China’s “zero Covid” policy has sparked rare protests across the nation of nearly a billion and a half people. Which led me to think about our very own failed “zero” policy here in the United States. Zero corporate tax. To be fair, it’s not a policy per se, but is clearly an aspiration that has been achieved.
Scores of huge corporations — which have been enjoying record profits — have paid nothing in federal income tax over the past few years. Never mind the bargain basement rates of 30% or even 15%, these multibillion dollar corporations are paying 0%, or even a negative rate (which of course translates to a refund).
Fortunately, the Inflation Reduction Act put a minimum corporate tax of 15% into effect — although corporations are still trying to save earlier tax breaks. Meanwhile, the expanded child tax credit (which created the largest ever recorded drop in child poverty) was chopped and corporate profits continue to roll in.
Maybe there is a parallel universe out there where corporations who have achieved their vast fortunes don’t do everything they can to avoid contributing to the society that gives them those vast fortunes?
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