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Article: Odds of a corporate tax rate cut.(BUSINESS TAXES)
- Article from:
- The Kiplinger Letter
- Article date:
- June 20, 2008
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Copyright informationCOPYRIGHT 2008 The Kiplinger Washington Editors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Odds of a corporate tax rate cut are growing, no matter who wins in Nov.
Barack Obama is sounding more amenable since he hired Jason Furman as a top adviser. Furman, a protege of former Treasury Secretary Robert Rubin, favors reducing the top rate from 35% to 30.5% and eliminating most loopholes. He says that would create a much simpler and fairer corporate tax system.
John McCain wants to slash the top rate to 25% to help U.S. companies as they compete with foreign firms. McCain notes that the U.S. corporate tax rate is the second highest among industrialized nations. Obama's team points out that with all the loopholes, however, U.S. corporate tax receipts as a ...