John Rossomando
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Tax rates are an issue where Democrats and Republicans seldom see eye-to-eye, but Budget Committee Chairman Paul Ryan tells Conservative Home USA that he sees a silver lining on corporate taxes.
President Obama has endorsed reducing corporate tax rates from their current high of 35 percent, which are among the highest in the developed world. Even Communist China has a lower corporate tax rate at 25 percent , the same corporate tax rate proposed under the Ryan budget.
Ryan says he shares Obama’s desire to close tax loopholes and sees room for compromise on corporate taxes, but he cautions that personal income tax reform is unlikely in the era of divided government.
Closing these loopholes that keep allows as many as 55 percent http://www.nytimes.com/2011/05/03/business/economy/03rates.html of large corporations to avoid paying any taxes while reducing the corporate tax rate could increase revenues that currently skipping out of the treasury.
The idea of closing loopholes has also won currency on the campaign trail through Herman Cain’s now-popular 9-9-9 plan.
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