Toronto Star: What’s Behind Obama’s War on Corporate Deserters
media mentionBy David Olive
American corporate CEOs who don’t object to paying the dues granting them the privilege of country club memberships — possibly because their employer covers that perk, which often is a tax-deductible expense — are increasingly taking radical objection to paying their fair share of dues for the privilege of profiting from doing business in the world’s biggest economy.
It’s also true that an estimated $2 trillion in U.S. corporate profits are parked offshore, safe from the Internal Revenue Service (IRS). And that the actual tax rate, after loopholes, for selected industries from utilities to aerospace to industrial machinery ranged from 2.8 per cent to 19.7 per cent between 2008 and 2012, according to the U.S.-based Citizens for Tax Justice and the Institute on Taxation and Economic Policy.