Congresswoman: High Corporate Tax Rate in Current Law 'Just a Suggestion'
(CNSNews.com) - Rep. Carol Shea-Porter (D-N.H.) said that high corporate tax rates in America are “just a suggestion.”
Shea-Porter made the comments at a WMUR-TV town hall style forum in Portsmouth, New Hampshire on July 29th.
“We need a tax system that will be fairer to the middle class and that will end a lot of the subsidies and tax breaks that we see, “ Shea-Porter said. “We know that the rates that the corporations pay is too low. Now, they talk about that we have a high rate and we do have a high rate in the country--but it’s just a suggestion.”
“People don’t really pay that. So, I think Americans are realizing that we’re not being fair about this - that our tax code is wrong,” Shea-Porter added.
Earlier in the evening Shea-Porter singled out Facebook for not having paid any federal taxes in 2012 as an example of why the tax system is unfair and needs to be changed.
According to the IRS, federal tax rates on corporate income vary from 15% for the first $50,000 to 35% for income over $18,333,333.