If multinationals are guaranteed a lower tax rate from the progressive, statutory corporate income tax rate of 35% in exchange for closing tax credits, then small businesses that have enough revenue will either rush to incorporate to get the same benefit now that their tax credits have been removed, or jam their congressional leaders phone lines asking for the same cut to the statutory rate.

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First, an income-tax system with a single rate remains progressive the rich pay a higher proportion of their income than the poor as long as it is combined with a tax-free allowance.

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The result: The progressive rate structure of the federal income tax means income splitting combined with individual filing can only create marriage bonuses.

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It gave top-tier earning expatriates the ability to avoid the standard progressive income tax of up to 43% and instead pay a flat tax rate of 24% on income earned in-country.

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Mrs Williams said that if Wales were to be given income tax varying powers, the Welsh Liberal Democrats would want to lower the basic income tax rate to make the tax system fairer and continue Lloyd George's progressive and Liberal principles.

BBC: Kirsty Williams