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The current tax code is riddled with loopholes systematically inserted by special interests that result in large, multi-national corporations shifting their tax responsibilities to small businesses, domestic businesses and average taxpayers.
Dozens of corporations pay no or very little tax, while reaping billions of dollars in profits. Between 1987 and 2008, corporations paid an average effective tax rate of 25.6 percent. In 2011, those same corporations saw their effective income tax rate drop to 12 percent.
We need a corporate tax system that holds corporations accountable to government, shareholders, and the public. This would be a system that doesn’t reward companies for moving jobs and profits offshore, encourages competition based on products and services and not on who has the best lawyers, accountants, and tax advisors, and provides for transparency across industries and countries as to transactions, economic activity, and taxes paid, giving investors, shareholders and governing bodies a holistic view of a corporations’ activity.