In August 2011, Mitt Romney announced: “Corporations are people, my friend.” In a Aug. 29 column “ Lower corporate tax rates. Now.” Charles Krauthammer pointed out that “the effective tax rate for some of the largest corporations is about 13 percent.” And in August 2012, Romney asserted that over the past decade, he had never paid less than 13 percent in taxes. Behold: a statistical conflation that confirms that corporations are, indeed, people!
Furthermore, in criticizing Walgreens for canceling its plans to reduce its taxes by moving its headquarters to Switzerland, Krauthammer reminded us that “corporations (aka people) have an indisputable fiduciary responsibility to protect their shareholders.” These corporations/people, like all of us Americans, also have a funding responsibility to protect a governmental “start-up” called the United States of America by maintaining highways, improving the electric grid, paying for military and medical services, etc.
Krauthammer’s solution to corporate inversions (such as Burger King’s) is “tax reform that lowers the accursed corporate rate.” Let’s try that, in conjunction with an Alternative Minimum Tax of at least 20 percent for corporations. That way, Duke Energy, General Electric, Boeing, Verizon, etc., would have to pay some federal income tax – just like we other people do.
Gene Farrelly, Oxford