As Americans continue to fight through the recession and redefine what the "American Dream" really means, is it time to consider a tax reform?
Warren Buffett has offered his solutions and he believes that the taxes on billionaires are too low. However, he can't even see eye-to-eye with his own congressman, so maybe he doesn't have all of the financial answers.
Now, the CEO of GE is encouraging the reform on the corporate tax code which charges US corporations 35%.
According to a recent Reuter's story, Immelt, while talking to students at Dartmouth College, said, "Corporate tax in this country needs to be reformed.
"Stuff that the deficit commission came up with, which was a lower corporate tax rate ending every loophole, is what we would take, with a territorial system, we would take in a heartbeat. The fact is I'd take Germany's or Japan's or the U.K's corporate tax policy today, sight unseen, without any dispute, I would take any of those tax policies today."
OK, regardless of your view on GE or Mr. Immelt, this man, who is obviously a good businessman to become CEO of one of the world's largest corporations, is willing to roll the dice on a tax code that he has never seen in order to eliminate the US code, then we need to consider his words.
You have two powerful men barking about changing the tax system. Is it time that lawmakers listened?
Currently, corporations are pushing huge amounts of money overseas which not only means lost income due to taxes, but it also means less jobs for those of us who this Great Nation home.
I have heard many suggestions such as a flat tax rate for everyone. Another suggestion is to have a sales tax thus allowing the US to maximize on tourism, illegal immigrants and other short term sales boosts.
I had another friend suggest a flat rate tax. So, instead of paying a percentage all Americans would owe, say $2,000. Certainly, this was an interesting theory.
Now, we want to hear your theory. We believe that our Liberty Tax customers have some of the brightest ideas! Please email them to me to be shared in a future blog.
Disclaimer: Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.