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?"
Answer by ImaginationMama at 5:00 PM on Jul. 5, 2011
Answer by gdiamante at 5:01 PM on Jul. 5, 2011
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-
Answer by Sisteract at 5:07 PM on Jul. 5, 2011
Answer by ImaginationMama at 5:08 PM on Jul. 5, 2011
Answer by UpSheRises at 6:23 PM on Jul. 5, 2011
Answer by Sisteract at 6:25 PM on Jul. 5, 2011
Answer by yourspecialkid at 9:35 AM on Jul. 6, 2011