...5. Stop Saying Corporations Have an “Insane Tax Burden”
The Wall Street Journal used that phrase in a story about Pfizer, which claims tax-deferred profits overseas and losses in the U.S., and which paid an effective tax rate of just 7.5 percent in 2014, and which is now merging with another company in order to move its corporate offices overseas to avoid even more taxes.
The Wall Street Journal itself admitted that “Pfizer’s accounting methods raise its reported tax rate, without increasing the actual taxes the company pays.” That’s the point. The “tax burden” is an accounting fiction, not reality.
Friday, January 01, 2016
5 New Year’s resolutions for reality-impaired conservatives: