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Letting most corporations off the hook for income taxes leaves a $100 billion hole in the U.S. budget

Posted on September 18, 2008 | in Labor News | by

Lede: Letting most corporations off the hook for income taxes leaves a $100 billion hole in the U.S. budget. Doug Cunningham reports.

By Doug Cunningham

Economist Dean Baker with the Center for Economic and Policy Research says that corporations actually paid income tax it could be put to progressive use in the public interest.

[Baker]: “ We’d be talking about over $100 billion a year, which could either be a tax cut of $1000 per family or we could use that to reduce the budget deficit or we could use that to cover the cost of extending health care coverage to most of the population.”

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