When we think of corporate tax havens, we often think of offshore accounts. Well, think again: the United States has become a giant tax haven for corporations. That’s what’s so crazy about the current call to lower corporate tax rates in the United Stats: they’re already (as graph below shows) paying a historically low percentage of federal tax revenues.
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The fact is, we’re being held hostage—by corporations and mainstream economists alike—to the idea that one tiny group in society has the right to appropriate most of the surplus and to decide when and where most jobs will be created. And, if it doesn’t get its way, it’ll deploy its capital elsewhere.
That’s why the United States has become a giant corporate tax haven. And, if things continue as they are, it’ll become an empty shell—just as empty as those offshore “headquarters” corporations have been using to avoid taxes on their profits.
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