Tax Cuts, the Buffett Rule and the Election

By Richard Bernstein

I believe business owners tend to pay their “fair share” - the top 10% of income earners pay 71% of all federal income taxes paid. The United States, as of April 2012, has the highest corporate tax rate in the world. That means that together with personal and corporate taxes, our government is generating the highest tax base in the world. The Buffett Rule isn’t about money and rewards at all but about creating controversy and stirring up resentment between different levels of income earners. The numbers aren’t overwhelming; according to projections, the Buffett Rule would only raise $4.6 billion, which could easily be found by cutting wasteful spending. Additionally, since the Buffett rule doesn’t distinguish between classes of income, it could have a negative effect on investment. Capital gains taxes, for example, currently at 15%, would go up to 30% for high income earners who, for the most part, are capitalizing many of America’s new businesses that create new American jobs. [more...]

OPEC Meeting Could Throw Off Global Energy Markets

By Will McAndrew

This Thursday the leaders of OPEC will meet in Vienna to try to stabilize global oil prices. Over the last two months we’ve seen about a 20 percent drop in oil prices. While that may be good news for Americans at the pump, there are many other factors at work here. First, OPEC wants to see consistency in oil prices. The last thing they want to see is the situation they had three years ago when the price of oil went down to about $30 per barrel. OPEC wants to see oil at $100 per barrel, which is a good number for all of them. If that doesn’t happen, things could get pretty contentious. [more...] Note: Will McAndrew appeared on FOXBusiness.com and WSJ’s Marketwatch.com on this topic.