The Hill: US tax system a “global punchline”

Government has “allowed America’s tax system – with a rate 10 percentage points higher than the global average – to go neglected for decades while we continue to lose ground in the global race for investment and jobs.” The Hill,

“The recent spate of so-called corporate “inversions” – where an American company relocates its global headquarters to another country through a purchase of a foreign company – is the latest political diversion from policies that will make America more economically competitive.  Ostensibly, these inversion deals are undertaken to lower a company’s tax burden.  However, Washington’s response to-date will not only have little impact on such transactions, it threatens to make matters worse by hampering our ability to attract global businesses that insource in America…

Over the past decade, America has drastically lost its share of global investment.  In 2000, 37 percent of all global investment came to the United States, in 2012 we claimed only 17 percent.  The United States will not attract more foreign investment if it enacts discriminatory tax policy.”