A survey released in May by Ernst & Young indicated that two-thirds of the approximately 2000 tax and finance executives surveyed said that the presidential candidates are not spending enough time addressing tax issues.
In reviewing the results, the E&Y Vice Chair of Tax Services said:
In the last few weeks, the tone of campaigns has picked up on the need to focus on tax, yet corporate America is still waiting for a focus on critically important aspects of both domestic and international tax treatment. Perhaps one reason to avoid the complexity comes from fear of failure. In fact, 72% of respondents believe the issue of tax reform will not be addressed until 2013 to 2014.”
This result might be surprising in light of the nearly endless discussion about the so-called Buffet rule. This broad group of tax and finance experts is acknowledging that the Buffet Rule is a political distraction that does little to address real issues of tax policy and revenue generation. The candidates should instead be speaking about tax proposals that will make a dent in the real issues that exist.