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Politics : View from the Center and Left

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To: Bread Upon The Water who wrote (218986)	3/7/2013 12:07:30 AM
From: Wharf Rat	Read Replies (2) of 543545

"Thanks for the info regarding GE. Seems to me reform of the tax code would help--" Raygun did just that. He's more progressive than Obama. This isn’t the first time Americans have had to deal with a tax code that lets the nation’s richest firms get away with shirking their tax responsibilities. In the middle of his presidency, then-president Ronald Reagan learned that a number of big corporations, including his former employer, General Electric, were completely escaping paying federal corporate income taxes. “I didn’t realize things had gotten that far out of line,” Reagan told his Treasury secretary, Donald T. Regan, according to his 1988 memoir. So Reagan undertook a comprehensive tax reform effort that actually raised the corporate taxes and closed numerous loopholes that allowed big firms to dodge their tax responsibilities. As part of these reforms, Reagan passed the 1986 Tax Reform Act. This law “ raised corporate taxes by $120 billion over five years and closed corporate tax loopholes worth about $300 billion over that same period.” thinkprogress.org

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