The economy is dominated by oligopolies – concentrations exist in almost every industry. 3 or 4 companies get as much 70% of the global market share. Just consider:
- Phone Services: Verizon Wireless, AT&T Inc, and T-Mobile USA:
- Paper products – Kimberly-Clark, Proctor & Gamble and Georgia-Pacific
- Satellite TV providers: Dish and Direct TV (Direct is owned by AT&T)
- Soda pop: The Coca-Cola Company, PepsiCo, and Dr. Pepper Snapple Group
- Tires: Goodyear Tire & Rubber Company, Michelin North America, Copper Tire & Rubber Company, and Bridgestone
- Household appliances: Whirlpool Corporation, AB Electrolux, General Electric Company, and LG Electronics
- Airlines: Southwest , Delta, American and United Airlines –
- Pharmaceuticals Pfizer, Johnson & Johnson, Merck & Co
- Technology: Apple, Hewlett-Packard, IBM, Amazon, Microsoft, Google, Intel, Cisco Systems
- Search engines: Google and Microsoft have more 90 of this sector
- Online retailers: Amazon, eBay, and Wal-Mart
- Mass media: Comcast, Disney, Viacom & CBS (both controlled by National Amusements) and AT&T (via WarnerMedia).
Sixty of the nation’s biggest corporations paid no federal income taxes in 2018 despite earning $79 billion in profits and two out of every three U.S. corporations paid no federal income taxes from 1998 through 2005,
Many corporate transactions are not taxed at all. These include mergers, acquisitions, and liquidations, which contribute to the overconcentration of American business in a handful of companies in most industries.
The time is ripe for a change. Taxing the problem is one way of solving it.