Fannie Mae (FNMA)

[contrarian bull]

Can you explain why 25% is the "moderate" rate

That document was giving figures for "statutory tax rate", which is a trick used by those promoting lower taxes. Very few companies pay that rate (although a few do).

The US effective tax rate before the recent tax cut was around 21%, which put us in the middle of the pack for similar economies. Now we're well below average.

A 25% statutory rate would still keep the US well below most other countries for effective tax rate. It's kind of below what I would call a "moderate" rate.