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Let This Be a Lesson to All Billionaires That Give the Thumbs-up to a ‘Rule’ with Their Name Attached to It
The GOP is making a concerted effort to pressure billionaire investment guru Warren Buffett to release his tax returns to the public. Republicans say Buffett — the public face of Obama’s proposed “Buffett rule” to increase taxes on the wealthy — needs to reveal his finances if his views on tax rates are going to serve as the basis for Obama administration policy. “Will Warren Buffett release his tax returns so we can see why he should be the standard for tax policy?” Sen. John Cornyn (R-Texas) questioned in a tweet Thursday. “If he’s going to be the gold standard, so to speak, in terms of what our tax policy should be, yeah, let’s look at it [his tax returns],” Cornyn told ABC News. [OTM/The Hill]
SHOCKER: Tax Reform Will Have to Wait
If you’re like us, you’ve been anticipating the report on tax reform from the President’s Economic Recovery Advisory Board like teenage girls jonesing for New Moon.
Unfortunately, the report has been delayed and the Board will only be issuing “an almanac” of ideas at this point. The original deadline was for this Friday but you know how that goes.
Apparently you heeded the call put forth by the White House because they’re still reviewing all your brilliant ideas:
Tax Vox (our emphasis):
The White House statement says the board has not yet had time to review the hundreds of ideas it has received from the public. At the time same time, it asked for more suggestions. Yet, it is hard to believe that the panel is going to hear much new. After all, the ground of simplification and enforcement has been pretty well-plowed for years.
So keep those ideas coming people. Anything goes. Abolishment? Sure, they’ll think about it. Taxing the stupid? Best idea we’ve heard so far. If you’ve got suggestions, drop them here first then ring up the WH. They’re waiting.
White House Tax Reform Report Delayed Until Next Year [Tax Vox]
Also see:
President’s Tax Reform Task Force to Miss Dec. 4 Deadline to Issue Report [TaxProf Blog]
Tax Reform Panel: Something Someday [Tax Update Blog]
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