I’m very leery of corporate tax reform, largely because I don’t think there are enough genuine loopholes on the business side of the tax code to finance a meaningful reduction in the corporate tax rate.
That leads me to worry that politicians might try to “pay for” lower rates by forcing companies to overstate their income.
Based on a new study about so-called corporate tax expenditures from the Government Accountability Office, my concerns are quite warranted.
The vast majority of the $181 billion in annual “tax expenditures” listed by the GAO are not loopholes. Instead,...