The “Master of the (Tax) Universe” survey asked CPAs how they would set federal tax policy if they had the power to do so.
The respondents were almost equally divided on four options:
1) whether to leave recent personal tax cuts in place or restore the top two pre-2001 rates to expand and relieve the middle class;
2) whether to preserve the current Social Security system or allow personal retirement accounts;
3) whether to strengthen the existing pension system or create new retirement and savings plans; and
4) how to reform health care and its affordability.
CPAs showed stronger preferences in issues relating to taxation aimed at economic impact. Two-thirds want the global playing field leveled through reduced rates for companies that operate overseas. Sixty-five percent would rather see fiscal discipline than lower taxes and unfunded pro-growth spending.
An open-ended question drew a wide variety of tax solutions, some detailed and comprehensive.
The most common were (in order):
a) replace income tax with VAT or sales tax,
b) simplify the tax code,
c) eliminate the Alternative Minimum Tax, and
d) adopt a flat tax.
Opinions ranged from liberal (tax the rich; fund health care, oust President Bush, etc.) to conservative (reduce government power, eliminate corporate tax, privatize Social Security, balance the budget, etc.).
More: Something for Everyone in New Corporate Tax Bill
