Tax breaks for the wealthy, corporate jet owners, hedge fund managers and oil and gas companies should be scrapped to help reduce the deficit, President Barack Obama said Wednesday. Republicans are insisting that tax increases stay off the table in ongoing talks to get a deal to raise the debt ceiling. But at a news conference Obama said revenue has to be in the mix. [MarketWatch]
Obama: "Win For Life" Hedge Fund Managers Should Donate Some Of Their Scratch-Off Haul To Non-Winners
Donate vis-à-vis taxes that is.
Emma Thompson's Husband, Emma Thompson Not Going To Pay More Taxes 'Til HSBC "Evil Bastards" Go To Prison
You hear that, Stu Gulliver?
Ginormous Tax Savings Just A Happy Byproduct Of David Tepper's Move To Florida
So that's nice for him.
Securities And Exchange Commission Still Hung Up About The Time Phil Falcone Borrowed Money From A Gated Fund To Pay Personal Taxes
Remember the time Harbinger Capital Partners founder Phil Falcone was a little short on cash, and decided to "borrow" $113 million from a fund in which redemptions had been suspended in order to pay personal taxes? Unfortunately for Big P, the SEC does. (The regulator also recalls he time he allegedly played favorites with Goldman and allegedly manipulated some markets.) Philip Falcone, the billionaire founder of Harbinger Capital Partners LLC, faces a lawsuit from U.S. regulators as soon as this week over claims he improperly borrowed client funds to pay his taxes and gave preferential treatment to Goldman Sachs Group Inc., according to two people familiar with the matter. Falcone, 49, may also face a market manipulation claim related to trading in bonds of MAAX Holdings Inc., said the people, who asked not to be identified because the matter isn’t public. The Securities and Exchange Commission voted to authorize enforcement staff to file the case, the people said. While perhaps not the best news Falcone has received in a while, it likely does not come as a surprise, as the SEC has been talking about the aforementioned offenses since last December (when they tried to get him banned from the securities industry). Either way, Phil, who should probably just not going home tonight unless he wants an earful, is planning to "contest to the suit." SEC Said To Authorize Lawsuit Against Harbinger’s Falcone [Bloomberg]