Not surprising. Those types are a bunch of cronies.
GM makes billions in profits and doesn't have to pay income tax.
The idea of making businesses pay income tax is wierd.
Tax on capital, on benefits, perhaps, but income?
Well, true than the US is one of the countries where the taxes on businesses are the highest in the world.
Higher than "socialist" Europe.
We have corporate income taxes. It sounds weird, but that's how it goes. The thing about the rate is that big businesses tend to game the system and pay a much lower rate than their smaller counterparts. That's why we should lower the rate and reform the system.
That was the original plan when Taft set up the corporate tax. It didn't need a constitutional amendment, and was expected to be replaced by a progressive personal income tax once that became constitutional. It never was fixed 100 years ago when Wilson came in to office and implemented the newly constitutional person income tax. It remains a mess today.
As to the OP and capping profits. I end up seeing nothing but utilities, since that's how they operate. Capped profits can work for them to the extent that the utilities are given monopoly powers. I don't see the public desirous of regulated monopolies for all areas of commerce. I had a chance to see that style when I visited the Soviet Union in the late 80's and it was dramatically poor at meeting consumer needs.
