When accounting goes unaccounted for
“We’ve got an uncompetitive rate,” Clinton told a crowd at the Aspen Ideas Festival on Saturday.
“We tax at 35 percent of income, although we only take about 23 percent. So we should cut the rate to 25 percent, or whatever’s competitive, and eliminate a lot of the deductions so that we still get a fair amount, and there’s not so much variance in what the corporations pay.” [HP]
Maybe! CT owes the Treasury $11.5 million for back taxes, according to reports. This covers the 2001-2002, 2004-2006 tax years.
This sum nips on the heels of the $14 million that Nic Cage paid the Feds last year (and the $3.8 million he owes California for this year). In addition to the sum due to Shulman & Co., Tucker owed California $3.5 million last year, so, clearly, we’ve got ourselves a race here.
The difference is that NC has been working, which gives him a glimmer of hope of being in full compliance.
Tucker hasn’t been in a film since Rush Hour 3 in 2007 which, as some have pointed out, may be extremely good news for fans of that particular franchise.
The GOP is making a concerted effort to pressure billionaire investment guru Warren Buffett to release his tax returns to the public. Republicans say Buffett — the public face of Obama’s proposed “Buffett rule” to increase taxes on the wealthy — needs to reveal his finances if his views on tax rates are going to serve as the basis for Obama administration policy. “Will Warren Buffett release his tax returns so we can see why he should be the standard for tax policy?” Sen. John Cornyn (R-Texas) questioned in a tweet Thursday. “If he’s going to be the gold standard, so to speak, in terms of what our tax policy should be, yeah, let’s look at it [his tax returns],” Cornyn told ABC News. [OTM/The Hill]
Tax wonk Christopher Bergin has some concerns that if President Obama and Congress don't do something […]