A huge tax bill that Congress passed last week contained a little-noticed gift for select corporations — tens of millions of dollars in breaks on import tariffs. Early Saturday morning, in the frantic final hours of the 109th Congress, lawmakers rolled 520 tariff suspensions into the must-pass bill. The provisions will reduce or eliminate taxes on imported products as varied as shoes, camcorders and boiled oysters. . . . Many of those companies and their executives have given millions of dollars to political campaigns. (Washington Post, Thursday)
Congress can corrupt anything, even the removal of tariffs.
FEE Timely Classic
The Myth of National Industrial Policy by Dennis Bechara