When the federal government pays, we all pay. This is, of course, a government of the people, and these are our elected officials; when Congress engages in such epic bootlicking, we all get stuck with the bad taste in our mouth.
We’re also stuck with the opportunity costs. The study reports that if seven giant corporations—Boeing, Chevron, Citigroup, Ford, General Motors, JPMorgan Chase and Verizon—had paid the statutory corporate tax rate of 35 percent, they would have owed $25.9 billion. Instead, the seven companies received a combined $1.9 billion in tax refunds, a difference of $27.8 billion. What might have been? What could we do with that lost tax income? How about running the VA for two entire months, the study asks. Or resurfacing 22,240 miles of four-lane roads. Or Universal pre-K for every four-year-old in the country. Three hundred and seventy-seven thousand more public school teachers. The list goes on and on.