Chairman Rangel Suggests Lower Tax Rates

By November 15, 2008Economy, Taxation

A worthy point of discussion, good starting point, let’s talk…

From Bloomberg, “Rangel Plans Push to Cut Top Corporate Tax Rate to 28 Percent“:

Nov. 15 (Bloomberg) — New York Representative Charles Rangel said he’s revising his tax overhaul proposal to reduce U.S. corporate tax rates to 28 percent, down from the current rate of 35 percent.

Rangel, in an interview with Bloomberg Television’s “Money and Politics,” said he’s changing the “mother of all tax reform” he unveiled in September 2007 to accommodate President- elect Barack Obama‘s agenda. That earlier plan would have set the corporate tax rate at 30.5 percent. Rangel is the chairman of the House Ways and Means Committee, which oversees tax policy.

The U.S. corporate tax rate, second highest among developed countries, remains a major competitive disadvantage for manufacturers operating in the United States, as documented in the new “cost study” released on Thursday.

(Hat tip: Glenn Reynolds, Instapundit.)

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