What’s dragging down U.S. economic vigor?
According to Harvard Business School graduates, political gridlock, faltering schools, and a convoluted tax code are making American companies less competitive in the global marketplace.
A new survey of the business school’s alumni found that nearly three-quarters of respondents expect the U.S. to be less competitive over the next three years. They said the U.S. is losing ground to emerging economies, where low wages, increasingly skilled workers, growing markets and proximity to customers frequently trump traditional American strengths such as sophisticated infrastructure, a reliable legal system and effective macroeconomic policy.
Most people with sufficient capital get most of their income from capital gains which makes their net rate of income tax farly low. I’d be interested in a discussion of an alternative capital gains tax that accounts for inflation.
I would think Harvard grads should be smart enough to figure out how to hide the money they make under the current tax code. Or perhaps that’s what they mean by faltering schools.
As a person owning his own business for over 30 years, I have a totally different comment. For the last week I have been attempting to file my 1120-S, which is the form required of Sub-Chapter-S corporations. We are, BTW, required to file significantly early that individual filers. I quite simply cannot do it.
In place of what used to be 1120-S Schedule A (cost of goods, included with the basic form) we are now required to complete Form 1125-A. Said form continues to be non-existent on the IRS website, as do the official instructions for completing the 1120-S for FY11.
It is past the middle of January. My corporate filing deadline is mere weeks away. My personal 1040 filing depends upon my 1120-S. Yet there is nothing on the official government tax site that will allow me to complete those forms in a timely manner.
In the meantime, I continue to wait for the official W-2 forms to send to my employees, and I have yet to receive the requisite Form 943 which I must file no later than a week after today or face hundreds of dollars in fines.
They want our money, but they don’t even want to work hard enough to collect it. Useless parasites. Next slide, please.
I see these HBS graduates are extolling the virtues of low wages–for those other than themselves, of course.