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October 19, 2011
Last night, alliantgroup's own Mark Everson, former IRS Commissioner, appeared as an expert guest on CNBC's “The Kudlow Report,” interviewed by Larry Kudlow on tax policy, jobs and specifically Republican candidate Herman Cain's 9-9-9 proposal for tax reform. You can view the brief interview here.
Mark did a great job of reminding everyone that tax reform should not be just about reform for C Corporations. While more and more people in Washington are finally getting it, it was good for CNBC viewers to hear that the emphasis should be on tax reform for all businesses, not just large corporations.
The alliantgroup message that we need to talk about tax reform that will benefit all businesses, is finally getting through. I was especially heartened by the following comments appearing recently in Tax Notes:
Over the weekend, Camp and fellow supercommittee member Rep. Fred Upton, R-Mich., downplayed the chances of the body formulating a plan for broad tax reform.
The Republican staffer said that because of the prevalence of pass-through entities, "there is no corporate tax reform," and that any reform proposals commonly referred to in that way must be thought of in a broader sense as "business tax reform."
"There aren't a lot of tax breaks that are for C corporations only," the staffer said. "There's a competitive balance and a fairness issue there that if you're going to go after business tax breaks and use it only to lower the corporate rate, you're engaging in a wealth transfer from pass-through entities to C corporations."
As many of you know, Congressman Camp is Chairman of the House Ways and Means Committee and Congressman Upton is Chairman of the House Energy and Commerce Committee. Both serve on the Joint Select Committee on Deficit Reduction.
Mark also emphasized on CNBC the continuing benefit, especially for small and medium manufacturing businesses, of certain tax credits and incentives, particularly the Research and Development Tax Credit which enjoys strong bipartisan support in Washington. alliantgroup continues to be a voice for small- and medium-sized business before Congress, the Administration and the IRS, ensuring that these businesses get their fair share of tax credits and incentives. This is especially important in today's economy where small- and medium-sized businesses are the engines for job growth in our country.
For those interested in Mr. Cain's tax proposal, here is a link for it – and one against you can find here.
As always, I appreciate any thoughts, insights or questions that you may or your clients may have dean.zerbe@alliantgroup.com
Dean Zerbe is alliantgroup's National Managing Director. Dean was formerly Tax Counsel and Sr. Counsel on the Senate Finance Committee and was a key player in all the major tax legislation passed during his tenure. Dean speaks throughout the country and meets with accounting firms and their clients to discuss the outlook for shortterm and long-term changes in tax policy as well as ways accounting firms can help their clients lower their tax bill.
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