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Chris Edwards - The Panel's income tax reform plan would make some positive changes such as eliminating the double-taxation of dividends and treating U.S. businesses on a territorial basis with regard to their foreign profits. Both of these changes would increase U.S. business competitiveness and spur investment. However, on both the individual and business parts of this simplified income tax, the proposed top tax rates were still too high. For example, the proposed 32 percent corporate rate would still be higher than the 28 percent average corporate tax rate in Europe.

The Panel's income tax reform plan would make some positive changes such as eliminating the double-taxation of dividends and treating U.S. businesses on a territorial basis with regard to their foreign profits. Both of these changes would increase U.S. business competitiveness and spur investment. However, on both the individual and business parts of this simplified income tax, the proposed top tax rates were still too high. For example, the proposed 32 percent corporate rate would still be higher than the 28 percent average corporate tax rate in Europe.

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Cody Knotts - So I called Tim (about the advertising tax) and said ... 'You know, I think this is a mistake.' He called back with that response about what it was really about. The idea and the real plan behind it is, 'We're going to screw the media.' That's a problem because their goal is to shut people up. They want to be able to give themselves 16 percent pay raises and not have a complaint from the media about it. They don't want to have anybody in the public speak up.

So I called Tim (about the advertising tax) and said ... 'You know, I think this is a mistake.' He called back with that response about what it was really about. The idea and the real plan behind it is, 'We're going to screw the media.' That's a problem because their goal is to shut people up. They want to be able to give themselves 16 percent pay raises and not have a complaint from the media about it. They don't want to have anybody in the public speak up.

Cody Knotts
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