This past Wednesday, both Jon Stewart and Stephen Colbert reported on the phenomenon of corporate inversion, whereby an American company buys a foreign subsidiary then through the magic of legal loopholes, transfers the entire company overseas and becomes a foreign company now no longer responsible to pay taxes. The GOP (of course) finds this acceptable as the U.S. has the highest Corporate tax rate in the world and companies have the supposed fiduciary duty to pay as little of tax as possible. True? False? I asked the question and ran across this explanation. While you, an individual, are probably shirking your duty and not doing enough to support your country, Corporations are basking in the warm glow of the legal dodge. Foreign has never looked so good.
Posted on: Sat, 02 Aug 2014 23:22:28 +0000
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