re: #197 rhino2

I would like to know why we need so many tax breaks, SPECIAL or not. I heard Jon Stewart say last week that we have one of the highest actual corporate tax rates and yet one of the lowest effective corporate tax rates, due to all the deductions and loopholes present within our system. I can’t remember if he sourced that or not, and I’m at work so can’t spend the time to try and source it myself right now.

But if true, why not do away with most of those breaks/loopholes and bring the rate down to a reasonable level? Would that put too many accountants out of work? I’m no expert on these issues admittedly, so maybe I’m talking out of my ass, but that seems like a good goal to work towards.

I think it would be hilarious if Obama proposed a flat 15% corporate tax rate on all entities making more than (?) 50 million bucks a year. No breaks, no “special” deductions, nada. Que the wailing and gnashing of millions of accountant, attorney, and lobbyist teeth, and lots of hilarious commentary from the usual suspects who bitch about how “exorbitant” US corporate taxes are…”highest in the industrialized world!!! drives companies overseas!!!” etc. It would be fun to hear these guys trying to oppose a flat 15% corporate tax rate with zero loopholes. Of course they would, since no mega corporation actually pays 15% corporate taxes.