Weekly, Opinion Editor Greg Jayne continues to validate the “Peter Principle.” In his Jan. 28 column, “With tax bill, the rest of the story impossible to ignore,” he proudly displays his ignorance of basic economic theory. He blames the federal government for state tax incentives and claims that corporate tax relief is a boondoggle of rare and wondrous proportions.
He claims that 38 percent of all stock is owned by that progressive boogeyman, the 1 percent. Actually, 38 percent is the amount of stock owned by all private investors. The rest is owned by mutual funds, pension funds and a few other entities. So, reducing corporate taxes benefits pensioners throughout the country. Obviously, Jayne doesn’t think pensioners deserve a benefit.
He also ignores the benefit of making American corporations more competitive in the world market place by leveling the tax burden on corporations operating exclusively in the U.S. This was accomplished while maintaining a corporate tax rate still higher than the rest of the industrial world. The list goes on.
The reality is that corporations pay no taxes. Their shareholders do, directly or indirectly.
