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GOP Tax Plan V

Fully parsing the Republican tax plan is going to take some time, since they only released it yesterday (they want it fully passed in two weeks, even though a lot of the details aren’t even written out yet). But a few things are very clear. There is no doubt who overwhelmingly benefits, even if people are still trying to figure out by how much. The very rich make out like bandits, and people whose parents are...

GOP Tax Plan IV

The US corporate tax rate is currently 35% (on profits of more than $335,000). That is before deductions and loopholes. The after loophole rate is effectively about 18%. 18% is what corporations are actually paying, on average. Some pay zero, or even a negative rate (GE is famous for this). Some pay the full rate. And many very large corporations pay nothing, because they book all of their profit offshore in a jurisdiction...