The Tax-Subsidy Waltz

NRPLUS MEMBER ARTICLE H ere is a tragicomedy in three parts:

  1. Politicians enact tax credit that benefits Corporation X.
  2. Corporation X accepts tax credit.
  3. Politicians are scandalized by Corporation X’s tax filings.

The New York Times is inviting its readers to be shocked and appalled by the fact that dozens of big companies have paid no federal business-income tax over the past three years in spite of taking in lots of money. At the top of its naughty list is Duke Energy, which made just under $8 billion over the past three years and had an effective corporate income-tax rate of . . . negative

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