Tuesday, April 5, 2011

'Tis the season - A tax chart

Be sure to keep this one in mind over the next ten days...

    Center for Budget and Policy Priorities

This is from the New York Times "Economix."  There is no indication what external events such as periodic upswings in profits or specific tax policies affected the "bumps" within the overall decades-long decline in corporate taxes as % of GDP, but as a general trend the article's author, Nancy Folbre, an economics professor at the University of Massachusetts Amherst, notes:
In 2008, the Government Accountability Office reported that 83 of the 100 largest publicly traded corporations in the United States had subsidiaries in jurisdictions listed as tax havens; it cautiously emphasized that this did not prove that their decisions to locate there were motivated by tax minimization.
The British journalist Nicholas Shaxson takes a bolder and more aggressive swipe at the issue in a new book, “Treasure Islands,” arguing that the globalization of tax evasion is undermining fiscal and economic stability in developed and developing nations alike...

The most vivid character in Robert Louis Stevenson’s beloved adventure story “Treasure Island” was the one-legged sailor Long John Silver. He never described himself and his colleagues as pirates. No, they were “gentlemen of fortune.”

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