American Corporations Too Busy Cheating Taxpayers to Actually Produce Good Products
Found on Alternet on Thursday, 25 September 2014
Companies now spend an inordinate amount of time figuring out not how to beat their competition, but how to prosper from tricks and loopholes their accountants find buried in the law.
In 2004, Congress approved a tax amnesty on offshore cash, but the $300 billion repatriated did not go to investment or growth, but mostly to stock buybacks and dividends to goose share prices.
Maybe it's about time to draw a line under current tax laws and make new, simple ones. A lot of accountants would end up unemployed, and some fake companies would go out of business, but that's not really much of a loss.