Macro-economic and ecological connections are simply ignored with the concentration on short-term profit. The planned reduction of corporate taxes from the current 35% to 15 or 20% recalls the Laffer-curve as the basis of Reagan’s fiscal policy error. Additional investments of businesses should not be expected. Pressure on the state budget will increase through tax shortfalls. The division between rich and poor will intensify.
The government ideology of the US follows the shady business model of the former real-estate tycoon Trump. The daily stock prices of US corporations is the focus. The necessary social and ecologicaL sustainability doesn’t have a chance.
Here is a link to the 38-page Oxfam “Rigged Reform” on the top 50 US corporations and their tax avoidance lobbying. Between 2009 and 2015, they stashed $1.6 trillion in tax havens and received $460 billion in tax cuts.
Tax dodging by multinational corporations costs the US approximately
$135 billion each year. But these schemes do not just harm the US. The same tactics corporations use to dodge US taxes sap an estimated $100 billion every year from poor countries, preventing crucial investments in schools, hospitals, roads, and other tools to reduce poverty. The harm done to Americans and people living in poor countries by corporate tax dodging are two sides of the same coin…