The article discusses the fairness of corporate taxation and the debate surrounding tax exemptions for non-profit organizations in the U.S.
Section 501(c)3 of the U.S. Internal Revenue Code grants tax exemption to corporations organized for religious, charitable, scientific, or educational purposes, provided they do not engage in propaganda or political campaigns.
The author criticizes the weaponization of the tax code for partisan purposes, citing examples from both the Obama and Trump administrations.
The author argues that profits are essential for a society's well-being and criticizes the perception that non-profit work is inherently more virtuous.
Profits are not a transfer of wealth but are mutual, with both producers and consumers benefiting. Larger profits for producers indicate greater value received by consumers. Profits represent new wealth created through entrepreneurial vision.
The author also criticizes the tax deductibility of donations to non-profits, arguing that it unfairly favors certain enterprises. The author concludes that corporations don't pay taxes; only people do. The author suggests simplifying the tax system and being transparent about the need for higher individual tax rates if the government requires more revenue.