Dealing with corporate tax rates, loopholes and things like that is hard to boil down to a single sentence or two. My personal opinion is that the lobbying power of these corporations is too influential, their lobbyists influence the legislators who add the loopholes that they use to reduce their tax rates.

Personally I would prefer all income to be taxed the same, with no deductions, and a flat tax that increases with income (>50k everyone pays 5%, 50-100k rate is 8%, etc...).

The one ironic thing with all this is that Romney's is trying to sell a 20% decrease in federal income tax which would mean that we would have more people not paying any federal income tax.

As for his comments itself, this article pretty much shows that the majority of the 47% live in states that are going to vote for Mitt Romney.