Global Public Square

Economy needs both reform and investment

By Fareed Zakaria

The U.S. tax code is at the heart of a system of institutionalized, legal corruption. The code is so vast because companies, industries and lobbying groups receive special preferences in return for campaign contributions, a cash-for-favors scheme that Washington would denounce as crony capitalism in any Third World country.

You can see the corruption at work in the fierce opposition to efforts to lower the corporate tax rate. After demanding this reduction for years, companies are now lobbying hard — and spending heavily — to retain their own special tax breaks, which is what drove rates up in the first place.

Read the full Washington Post column