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Clinton Tells Obama He Should Accept ‘Mini Deal’, Lower Corporate Tax Rate

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Old 07.08.11, 02:59 AM
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Clinton Tells Obama He Should Accept ‘Mini Deal’, Lower Corporate Tax Rate

07.07.11 09:01 PM

President Barack Obama has been criticized by many people for his handling of the debt-ceiling debate, but now he is being tweaked by a fellow Democrat: former President Bill Clinton.

While Clinton told Obama to hold firm during the talks, he also told him that he should accept a “mini deal” to avoid a financial catastrophe, reports Fox News.

In addition, the former President told Obama that the corporate rate was too high and that it should be lowered,*reports POLITICO.

“When I was president, we raised the corporate income-tax rates on corporations that made over $10 million (a year),” Clinton said at the Aspen Ideas Festival, reports the news source. “It made sense when I did it. It doesn’t make sense anymore — we’ve got an uncompetitive rate. We tax at 35 percent of income, although we only take about 23 percent. So we should cut the rate to 25 percent, or whatever’s competitive, and eliminate a lot of the deductions so that we still get a fair amount, and there’s not so much variance in what the corporations pay.”

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