Saturday, March 10, 2012

Matt Rothschild: We Need To Close Corporate Loopholes

Matt Rothschild (left), editor of The Progressive, counters Republican falsehoods regarding high corporate taxes of 35 percent. What the GOP doesn't talk about are the loopholes that enable corporations to pay much less–or nothing at all, taking the example of General Electric and other corporate giants. He cites economist Robert Reich, who wrote about the decline in corporate taxes and billionaire investor Warren Buffet, who called high corporate taxes "a myth" and said that they “aren’t strangling American competitiveness." Rothschild concludes, “We don’t need to lower corporate taxes; we need to close the loopholes so they start paying their fair share.” Listen:

(h/t: Best of the Left podcast)


Michael The Molar Maven said...

Once again, I caution against rallying behind higher corporate taxes. They translate into higher prices and that is nothing more than the most regressive form of taxation. But I do agree with Rothschild, by definition, loopholes are unintended and lead to unjustified compensation. They should be closed.

Jeff Tone said...

When GE is allowed to pay no taxes, something is wrong. At least a consumer can decide if a company has raised prices too much.