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Politics : American Presidential Politics and foreign affairs
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To: DuckTapeSunroof who wrote (23769)10/30/2007 12:47:27 PM
From: Peter Dierks  Read Replies (1) of 71588
 
Having any corporate tax rate above zero causes distortions. Taxing retained earning prevents people from using corporations to avoid paying taxes almost indefinitely. Owners of corporations should be paying taxes, not the entities they create to organize businesses.

'special tax preference items', loopholes

Whether you cal them tax preferences, carefully targeted credits, or any other feel good phrase they cause distortions. Set one low rate on all income and write it into the Constitution. When revenues fall, fire government employees and shutter departments. I think 5% would be more than adequate to maintain a federal government. 10% might even be tolerable.
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