China’s “zero Covid” coverage has sparked uncommon protests throughout the nation of almost a billion and a half folks. Which led me to consider our very personal failed “zero” coverage right here within the United States. Zero company tax. To be truthful, it’s not a coverage per se, however is clearly an aspiration that has been achieved.
Scores of giant firms — which have been having fun with report income — have paid nothing in federal revenue tax over the previous few years. Never thoughts the discount basement charges of 30% and even 15%, these multibillion greenback firms are paying 0%, or perhaps a damaging price (which in fact interprets to a refund).
Fortunately, the Inflation Reduction Act put a minimal company tax of 15% into impact — though firms are nonetheless attempting to avoid wasting earlier tax breaks. Meanwhile, the expanded little one tax credit score (which created the biggest ever recorded drop in little one poverty) was chopped and company income proceed to roll in.
Maybe there’s a parallel universe on the market the place firms who’ve achieved their huge fortunes don’t do all the pieces they’ll to keep away from contributing to the society that provides them these huge fortunes?
And talking of huge fortunes . . .
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