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Hillary Clinton’s “Exit Tax” Is an Unseemly Example of Banana Republic Economics

If you get into the weeds of tax policy and had a contest for parts of the internal revenue code that are “boring but important,” depreciation would be at the top of the list. After all, how many people want to learn about America’s Byzantine system that imposes a discriminatory tax penalty on new investment? […]

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Rand Paul’s Heroic and Vital Fight against Global Scheme to Destroy Financial Privacy

The Foreign Account Tax Compliance Act (FATCA) arguably is the worst feature of the internal revenue code. It’s an odious example of fiscal imperialism that is based on a very bad policy agenda. But there is something even worse, a Multilateral Convention on Mutual Administrative Assistance in Tax Matters that has existed for decades but […]

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The “Race to the Bottom” and Global Minimum Corporate Taxes

Imagine if you had the chance to play basketball against a superstar from the NBA like Stephen Curry. No matter how hard you practiced beforehand, you surely would lose. For most people, that would be fine. We would console ourselves with the knowledge that we tried our best and relish he fact that we even […]

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Correcting White House Anti-Inversion Propaganda

I wrote recently about the Pfizer-Allergan merger and made the case that it was a very sensible way to protect the interests of workers, consumers, and shareholders. That’s the good news. Why? Because companies should be allowed to engage in a do-it-yourself form of territorial taxation to minimize the damage caused by bad tax policy […]

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Why Do Hillary Clinton and Bernie Sanders Want to Undermine Jobs and Investment in America?

What’s the difference between Bernie Sanders and Hillary Clinton? I suspect that most people would cite differences in personal ethics, but I’m a policy wonk so I actually think the leading candidates for the Democratic presidential nomination are two peas in a pod. The only real difference is that Sanders is more open about his […]

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If You Think Corporate Inversions Are Bad, Blame Politicians rather than Pfizer

Here we go again. The politicians in Washington are whining and complaining that “evil” and “greedy” corporations are bring traitors by engaging in corporate inversions so they can leave America. The issue is very simple. The United States has a very unfriendly and anti-competitive tax system. So it’s very much in the interest of multinational […]

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Corporate Inversions: Obama Fiddles While the Corporate Tax Burns U.S. Competitiveness

The United States has what is arguably the worst business tax system of any nation. That’s bad for the shareholders who own companies, and it’s also bad for workers and consumers. And it creates such a competitive disadvantage that many U.S.-domiciled companies are better off if they engage in an “inversion” and shift their corporate […]

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The Venal Corruption of the Political Class

In the past week, I’ve written two columns (here and here) extolling the benefits of federalism. So I now feel compelled to warn that my support for decentralization is not motivated by some Pollyannish view of sub-national governments. State and local government officials are perfectly capable of adopting policies that lead to the absurd waste […]

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America’s Anti-Competitive and Anti-Comity International Tax System, Part I

Most of us will never be directly impacted by the international provisions of the internal revenue code. That’s bad news because it presumably means we don’t have a lot of money, but it’s good news because IRS policies regarding “foreign-source income” are a poisonous combination of complexity, harshness, and bullying (which is why only taxpayers […]

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Embarrassment Alert: America’s Tax System Ranks Below Italy, Greece, and Mexico

I’ve complained over and over again that America’s tax code is a nightmare that undermines competitiveness and retards growth. Our aggregate fiscal burden may not be as high as it is for many of our foreign competitors, but high tax rates and poor design mean the system is very punitive on a per-dollar-raised basis. For […]

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More Companies Escaping America’s Masochistic Corporate Tax System

Last August, I shared a list of companies that “re-domiciled” in other nations so they could escape America’s punitive “worldwide” tax system. This past April, I augmented that list with some commentary about whether Walgreen’s might become a Swiss-based company. And in May, I pontificated about Pfizer’s effort to re-domicile in the United Kingdom. Well, […]

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Should Companies Do What’s Best for Government, or Should They Do What’s Best for Workers, Consumers, and Shareholders?

I’m in favor of free markets. That means I’m sometimes on the same side as big business, but it also means that I’m often very critical of big business. That’s because large companies are largely amoral. Depending on the issue, they may be on the side of the angels, such as when they resist bad […]

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More Compelling Evidence that America’s Corporate Tax System Is Pointlessly Destructive

It’s probably not an exaggeration to say that the United States has the world’s worst corporate tax system. We definitely have the highest corporate tax rate in the developed world, and we may have the highest corporate tax rate in the entire world depending on how one chooses to classify the tax regime in an […] . . . → Read More: More Compelling Evidence that America’s Corporate Tax System Is Pointlessly Destructive . . . → Read More: More Compelling Evidence that America’s Corporate Tax System Is Pointlessly Destructive

More Americans Going Galt

President Obama promised he would unite the world…and he’s right. Representatives from dozens of nations have bitterly complained about an awful piece of legislation, called the Foreign Account Tax Compliance Act (FATCA), that was enacted back in 2010. They despise this unjust law because it extends the power of the IRS into the domestic affairs […] . . . → Read More: More Americans Going Galt . . . → Read More: More Americans Going Galt

Debating Tax Havens

I never thought I would wind up in Costco’s monthly magazine, but I was asked to take part in a pro-con debate on “Should offshore tax havens be illegal?” Given my fervent (and sometimes risky) support of tax competition, financial privacy, and fiscal sovereignty, regular readers won’t be surprised to learn that I jumped at […] . . . → Read More: Debating Tax Havens . . . → Read More: Debating Tax Havens

The Tax Foundation 1 – New York Times 0

Whether it’s American politicians trying to extort more taxes from Apple or international bureaucrats trying to boost the tax burden on firms with a global corporate tax return, the left is aggressively seeking to impose harsher fiscal burdens on the business community. A good (or “bad” would a more appropriate word) example of this thinking […] . . . → Read More: The Tax Foundation 1 – New York Times 0 . . . → Read More: The Tax Foundation 1 – New York Times 0

Rand Paul Debunks the Shameful Demagoguery against Apple

Senator Rand Paul is perhaps even better than I thought he would be. He already is playing a very substantive role on policy, ranging from his actions of big-picture issues, such as his proposed budget that would significantly shrink the burden of government spending, to his willingness to take on lower-profile but important issues such as […] . . . → Read More: Rand Paul Debunks the Shameful Demagoguery against Apple . . . → Read More: Rand Paul Debunks the Shameful Demagoguery against Apple

Four Reasons to Applaud Apple’s Tax Planning

The Senate is holding a Kangaroo Court designed to smear Apple for not voluntarily coughing up more tax revenue than the company actually owes. Here are four things you need to know. Apple is fully complying with the tax law. There is no suggestion that Apple has done anything illegal. The company is being berated […] . . . → Read More: Four Reasons to Applaud Apple’s Tax Planning . . . → Read More: Four Reasons to Applaud Apple’s Tax Planning