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QUOTE OF THE DAY

June 12, 2007

Economist Martin Sullivan in today's Tax Analysts online ($link)

Like most tax expenditures, the research credit injects many complexities and inefficiencies into tax administration. It provides uncertain benefits, while its negative impact on federal finance is not in doubt. We must ask ourselves whether competitiveness would be better served by a simple tax system with low tax rates that keep government out of the marketplace -- in the 1990s we called that "tax reform" -- or by the current ragtag collection of temporary subsidies superimposed on the world's second-highest rate of corporate tax.

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