Between the Lines: American Corporations Shelter $2.1 Trillion in Offshore Profits, Withholding $620 Billion in U.S. Tax Revenue
media mention“Interview with Matthew Gardner, executive director of the Institute on Taxation and Economic Policy, conducted by Scott Harris. Since well before Ronald Reagan was elected president in 1980, Republican and conservative politicians have railed against corporate taxes, arguing that high U.S. tax rates hurt the American economy and put a damper on the creation of jobs. By statute, profitable corporations are supposed to pay a 35 percent federal income tax rate on their U.S. profits, but in 2010, corporations based in the United States had an effective federal tax rate of just 13 percent on their worldwide income, 17 percent when state and local taxes are included.”