The presidential election campaign is in high gear and both Donald Trump and Joe Biden are busy making their case to the American people. And clearly the economic toll of the COVID-19 pandemic has influenced their thinking, since both are now talking about reshoring important industries, particularly from China.
Reading through the candidates’ proposals, it’s clear that both have spent a lot of time focused on corporate tax rates. But they’ve hardly delved into the large disparity in tax rates being paid by different companies. Essentially, both plans fail to fully address this problem: Domestic U.S. companies keep paying corporate taxes on U.S. sales and their overseas competitors don’t. That means plenty of large multinationals—both domestic and foreign—keep parking record profits in tax-haven nations.
The 2020 campaign presents a pivotal moment, and both Trump and Biden should consider a “destination-based” corporate tax system. Instead of the complicated world of the 2017 Tax Cuts and Jobs Act, it’s time for the United States to move to a far simpler territorial tax that would ensure multinational firms—both foreign and domestic—start paying the same effective corporate tax rate as domestic companies on U.S. profits.
That’s what the government wants to them to do If they didn’t they’d lower the tax burden
This is not a problem, this is capitalism. Corporations are committed to their shareholders, not their nations.
clinton foundation.
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