Glocer said Tax & Accounting has shown high growth and decent margins, although he said margins have been somewhat depressed by acquisitions. He implied, but did not state that Tax & Accounting acquisitions have generated a high level of cash flow, although he talked about how Thomson Reuters measures the time it takes an acquisition to become cash-flow positive as a important metric.

The research and guidance business felt more economic pressure than what he called the more transactional elements of the tax and accounting product and services lines. But he noted that even proposed changes yield business for the company and for tax and accounting professionals.

"Proposals aren’t bad because they keep people busy and writing to clients," he said. "But the best thing is when they change the rules. The economic driver is changes to the tax code."

A lot of research for clients is being doing, for example, regarding the possibility the Obama administration will change controlled foreign corporation rules, which he sees as a positive for those using Thomson Reuters' transfer tax software.  Overall, he expects that there will be significant tax changes that will help this market.

Glocer also referred to this week's pending acquisition of Deloitte's Abacus software and services, which are used to comply with and remit income taxes and value-added taxes globally. The purchase, he said, is part of an acceleration of Thomson's growth in tax and accounting internationally.