Fish. Barrel. Shotgun.
Oh, cripes, the Beck is at it again:
In a global economy, companies can locate themselves wherever they want. They will set up shop wherever it's easiest to do business. That's also where they will pay most of their taxes and hire thousands of workers.
If you have to make the decision on where to do business, would you choose the country that, according to the Tax Foundation, features the highest corporate state and federal tax in the developed world? I doubt it.
The World Bank and PricewaterhouseCoopers just finished their report studying the burden that businesses face by various tax systems. In what it calls the "ease" of paying taxes, we ranked 76th out of 178 countries overall. That's not good.
The "Tax Foundation" may sound familiar - it's the conservative PR outlet that coughs up B.S. about "Tax Freedom Day®" (make sure you use the trademark!) every year. Yeah, there's an impartial source for you.
I am aware that arguing for a tax cut for companies may seem counterintuitive to some, with all the economic problems "Main Street" is feeling at the moment. But that's exactly why we need it so badly. Now is not the time to chase away the companies that employ us.
No, they'll just stay in the United States, claim tax credits and subsidies, and hide their profits offshore:
Merck had cooked its tax books by moving ownership of its drug patents to its own Bermuda shell company -- an entity that has no real employees and does no real work -- and then deducting from U.S. taxes the huge royalties it paid itself. While setting up a shell company is not inherently illegal, it is if tax authorities determine that its only purpose is to evade taxes. Bermuda is a tax haven that has no levy on royalties.
And let's not even talk about the majority of companies that paid NO taxes to the government between 1996-2000. And, according to this article, many of them were still getting away with it in 2004.
Or the fact that corporations dodge even more of their state tax obligation than what they owe the Feds.
Ah, yes, Glenn Beck, champion of the little people, as long as the little people are earning more than $100 billion a year.