January 17, 2012
This issue was reported during the height of the holidays last month, no doubt to minimize the amount of coverage it received. But it appears that “huge U.S. corporations are forming lobbying groups to try to influence… comprehensive tax reform”.
It doesn’t matter that most US corporations are already paying one of the lowest effective tax rates in the world. They want more; in fact, a lot more. They really don’t want to pay any taxes at all. But they demand on sharing in all the great benefits of this country that taxes pay for.
But as Ezra Klein points out, dozens of companies don’t want any changes. Many are already paying such a low rate they’re certain to see an increase if the playing field is leveled. Banks are maybe the most powerful in this group with an industry effective tax rate of 17.5%.
Regardless, why are corporations allowed to dictate our tax policy? Actually, it’s rather simple to understand why — the politicians are in their pockets. But we can all bet the farm they will dictate the outcome, and to hell with the country.
Never underestimate the difficulty of changing false beliefs [with] facts.
Economist Henry Rosovsky