Who would have seen this coming! According to the Wall Street Journal, mega-corporations have succeeded in their efforts to combine deep-pockets and high-priced lobbyists, to convince the Obama administration to scrap na increase on corporate taxes. Which is awesome, as corporations will continue to pay just twelve cents for each federal dollar (perhaps soon to be lower?) and revenues gained from corporate income taxes will comprise just two percent of gross domestic product, down from six percent from the high peak of the horrible, awful Eisenhower administration and its crushing tax burden upon corporations and wealthy Americans.
So, score another win for the good guys! At first I was upset when I heard the news that efforts to get corporations to pay an equitable share of tax revenues were being scrapped. But then I realized: pay-offs, lobbyists, and owning the entire Republican party doesn’t come cheap. So, admittedly, its unfair to saddle such corporations as Microsoft and General Electric with a tax burden on any remaining profit they might have after purchasing our government and influencing the democratic process with their millions in campaign donations. Kudos! Here’s hoping that the winning streak continues!
