Mellody Hobson, a bundler and supporter of President Obama, admitted that the corporate tax rate is too high.
Hobson, who is married to George Lucas (another Obama donor), made the confession on CBS' This Morning during a discussion about Walgreens choosing to remain headquartered in the United States.
"Since 2011, there’s been something like two dozen firms that have relocated- they save billions of dollars in tax money. I can remember when I was covering the White House two years ago, this was a topic for the Obama Administration- lowering corporate tax rates, and still nothing has been done. Why and what does it mean for U.S. companies?" host Norah O’Donnell asked her.
Hobson responded that the corporate tax rate has come down in past decades, before admitting "it’s still the highest tax rate of any developed nation." She compared the United States’ corporate tax rate to Ireland’s (12.5 percent). Hobson explained further, "You have a lot of these companies, particularly those that derive a lot of revenues overseas saying ‘Maybe I’d get a better deal by being somewhere else.’"
(h/t NB)
