BY MURRAY SABRIN
Murray Sabrin is professor of finance at Ramapo College and was the Libertarian Party nominee for governor in 1997 and a GOP candidate for the U.S. Senate in 2000 and 2008.
IT WAS REPORTED last week that General Electric paid no federal income taxes in 2010. Should we be angry that one of the world’s largest corporations paid no federal income tax while middle income and upper income Americans pay federal, state and in some cases city income taxes?
Americans also pay Social Security and Medicare taxes, state unemployment and disability taxes, sales taxes and property taxes, and a host of utility and other taxes. In short, Americans pay taxes to all levels of government in order to receive a number of benefits from the “public sector.”