Jul 04 2011

Biggest tax cheats would gain from $1trn US tax break

Posted by: Nick Shaxson in: Thoughts

A great story, again, from Jesse Drucker, with loads in there, such as this:

“Why should we reward firms for successfully gaming the tax system when we in turn are called on to make up the missing tax revenues?” said Kleinbard, a former corporate tax attorney at Cleary Gottlieb Steen & Hamilton LLP. “Much of these earnings overseas are reaped from an enormous shell game: Firms move their taxable income from the U.S. and other major economies — where their customers and key employees are in reality located — to tax havens.”

Read it here.

Also see Don’t Fall for Corporate Repatriation, by Urban/Brookings. And plenty more.

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