Correction Please!
Casualties Mount in the War Against Business Growth
Item: In an article for the “Money Watch” column for CBSNews.com for September 21, 2016, Jonathan Berr writes: “U.S. businesses have amassed an overseas cash hoard of $2.4 trillion because they aren’t paying their fair share of taxes, according to two think tanks.... The Economic Policy Institute (EPI) and Americans for Tax Fairness argue that U.S. corporate profits are at record highs while business tax revenue as a share of GDP is at record lows.”
Item: In a press release on April 13, 2016, issued by Senator Bernie Sanders, the Vermont socialist declared: “Corporate greed is destroying the fabric of America. It must come to an end.” The senator made his comments in connection with a just-released Government Accountability Office (GAO) study, which was made in his behest. It found that in a recent year (2012) profitable large corporations paid an average tax rate of 16.1 percent and that about one-fifth paid no taxes.
Item: Writing for the New York Times for August 12, 2016, Neil Irwin said: “If Hillary Clinton wins the White House and persuades Congress to pass her agenda, wealthy Americans will pay higher taxes, businesses will face tax rules that make it less advantageous to relocate overseas, and the money those changes produce will go to fund the rest of her policy agenda, from child care to roads, bridges and other infrastructure.”
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