The issue is that a great number of small businesses are taxed as pass- through entities, so the rate of the corporate tax would not necessarily apply to those taxed at the individual rate.
In the spring he paid between 70 cents and 80 cents per dollar of face value for a senior tranche of the WaMu Mortgage Pass-Through 2005-AR2, which carries a coupon rate of Libor plus 31 basis points, or 3.52% in September.
The owners of these firms (pass-through entities such as partnerships, S corporations, and limited liability companies) pay tax at the individual rate, not the corporate rate.