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Tuesday, March 1, 2011

The Long Term Tax Picture

March 1st, 2011

Chuck Marr and Brian Highsmith break down the root causes for U.S. revenue crisis over at CBPP and offer an number of common sense solutions... none of which we should expect the government in general or Republicans in particular to acknowledge. The money quote:

"Although the top statutory corporate tax rate is high, the average tax rate — that is, the share of profits that companies actually pay in taxes — is substantially lower because of the tax code’s many preferences (deductions, credits and other write-offs that corporations can take to reduce their taxes).  Moreover, when measured as a share of the economy, U.S. corporate tax receipts are actually low compared to other developed countries."

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