David Leonhardt (NYT) makes the point that U.S. companies often pay far less than the top statutory corporate tax rate of 35 percent:
Republicans aren’t scared to toy with the U.S. debt limit. Both parties now seem to agree that failing to raise the country’s borrowing cap would be a disaster. But brinkmanship looks likely as Republicans hold out for cuts far deeper than Democrats will easily accept. Pushed far enough, the tactic could still rattle Treasury markets.