Officially,corporations in the U.
S. are taxed at a rate of 35 percent. In reality, they pay a much, and much lower rate. That's because the U.
S. tax code is filled with deductions and exemptions (which,if you don't like them, you call loopholes).
Politicians from both sides of the aisle like to propose the same kind of change: lower the corporate tax rate, and win rid of some of the loopholes. A few weeks ago,President Trump and Republicans in Congress released a plan to execute just that. Today on the show: We smash down that plan.
How much lower is the rate going to be? What deductions are really going to disappear? What's going to happen to that giant pile of tax-free money companies are holding external the U.
S.? And, of course: Does putting together gift baskets count as manufacturing?Music: "win Your Guitar" and "That's correct." Find us: Twitter/ Facebook/Instagram. [br]Subscribe to our show on Apple Podcasts or PocketCast. Copyright 2017 NPR. To see more, or visit http://www.npr.org/.
Source: thetakeaway.org