Original post made by Ted Rudow IIII, MA, Palo Alto High School, on Mar 4, 2011
Now, as to the argument that our tax rate is too high, it is because of all these special favors. The reason the tax code has grown and grown and grown and grown and grown isn't because of people like you and me and the audience; it's because of all these favors being bought from politicians. How we could raise a trillion dollars a yearthat would double the revenue we get, it's equal to the revenue we get from the individual income taxby shutting down loopholes and favors for businesses, particularly the oil and gas and pharmaceutical industries. The fact is, the very largest corporations, the ones who are the vast majority of wealth in America, they pay an effective tax rate of about 15 percent of their profits.
Cho's, beloved dim sum spot, to reopen in Los Altos
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