Fair Tax Would Close Transfer Pricing Loopholes
Jesse Drucker, writing this week in Bloomberg Businessweek, tells the fascinating story of “Forest Laboratories’ Globe-Trotting Profits” and bemoans the fact that billions in U.S. income tax are legitimately avoided by corporations like Forest through international transfer pricing strategies. Drucker’s last paragraph is the best: “If multinationals cannot be prevented from shifting profits to low-tax […]
Good for All Americans: Decreasing Capital Gains Tax
As this video illustrates, every American would be better off if Congress decreased the capital gains tax instead of increasing it as recommended by President Obama. In fact, it is hard to imagine a tax policy change that would be more detrimental to economic growth than increasing capital gains. At this particular moment in our […]
American Needs the Fair Tax, Now!
I’ve been practicing and teaching in the income tax arena since 1987, almost a quarter of a century. I got into the income racket — yes, racket is a fair way to describe it — at then Price Waterhouse, on the heels of the great Reagan tax code overhaul called the Tax Reform Act of […]