Washington Post: Republican Tax Bill Would Be Paradise for Plutocrats

As Thomas Frank wrote in the Guardian, these “tax havens are not a sideshow” to the global economy; “they are a central reality.” And that reality makes a mockery of the Republican case for their tax cuts. The Institute on Taxation and Economic Policy reports that the most recent data from the IRS in 2012 shows that more than half of the foreign profits reported by all U.S. multinationals were booked in tax havens. Republicans insist that cutting taxes on the corporations and the wealthy will lead to more investment, more growth and more jobs. But the reality is that the rich and corporations already pay far less in taxes than anyone understands. There is nothing trickling down but more inequality and more burdens on the “little people.” Read more