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Do you agree with Bill Clinton on this issue?

ASPEN, Colo. - President Bill Clinton says the nation's corporate tax rate is "uncompetitive" and called for a lower rate as part of a "mega-deal" to raise the debt ceiling.

"When I was president, we raised the corporate income-tax rates on corporations that made over $10 million [a year]," the former president told the Aspen Ideas Festival on Saturday evening.

"It made sense when I did it. It doesn't make sense anymore - we've got an uncompetitive rate. We tax at 35 percent of income, although we only take about 23 percent. So we should cut the rate to 25 percent, or whatever's competitive, and eliminate a lot of the deductions so that we still get a fair amount, and there's not so much variance in what the corporations pay. But how can they do that by Aug. 2?"

http://www.politico.com/news/stories/0711/58275.html

Answer Question
 
Carpy

Asked by Carpy at 4:54 PM on Jul. 5, 2011 in Politics & Current Events

Level 39 (114,053 Credits)
Answers (10)
  • I'm all for cutting the corp tax rate to 25 if we do away with deductions for them. Just a flat 25. Which is not so bad . . . alot of us minions have to pay that much.
    ImaginationMama

    Answer by ImaginationMama at 5:00 PM on Jul. 5, 2011

  • Wow, a Democrat wanting to lower a tax rate! Who'd'a thunk it?

    Interesting idea... and it might at least break the stalemate.
    gdiamante

    Answer by gdiamante at 5:01 PM on Jul. 5, 2011

  • I never thought there'd come a day when I could consider something Bill Clinton said.
    hill_star03

    Answer by hill_star03 at 5:05 PM on Jul. 5, 2011

  • Smoke and mirrors. The rate doesn't matter as long as there are rampant loopholes that negate the true rate at every turn. Eliminate the loopholes and make the rate non-negotiable.


    The only thing that counts is the actual dollars paid, not some factious rate.


     


    The current corporate tax rate in the US is about as relevant and true as all of our weights listed on our state issued DL's-

    Sisteract

    Answer by Sisteract at 5:07 PM on Jul. 5, 2011

  • Very good point, sister.
    ImaginationMama

    Answer by ImaginationMama at 5:08 PM on Jul. 5, 2011

  • Wow, a Democrat wanting to lower a tax rate! Who'd'a thunk it?


    He isn't a progressive.
    Carpy

    Comment by Carpy (original poster) at 6:04 PM on Jul. 5, 2011

  • Smoke and mirrors. The rate doesn't matter as long as there are rampant loopholes that negate the true rate at every turn. Eliminate the loopholes and make the rate non-negotiable.

    I guess you didn't read it?

    we've got an uncompetitive rate. We tax at 35 percent of income, although we only take about 23 percent. So we should cut the rate to 25 percent, or whatever's competitive, and eliminate a lot of the deductions so that we still get a fair amount, and there's not so much variance in what the corporations pay
    Carpy

    Comment by Carpy (original poster) at 6:06 PM on Jul. 5, 2011

  • Yeah but republicans have indicated that closing loopholes and eliminating breaks is the same thing as raising taxes...no deal. No all of the sudden Clinton suggests it and it's the best idea ever?
    UpSheRises

    Answer by UpSheRises at 6:23 PM on Jul. 5, 2011

  • but republicans have indicated that closing loopholes and eliminating breaks is the same thing as raising taxes...no deal.

    Yep
    Sisteract

    Answer by Sisteract at 6:25 PM on Jul. 5, 2011

  • IMO, the rate should be much lower...there should be NO loopholes or credits and deductions should be limited to legitimate ones. A corp dollar gets taxed at least 2 times...corp taxes and personal federal income taxes...add state income taxes and that same dollar gets taxed 4 times. All this taxing raises the cost of good for the consumer.

    I have ALWAYS thought they should do away with the loopholes, credits and non-essential deductions. If the big corps paid their taxes like the small family corps do there would be a lot more tax revenue. Imagine if GE had paid taxes!
    yourspecialkid

    Answer by yourspecialkid at 9:35 AM on Jul. 6, 2011

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