“Corporate Tax Loopholes Matter More Than a Higher Rate”

ICYMI via Bloomberg Opinion:

President Joe Biden wants to pay for his proposed $2.3 trillion infrastructure bill by raising the corporate tax rate to 28% from 21%. But if experience is any guide, companies are unlikely to pay anywhere near the higher rate because they are experts at dancing around the tax code. That’s why Congress’s first priority should be to close the loopholes that allow companies to treat tax rates as an opening bid rather than a firm demand.