“Status quo, you know, is Latin for 'the mess we're in’." -- Ronald Reagan Crony capitalism is defined as an economic system characterized by close, mutually advantageous relationships between business leaders and government officials. Many of our nation’s biggest companies come to the Washington Swamp, to hire lobbyists to preserve tax breaks, to use the power of government for competitive reasons or to secure government money for corporate projects. And Elizabeth Warren is happy to line their mutual pockets. The battle over tax reform is an excellent example of rampant cronyism. Last year, Speaker of the House Paul Ryan laid out a bold plan to scrap the corporate income tax for a system that falls more in line with a territorial system of taxation that does not punish companies who sell products domestically. A territorial tax idea would exempt foreign sold goods from being taxed to remove the incentive for companies to reorganize in another country to avoid double taxation.

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