There is a lot of talk from Republican presidential candidates about replacing the current tax code with a flat tax. Herman Cain has a 999 plan that contains a 9% flat tax, 9% national sales tax, and 9% corporate tax rate. Rick Perry just came out with a 20-20 plan that has a 20% flat tax rate and a 20% corporate tax rate. Flat taxes have been a part of the national debate ever since Steve Forbes ran for President in the 90’s. So, what is a flat tax anyway? [Read more…]
The President of the United States has recently proposed a new tax known as the Buffett tax. The tax idea was suggested by Warren Buffett as a way of helping the federal government generate additional revenue. Buffett has caught a lot of flak from a number of business publications like Forbes and the Wall Street Journal. Let’s take a look at the Buffett tax proposal and see if it will help. [Read more…]
There is all this talk in the federal government now about lowering the corporate tax rate because United States corporation pay too much in federal taxes. We are always told that we have one of the highest tax rates in the world and that lowering it will benefit the economy more. It appears that United States companies are already benefiting from tax loopholes with more than half of them paying no income taxes. [Read more…]
Warren Buffett has long been an advocate of making the rich pay their fair share in taxes. He believes that tax cuts for the rich are unneccessary and that the wealthiest Americans can afford to pay the 3% increase. Read more in Buffett Backs Higher Taxes.