Yesterday, I wrote about how the GOP is falsely pushing the argument that America’s corporations are overtaxed. I included some great data courtesy of conservative commentator Bruce Bartlett whose New York Times piece did an extraordinary job of putting the lie to the Republican assertions.
Today, and not a moment too soon, the non-profit Citizens For Tax Justice (CTJ) has put out their findings revealing that twelve of the nations largest Fortune 500 companies, while making $170 billion in profits during the period of The Great Recession, paid an effective tax rate of negative 1.5%*.
*In other words, they got a refund.
Hopefully, according to Robert Reich in Gord's post below, people are starting to wake up but there are still far too many who buy the corporate line. If the rich and corporations don't pay their fair share of taxes, it's all on us. If we can't afford it anymore, the nation begins to crumble. It won't be long before you're afraid to go over a bridge or through a tunnel for fear of it falling apart and killing you in the process. Ask the people in Minnesota how that goes.