Yellen calls for a global minimum corporate tax rate
I have a crazy and unpopular idea - America drops the corporate income tax to 0%, full stop, across the board, no loopholes, no exceptions.<p>(ducks from the rotten vegetables that are being thrown at me)<p>Here me out...<p>America offsets the revenue loss by increasing tax burden on (rich) <i>individuals</i>, not corporations [1]. Hopefully, that would bring offshore profits back and increase hiring, r&amp;d spend, capex, etc etc positive feedback loop etc. More likely, corps use the profits to buy back stock and layoff people (which has happened in the past with tax holidays [2]), but hey, at least those profits don&#x27;t just sit in a bank account in Ireland or the Cayman Islands.<p>Here is a really crazy idea that won&#x27;t work - Janet Yellen trying to compel the world to adopt a global tax rate standard, thinking that tax haven countries would comply for America&#x27;s benefit. Yeah, not happening... the baby boomer generation really don&#x27;t have any capability of second order thinking.<p>[1] The irony is that republicans love to say corps are people. With that logic they should be taxed like people. Dumb. They are not people, they are institutions. Don&#x27;t tax institutions, just tax people more.<p>[2] <a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Repatriation_tax_holiday" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Repatriation_tax_holiday</a>