Higher Tax Rates and Loopholes: A Strategy to Increase Government Power

But higher rates and more loopholes is a perfectly consistent tax policy if you see the tax code as a way to increase government power — and also to influence the behavior of companies. A high tax rate combined with a complex code has added benefits for politicians, such as milking companies for campaign contributions and lining up post-government lobbying and consulting jobs for political insiders. signed into law three bills with vast subsidies and narrow tax breaks for big corporations.

These were not across-the-board tax cuts that simplified the tax code, but rather a mess of complex loopholes with special rules for favored industries,” Edwards wrote. “Biden has signed into law many new and expanded breaks, particularly in the Inflation Reduction Act with its massive subsidies for energy companies,” he added. “President Biden has increased annual average corporate tax expenditures 92 percent from $109 billion to $209 billio

Source: News Formal (newsformal.com)

Tax Rates Tax Code Government Power Companies Subsidies Loopholes Campaign Contributions Lobbying Consulting Jobs Favored Industries President Biden Corporate Tax Expenditures

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