Saturday, January 8, 2011

Quote of the Day

. Saturday, January 8, 2011

M.S.:

What you're seeing in that divergence between the nominal rate corporations are supposed to pay, and the rate they actually pay after loopholes and gimmicks, is institutionalised clientilism and favouritism. In many other countries, the same phenomenon is expressed as corruption, but in America and other advanced economies it's incorporated into the tax code so as to fan away the stench. The problem with trying to get rid of clientilism is that it tends to be supported by the clients.

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