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December 5, 2022

Accounting News Roundup: Gingrich Tax > Romney Tax Plan; Senate Dems Finalizing Buffett Rule Bill; Deloitte Into Mongolia | 01.31.12

Why Gingrich's Tax Plan Beats Romney's [WSJ]
To minimize the damages taxes cause the economy, the best way for government to raise revenue is a broad-based, low-rate flat tax that provides people and businesses with the fewest incentives to avoid or otherwise not report taxable income, and the least number of places where they can escape taxation. On these counts it doesn't get any better than Mr. Gingrich's optional 15% flat tax for individuals and his 12.5% flat tax for business. Each of these taxes has been tried and tested and found to be enormously successful.

Senate Dems push Buffett Rule bill [The Hill]
Sen. Sheldon Whitehouse (D-R.I.) said he’s close to finalizing legislation codifying the "Buffett Rule” that would require individuals who make more than $1 million a year to pay a tax rate of at least 30 percent. The idea, named for the billionaire investor Warren Buffett, is central to President Obama’s 2012 platform to “level the playing field” for workers.  Obama renewed his push for the Buffett Rule in Tuesday’s State of the Union address. Debbie Bosanek, Buffett’s secretary, was in the audience as the president argued that her salary should not be taxed at a higher rate than her boss, whose primary source of income is from long-term capital gains. Capital gains are taxed at a rate of 15 percent.

Groupon and Its 'Weird' CEO [WSJ]
WSJ: Do you think you're mature enough to be the CEO of a multi-billion dollar company? Mr. Mason: I got the company this far. To the degree I was weird, I was weird before we were a public company and managed to get it worth whatever it's worth.

Heather Paquette Named Managing Partner of KPMG's Detroit Office [KPMG]
She's taking over for Rick Siebert.

Deloitte Announces Opening of Deloitte Onch LLC – A New Member Firm in Mongolia [Deloitte]
Your next international rotation.
Tax mascot chases suspects [TB via TaxProf]

[Isaac] Underwood’s job with Liberty Tax Service is to wear a Statue of Liberty costume and stand along Monroe Street near Auburn Avenue to advertise the service, directing those with complex tax questions inside the store. But Thursday evening, he found himself chasing a man and a woman who police say held up Mr. Underwood’s employer with a curling iron concealed in a washcloth. “My first instinct was to run after them,” Mr. Underwood, 27, said.


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