Why Do Corporations Get FREE Limited Liability Protection? [View all]
The Right wants us to believe that the rich make all their money on their own and who can dispute that hard work and brilliant ideas don't give one an edge in a competitive market? But beneath the surface there are plenty of government freebies that I'd argue vastly contribute to the creation of the uber-rich... freebies like intellectual property monopolies, copyrights, and trademarks... and doesn't Trump claim his "brand" is worth 3 billion? But there are also the benefits of incorporation making it easy to aggregate capital... and its FREE limited liability protection. This protects the private wealth of corporate owners (including shareholders) in the case of corporate bankruptcy even if it screws legitimate creditors.
WHY ISN'T THIS PURCHASED AS INSURANCE FROM THE PRIVATE SECTOR? In this way creditors WOULD be protected.
I can see why the Right will never mention any of the above because they need the Big Lie of individual initiative as a key defense against progressive taxation.
BUT WHY DON'T THE DEMS MAKE THIS ARGUMENT IN DEFENSE OF PROGRESSIVE TAXATION? I know Obama got beat up for his "you didn't make that" comment. But still this IS a legitimate and potentially vital narrative in defending high progressive tax rates.
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