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EXACTLY SO

June 23, 2006

From the Tax Policy Blog:

If a country desires a corporate income tax, it should have as broad a base and as low a rate as possible to ensure economic neutrality between industries. Unfortunately, the United States’ corporate income tax has neither.

The U.S. statutory corporate income tax rate is as high as 35 percent. At the same time, the corporate tax code is riddled with exemptions, credits, deductions, and other special provisions—many of which have no economic rationale except to appease special interests and rent-seeking industries.

Rent seeking?

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