Your friend recently read a newspaper article that said the largest of the Fortune 500 companies do not pay the federal income tax expense reported on their financial statements. The tax they pay is...

Your friend recently read a newspaper article that said the largest of the Fortune 500 companies do not pay the federal income tax expense reported on their financial statements. The tax they pay is frequently a lower number. Your friend asks you to explain how this is possible. Do you believe this is good public policy?