The Government Accountability Office just published a study that compares corporate taxes of US and foreign cororations. It finds that 28% of big US corporations don’t pay income taxes.
Raising corporate taxes might not raise government revenue. Check out this paper. It includes IRS data that shows how much corporate tax revenue declined as a result of businesses switching to “pass-through” business entities such as LLC’s, LLP’s, and S-corporations.
Count me among those who disapprove of big disparities between rich and poor. For what it’s worth, I think economic injustice is wrong. On a less-philosophical level, I think it’s bad for the health of our economic system. We’re going to have to do a lot more than tinker around with the tax code to fix what’s wrong with the economy.
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