Should states open up accounting to the public

In a recent editorial at PennLive, they express the need for states to open up their public accounting records to the public. The tax payers should know what their taxes are being spent on. They can also begin to have a say on the budget cuts, because it's their money that is funding the state, therefore the public should have a say on what says and what goes.

What do you think? Should State accounting records be opened to the public?

Pharma deals with taxes and working overseas

In a recent blog post at the Wall Street Journal Health Blog, they look at what different Pharma companies are facing when they go abroad to conduct business.

The dispute has to do with something called “earnings stripping,” in which a multinational company reduces its taxes by claiming interest deductions for payments to a related overseas unit. The company claims deductions on its U.S. tax return, but no money ultimately leaves the parent company’s coffers, and publicly reported profit doesn’t change. The WSJ explains the nitty gritty. Glaxo didn’t comment, but in court filings has said the payments were properly classified as tax-deductible interest.

Read the full article here.