Detailed text transcripts for TV channel - MSNBC - 20130731:03:12:00

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this. this is an insufficient way. we have this statistic here which i think at some point came from a david cay johnson article i read about the gap between the actual rate, 35%, and the effective rate, what corporations pay, 12.6 %. when they trod out the 35%, that's smoke and mirrors. are you in that camp of, like, hey, let's go -- let's do it, let's get rid of this thing that no one's collecting anyway and talk about how we get the revenue out of the folks that are wealthy. >> well, sadly you can't do it all by itself. you would have to do other things that i suspect the very wealthy would not like. remember, it's the top tenth of 1% that own all the means of production in the country. and they're certainly going to be against any higher taxes, even if it means lower corporate taxes because those big companies aren't paying that much now to begin with. why would they want to give up that sweet deal? >> right. >> here's the issue that obama can take, however. there's significant amount of evidence that the cost, or what economists call the incidence of the corporate income tax, who bears it, it's not passed

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