Daily Tax Update - September 7, 2012: Obama Accepts Democratic Nomination

OBAMA ACCEPTS DEMOCRATIC NOMINATION:  Last night at the Democratic National Convention, President Obama said, "America -- our problems can be solved.   Our challenges can be met.  The path we offer may be harder, but it leads to a better place.  And I’m asking you to choose that future.  I’m asking you to rally around a set of goals for your country -- goals in manufacturing, energy, education, national security, and the deficit -- real, achievable plans that will lead to new jobs, more opportunity and rebuild this economy on a stronger foundation.   That’s what we can do in the next four years -- and that is why I’m running for a second term as President of the United States."

On the issue of taxes, Obama said, "Now, I’ve cut taxes for those who need it -- middle-class families, small businesses.  But I don’t believe that another round of tax breaks for millionaires will bring good jobs to our shores or pay down our deficit."   Obama continued, "And after a decade of decline, this country created over half a million manufacturing jobs in the last two and a half years. And now you have a choice:  We can give more tax breaks to corporations that ship jobs overseas, or we can start rewarding companies that open new plants and train new workers and create new jobs here, in the United States of America.  We can help big factories and small businesses double their exports, and if we choose this path, we can create a million new manufacturing jobs in the next four years.  You can make that happen.  You can choose that future."

The President’s remarks can be accessed here.

INTERNAL REVENUE SERVICE - CIRCULAR 230 DISCLOSURE: 
As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any plan or arrangement addressed herein.

STEPTOE & JOHNSON LLP - TAX PRACTICE 
Steptoe & Johnson LLP has one of the largest and most diverse law firm tax practices in the country.  The practice covers the entire spectrum of federal taxation, including representation of businesses before the Congress, Treasury and the national office of the IRS; transactional planning for domestic and multinational corporations; complex audit and controversy work for corporations and other business interests contesting IRS adjustments; litigation before the Tax Court, Court of Federal Claims, district courts, courts of appeals and the Supreme Court.  The firm's tax practice also encompasses all aspects of employee benefits (ERISA), executive compensation, tax-exempt organizations and charitable giving.  Steptoe has an extensive state and local tax practice, representing an array of business clients on complex sales and use tax, corporate income tax and property tax matters, both advising those clients and handling audits, administrative appeals, and litigation for them. Read more information on Steptoe's tax practice.