The company pays profit tax at a rate of 20%.
But here's the key point: Administration officials don't want to help collect the corporate profits tax.
Companies may offset the interest on all borrowing against profits tax.
By comparison, corporate profit tax generated less than 16 percent of the revenues.
The corporate profits tax would be lowered over two years from 13.8 percent, also the highest rate in the nation, to 10.5 percent.
It was an under-the-table cash transaction to beat a profit tax.
In 1921 the excess profits tax was repealed despite powerful attempts to make it permanent.
In 1933 and 1935 Congress enacted two mild excess profits taxes as supplements to a capital stock tax.
"The profits tax should be halved immediately," he said.
A tax called the Undistributed profits tax was enacted in 1936.
