AICPA Exec Under the False Impression That Congress Is Concerned About How Their Stalling Really Messes Things Up
Similar to the Ohio Society of CPAs, AICPA Tax Executive Committee Jeffrey Porter's request of Congress not only to act, but to act quickly, is charming. Charming in an Ernest P. Worrell kind of way, but charming nonetheless. In written and oral testimony, Porter addressed the impact of tax uncertainty in several areas and made recommendations on behalf […]
Michael Bloomberg: Business People Who Obsess Over Tax Rates Will Go the Way of the Dodo
Speaking to "a ballroom full of bankers, corporate executives and financial analysts, with a guest list that ranged from JPMorgan to PriceWaterhouseCoopers to leading lobbyists," Hizzoner downplayed all the attention that some people give to low tax rates: When it comes to improving the business climate, “Usually the pundits think of this as lowering taxes,” […]
Grover Norquist Has a Solution to Warren Buffett’s Problem
RELATED: I'm starting to think that ol' Grover is purposely spelling the Oracle's surname incorrectly. [@GroverNorquist, Earlier, Earlier]
Everybody Relax, Warren Buffett’s Secretary Is Not Making Six Figures
Earlier we discussed how Warren Buffett's secretary and glory hog, Debbie Bosanek, has become a poster child for all of us that have effective tax rates higher than those of wealthy dudes like her boss and GOP Presidential cyborg Mitt Romney. This has caused a number of people to freak out and start wondering aloud how […]
Pipedream Legislation Would Tax Billionaires at 49%
Congresswoman Jan Schakowsky (D-IL) has introduced the cleverly-named “Fairness in Taxation Act” that would tax millionaires and billionaires at rates that will cause John Boehner to hack up both his lungs.
Despite the futility of the FiTA, these are some tax rates that Tom Bloch can get behind!
The bill would create the following new tax brackets for millionaires and billionaires:
• $1-10 million: 45%
• $10-20 million: 46%
• $20-100 million: 47%
• $100 million to $1 billion: 48%
• $1 billion and over: 49%
And Schakowsky obviously has a thing for the Steve Cohens and John Paulsons of the world:
The current top tax bracket begins at $373,000 in income and fails to distinguish between the “well off” and billionaires, such as the top 20 hedge fund managers whose average income last year was over $1 billion, Schakowsky pointed out.
Congresswoman Introduces Bill to Tax Millionaires and Billionaires [AT]