Monday, July 28, 2014

Paul Krugman: Most Offshore Corporate Re-Location Is Already Illegal. Enforce The Law

"Iconic American Corporations Receive Benedict Arnold Award"


KRUGMAN: Tax avoidance du jour — inversions. "Apologists for inversion, who tend to claim that high taxes are driving businesses out of America, are indeed talking nonsense. These businesses aren’t moving production or jobs overseas — and they’re still earning their profits right here in the U.S.A. All they’re doing is dodging taxes on those profits. And Congress could crack down on this tax dodge — it’s already illegal for a company to claim that its legal domicile is someplace where it has little real business, and tightening the criteria for declaring a company non-American could block many of the inversions now taking place. So is there any reason not to stop this gratuitous loss of revenue? No." Paul Krugman in The New York Times.

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