Large corporations, those wily government entities, pay next to no taxes.
About 400 of America’s largest corporations paid an average federal tax rate of about 11% on their profits last year, roughly half the official rate established under President Donald Trump’s 2017 tax law, according to a report released Monday.
The 2017 tax law lowered the U.S. corporate tax rate from 35% to 21%, but in practice large companies often pay far less than that because of deductions, tax breaks and other loopholes.
In the first year of the law, the amount corporations paid in federal taxes on their incomes – their “effective rate” – was 11.3% on average, possibly its lowest level in more than three decades, according to a report by the Institute on Taxation and Economic Policy, a left-leaning think tank.
Yeah, yeah. Whatever. This did get me thinking though. My comrades over at TPC, two of them, have of late been defending taxation with zeal. One promoted the “wealth” tax. That… How about a corporate wealth tax? One aimed primarily at private banking corporations? One in particular. This particular private bank has assets and wealth that must be imputed given the bank’s unique ability to create such out of thin air. I suggest a putative assessment of infinity. The tax could be levied accordingly. Now, since we have no need for infinite money, I think a rate (or number) sufficient to PAY OFF EVERYTHING should do it. One time. No more debt of any kind. And then, abolish said private bank and send its owners packing. Yes?