Paradise Papers Show How Misguided the G.O.P. Is on Taxes
The economist Gabriel Zucman and his colleagues have spent years estimating how much wealth is stashed in low-tax havens and what that means for government coffers. He’s found that 63 percent of foreign profits made by American multinational corporations are stuffed in these subsidiaries and accounts, depriving the country of about $70 billion in tax revenue each year.
.. Businesses and the wealthy, the Republicans’ argument goes, will bring their money back to our shores and pay taxes on it if rates are lower. But there are few mechanisms included in their tax package that would actually push either group to do so, rather than keep it abroad and away from taxation.