• Home
  • Management
  • Startup/Entrepreneur
  • Gamechangers
  • Tech/E-Commerce
  • Career
  • Global Business
  • Women's Business

  • Corporate Taxes: No Reform-Reform

    American leaders are not willing to be clear-eyed and proactive about immediate and long-term solutions, so we get what we always get, and somehow wait for that to change everything for the better.

    Members of both houses, Republicans and Democrats are wrangling over tax reform, as a chip to coincide with dramatic spending cuts. Yet, it’s becoming clearer that the reform, especially when it comes to loopholes, will not equate to a drop in the bucket.

    In the Forbes article, The Dirty Little Secret of Tax Reform, Janet Novack explains how the proposed tax reform is a ruse.

    In The Dirty Little Secret of Tax Reform, Novack states,But here’s a dirty little secret of tax reform: You could eliminate all those special interest tax  “loopholes” that  invite ridicule — such as the tax credit for turning chicken manure into energy —and what you’d raise would add up to only (forgive me) chicken manure….That’s because most of the new credits and tax breaks (such as those to promote green energy and conservation) account for only a small  portion of the $1.1 trillion in annual tax expenditures on the JCT list,  points out  John L. Buckley, who spent 37 years as a Congressional staffer and retired last December as  Chief Tax Counsel of the House Ways & Means Committee. In a new paper, Buckley, now a visiting professor at Georgetown University Law Center, calculates that 95% of the total annual individual tax expenditures (by dollar) go to 10 basic areas that hardly sound like narrow, special interest loopholes.”

    This shows the lack of seriousness by our political and business leaders to lead. They fail to see America on this downward trajectory, and no is taking responsibility, no one is sacrificing, no one is talking about doing the hard things – no one is leading.

    Tax reform is one of the instances by spreading the contribution of those, who pay taxes, America can create a tax base that is fair to both the working class, as well as the wealthy, and make it attractive for business, but because American leaders are not willing to be clear-eyed and proactive about immediate and long-term solutions, so we get what we always get, and somehow wait for that to change everything for the better.

     

    Good Luck.

    Calvin Wilson
    Founder and CEO
    Upstart: Business and Management for 20-40 Year Old Professionals
    calvin.wilson1@verizon.net
    http://twitter.com/Upstart__Nation

    Filed Under: Management

    Tags:

    About the Author:

    RSSComments (0)

    Trackback URL

    Leave a Reply

    You must be logged in to post a comment.