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The Bloomberg BNA Federal Tax Blog is a forum for practitioners and Bloomberg BNA editors to share ideas, raise issues, and network with colleagues about federal tax topics. The ideas presented here are those of individuals and Bloomberg BNA bears no responsibility for the appropriateness or accuracy of the communications between group members.

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Friday, March 2, 2012

HuffPost Picks Up Bloomberg BNA/American U. Tax Reform Survey; Bloomberg BNA Launches Comparison to Track Presidential Candidates' Tax Positions

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 The Huffington Post picked up a survey jointly conducted by Bloomberg BNA and the American University Kogod Tax Center that reveals the degree to which businesses of all sizes share common goals for tax reform. The survey demonstrates that “Regardless of size, businesses appear to share common priorities for reforming the Tax Code in ways that will spur growth.” The surveyed advisers rated seven of 15 tax reform proposals as virtually identical in importance, including extension of 100% expensing for equipment, lowering of income tax rates for corporate and flow-through income, and reduction of employer payroll taxes.

As opinions continue to differ as to how to achieve the shared goal of tax reform, Bloomberg BNA has launched a Presidential Candidates’ Tax Plan Comparison. The Comparison begins with the “baseline” tax plans—as of January 2012—of the Obama Administration and the three Republican candidates who have won primaries and/or caucuses: Newt Gingrich, Mitt Romney, and Rick Santorum. The Comparison then tracks the candidates’ positions as they come into sharper focus. For instance, it provides details of the Administration’s Fiscal Year 2013 Budget Proposals; adds new information on Mitt Romney’s tax plan that came to light in his America’s Promise, released on February 22; and summarizes recent comments by Treasury officials on the nuances of the Administration’s view on territoriality. For easy side-by-side comparison, the Tax Plan tracker groups candidates’ proposals by topic. Topics include tax reform in general, tax rates, capital gains and dividend income, carried interest, employment taxes, worldwide vs. territorial tax system, and estate, gift, and GST taxes.

--Karen Fickes – Managing Editor, Federal
Allen Calhoun – Managing Editor, Business Entities & Tax Accounting
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