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July 7, 2024

Corporate and industry group lobbying has helped decrease corporate income taxes.

General Question

Corporate and industry group lobbying has helped decrease corporate income taxes. Lobbyists pressure Congress to change the tax code to favor their industry or business. Lobbying is very lucrative; for example, lobbying costs of about $5 million yielded tax benefits of $13 million. Corporate campaign contributions are the main reason Congress bows to corporate pressure. What would you do to reduce the influence of corporations on the tax code? How would you rein in lobbyists’ influence? What do you think will happen to the percentage of federal tax revenue paid by businesses if lobbyist influence is not curtailed?

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