Friday, July 09, 2004

MORE TAX CUTS FOR CORPORATIONS


Buried at the end of a WSJ article this morning, we learn that even though the US has an average (trade-weighted) tariff of a paltry 3.9% (less than the sales tax in most states), companies exporting to the US bilked the Customs Service for some $130 million last year. $103 million of those uncollected duties were for products imported from China. That's a nice tax incentive for companies who opt to produce in China rather than the US.

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