Opinion: Good for Elizabeth Warren for wanting to make it simpler to file taxes
Sen. Elizabeth Warren . By Helaine Olen Helaine Olen Opinion writer focusing on politics, economics and American life Bio Follow Opinion writer April 12 at 10:22 AM It may be spring, but there’s a good chance that many Americans won’t get to appreciate it this weekend.
Under current law, corporations can report large sums of annual profit to Wall Street and investors, while still using loopholes to pay no taxes to the feds. According to a study released Thursday by the Institute on Taxation and Economic Policy, at least 60 Fortune 500 companies paid nothing to the federal government in taxes in 2018, continuing a decline in corporate tax revenue since President Trump and congressional Republicans lowered the corporate tax rate.
What the two ideas share — besides Warren as their author — is that the problems they address are both products of business lobbies’ influence in Washington. Much in the way corporations frantically lobbied for a tax cut, you can thank the tax prep industry’s influence for the unnecessary time and money spent in the run-up to Tax Day.
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