force American companies to work where he demands,” David McIntosh, president of Club for Growth, said on Wednesday. “Instead of lowering corporate taxes, cutting unnecessary regulations, and fostering a more profitable environment in the United States, as some Republican candidates have proposed, Trump wants to unilaterally threaten a major US manufacturer with higher taxes.”

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For tax foes, plenty to like in GOP field
Bernie Becker of The Hill examined the strong tax-cutting records of current and former governors who are candidates for the Republican presidential nomination. If one of these candidates – which include Jeb Bush of Florida, Scott Walker of Wisconsin, and John Kasich of Ohio – becomes president, it would excite conservatives who believe a long-sought rewrite of the tax code could finally be within reach. In all, nine of the 17 candidates has been a governor, with four currently serving as their state's chief executive. Fiscal hawks aren't fans of every GOP governor in the 2016 field, with former Gov. Mike Huckabee of Arkansas receiving particular scorn for a range of tax hikes. But conservatives are hopeful that the budget victories the candidates have won in statehouses around the country can be replicated in Washington come 2017.

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Accounting chiefs rarely promoted to CFO role
Few chief accounting officers and controllers get the CFO gig, at least according to trends measured by Korn/Ferry International, wrote Kimberly S. Johnson of CFO Journal. Only 20 percent of current finance chiefs who were promoted internally had such a background, Korn/Ferry says. That compares to 36 percent in 2010. One issue at play could be that the highly-technical demands typically required of people who have the chief accounting officer title, or who occupy the controller role, may make it harder for them to gain the leadership and operational skills that CFOs ideally need, said Charles Eldridge, senior client partner for Korn/Ferry. Still, 11 companies just last month announced the promotion of a controller or chief accounting officer to CFO, according to a Wall Street Journal analysis.

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Grip on nonaudit fees grows tighter
The amount companies spent on fees unrelated to auditing last year hit their lowest level, relative to what they spent on auditing-related fees, since 2002 – the year regulations designed to ensure accounting firm independence took effect, wrote Maxwell Murphy of CFO Journal. Because of Enron and Arthur Andersen, new measures were put in place to keep auditors from getting too chummy with their clients. The more money clients pay their auditors for fees that don't relate to ensuring fudge-free books, the thinking goes, the more pressure outside accountants may face from above to look the other way on questionable practices. In 2014, a little more than 80 percent of accounting spending among 2,300 US public companies went directly to audit services, according to a forthcoming study by data and research firm Audit Analytics.

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A new computer glitch is rocking the mutual fund industry
A computer glitch is preventing hundreds of mutual and exchange-traded funds from providing investors with the values of their holdings, complicating trading in some of the most widely held investments, wrote Kirsten Grind and Bradley Hope of the Wall Street Journal. The problem, stemming from a breakdown early this week at Bank of New York Mellon Corp., the largest fund custodian in the world by assets, prompted emergency meetings on Wednesday across the industry. Directors and executives at some fund sponsors scrambled to manually sort out pricing data and address any legal ramifications of material mispricings, those in which stated asset values differed from the actual figures by 1 percent or more. Big money managers affected by the glitch include Goldman Sachs Group Inc., Guggenheim Partners LLC, and Morningstar Inc.

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