“Quote of the Day”

Via: Think Progress

“The interesting thing about the corporate rate is that corporate profits, as a percentage of GDP last year were the highest or just about the highest in the last 50 years. They were ten and a fraction percent of GDP. That’s higher than we’ve seen in 50 years. The corporate taxes as a percentage of GDP were 1.2 percent, $180 billion. That’s just about the lowest we’ve seen.

So our corporate tax rate last year, effectively, in terms of taxes paid for the United States, was around 12 PERCENT, which is well below those existing in most of the industrialized countries around the world.

So it is a MYTH that American corporations are paying 35 PERCENT or anything like it…Corporate taxes are not strangling American competitiveness.”

– Warren ‘he ought to know’ Buffett

http://thinkprogress.org/economy/2012/02/27/432749/buffett-corporate-tax-myth/

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