If you’re still recovering from the check you wrote on April 15 and want to make a case against our absurdly byzantine crony capitalist tax code, rest it with this story from last fall:
General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn’t pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.
The sole purpose of corporate taxation is that it allows for Big Government “picking winners and losers,” as Paul Ryan puts it. Not even corporations that lack GE’s cozy relationship with the Obama Regime pay the taxes themselves; all costs are passed along to customers. In any case, the government’s main source of income is Ben Bernanke’s metaphorical printing press. The tax that actually produces the most revenue is inflation, a means of taxing every penny in your pocket.
The point of our tax code is to allow bureaucrats to “reward our friends and punish our enemies,” to use Obama’s phrase. Otherwise, corporations would devote their resources to hiring, cutting costs, and producing better products rather than to bribing the leeches in Washington.
On a tip from Shawn.