Thing is Mock, when the entire Corp tax rate is looked at closely the supposed 35% tax rate is not even close to the real rate. Remember that when corp. welfare for big oil 'exploration', tax shelters, tax deductions and etc. are taken into consideration the actual tax rate is much less. A good example is GE who payed $0.00 for 2010 and I understand a large bank or two were in that same catagory or got refunds.
This makes a nice talking point for Repubs but a closer look tells a different story. It was reported in the last week or so that US corps are sitting on $3+ trillion dollars, which paints a picture that Taxes aren't the real problem holding back US Corps from investing and hiring to produce more goods and services. The real problem is lack of orders/demand, not taxes.
Personally though, I'm with Ron Paul on this, a flat type tax accross the board for Corps and graduating flat tax for everyone else would do better.
20% for corps no exceptions, ---no tax shelters allowed, no tax deductions, no big oil corporate welfare payments for exploration
The wealthy over $250,000 paying a flat 15%
Tax payers under the above mount down to 150% of the poverty level paying 10%
Tax payers under the 150% level down to the poverty level pay a flat 5% and $0 for all those under the poverty level.
I'd be willing to bet that revenues would go up and government cost of tax collections would go down, as well as corporate cost of keeping up with their taxes.
But thats too simple for our Damn governement to do, because the status quo is too hard for it to let go of and it would lose its ability to hide its 'special interest giveaways
How do you like the flat tax idea ?.