Jack Welch Versus Warren Buffett

taxes

taxes (Photo credit: 401K)

Recently former General Electric CEO Jack Welch weighed in against the “Buffet Rule,” saying he doesn’t “feel undertaxed in any way at all.” While Welch had few kind words for the Obama Administration’s proposal to raise taxes on the wealthy, he did praise the president’s call to lower corporate income taxes to make U.S. businesses more competitive.

The White House formally unveiled its tax reform blueprint, including a plan to reduce the top corporate rate from 35% to 28%, eliminate “dozens of tax loopholes and subsidies” and create a “minimum rate on foreign earnings.” According to a Washington Post report, the Obama Administration plans to “target oil and gas companies for tax hikes while promising special breaks for manufacturing companies.”

Both Republican front-runners Mitt Romney and Rick Santorum have also advocated lower corporate tax rates, ensuring that the tax code will remain a key issue in the upcoming presidential election. 

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