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Of course, the United States contributes to this, too, by having the most complicated tax code, and the highest corporate income tax rate in the world. Combine
by GPGPU 11y ago
Of course, the United States contributes to this, too, by having the most complicated tax code, and the highest corporate income tax rate in the world.
Combine this with a 30% ex-patriation tax* (yes, they tax you for giving up your citizenship), it's no wonder people create and keep wealth overseas.
https://www.irs.gov/Individuals/International-Taxpayers/Expatriation-Tax https://www.irs.gov/Individuals/International-Taxpayers/Expa...
- sgc 11y agoHighest corporate rate, but far from the highest effective corporate tax, Where much of Europe, Australia, Japan, etc. have higher rates. http://data.worldbank.org/indicator/IC.TAX.TOTL.CP.ZS?order=wbapi_data_value_2014%20wbapi_data_value%20wbapi_data_value-last&sort=asc&display=default http://data.worldbank.org/indicator/IC.TAX.TOTL.CP.ZS?order=...
- njharman 11y agoThat's the point. USA "advertises" high corp tax so it sounds like government is big and evil and taking all poor corporations profits. But the tax law is so complex and full of holes. Corps actually pay very little. Rich people pay little. The brunt is borne by the masses who don't have the assets/wealth to take advantage of all the loopholes. It's really rather ingenious.
- GPGPU 11y agoFor every additional dollar I earn, I am taxed at a rate (Federal and State combined) of 52.9%. "Rich" people do pay taxes. In fact, they pay most of the taxes.