Thursday, July 7, 2011

Treasury Bill

Said Clinton: "If loopholes would close,
And the government's revenue rose,
Then the corporate rate
Could greatly abate,
As Republicans like to propose."

Former President Bill Clinton may have found a way out of the standoff between Republicans and Democrats over a budget deal to raise the federal debt limit. Mr. Clinton points out that, although the US corporate tax rate is 35%, the average rate actually paid is more like 23%. Some masters of tax avoidance pay zero, as in the notorious case of GE. Why not lower the rate to a level that everyone will actually pay, such as 25%, while getting rid of special write-offs and exemptions?

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