As Congress battles over fiscal solutions and tax reform to the ailing economy, one thing is clear: the U.S. government charges a higher tax burden on its corporations than governments in the big emerging markets.
FORBES: In US, Corp Tax Rate Higher Than Big Emerging Mkts, But CEO Pay Even Higher
And at least some members of the Republican caucus who are not part of the tea party wing of the party recognize that the possibility and prospect of compromise on fiscal issues could improve the economy and resolve outstanding issues like tax reform, the debt ceiling, and entitlement reform, and this in turn can yield political dividends.
FORBES: Why Democrats and Republicans Must Guard Against Unnecessary Regulation
The economic and fiscal squeeze has narrowed their scope for tax reform too.
Since both candidates score badly on reform and fiscal prudence, the tax debate is really about distribution within the current tax structure: and here there genuinely are big differences.
Ryan, unfortunately, is holding a one-way conversation on entitlement reform, fiscal responsibility and reforming a tax code to incentivize, not punish, entrepreneurship and economic prosperity.
FORBES: The Collapse of Europe's Welfare State Exposes its False Hopes -- Is America Next?
Addressing the fiscal cliff, the debt ceiling, and the deficit, along with tax and healthcare reform, will require bipartisan support.
But Obama went further today, saying he also wanted to adopt a broader tax reform, as suggested by his bipartisan National Commssion on Fiscal Responsibility and Reform.
FORBES: Obama Calls For Automatic Tax Increases If Deficit Isn't Curbed
His government of technocrats, which took office in November 2011, is also trying to force labour-market reform on the trade unions and fiscal compliance on Italy's legendarily tax-shy self-employed.
Everyone around the table - and everyone in political Washington - knows the kind of deal that would avert the fiscal cliff: some tax rises, some tax reform, some spending cuts, and some reform to the giant social programmes to trim future spending.
BBC: Fiscal cliff: Simpson and Bowles gloomy on deal chances
应用推荐