Harvard Business School professors Mihir Desai and Bill George lay out interesting changes that could help the US gain an advantage from a tax standpoint. They note that the US should move to a territorial tax system rather than a world-wide system (the UK and Japan recently made such moves). To offset the decreased revenues they propose taxing flow-through entities (partnerships and S-Corps), as well as their owners. The second source of revenue would come from changing the fact that corporations report large profits to the capital markets and relatively small profits to tax authorities - meaning, we make it more the case that corporations have to base their taxes on profit reports to capital markets.
A former Iowa state senator who abandoned then-presidential candidate Michele Bachmann to endorse Ron Paul a week before the 2012 Iowa caucuses has pleaded guilty to "concealing payments" from Paul's campaign in exchange for his support, the Department of Justice announced Wednesday. In December 2011, state senator Kent Sorenson, then the Iowa chairman for Bachmann's campaign, made a surprise announcement that he had switched his endorsement to Paul. At the time, Sorenson said he made the decision based on his support for Paul's policies, but this week he admitted to accepting tens of thousands of dollars from the Paul campaign as part of the deal.