These are companies that even a top cheerleader for the corporate class can’t bring itself to defend.
Fortune magazine is out with its list of “Top American corporate tax avoiders,” members of the S&P 500 that “sure seem American—except when it comes to paying taxes.”
These are companies that even a top cheerleader for the corporate
class can’t bring itself to defend. What’s more, the list is accompanied
by a blistering article by
columnist Allan Sloan that makes the progressive case against corporate
tax evasion as forcefully as anything Sens. Bernie Sanders or Elizabeth
Warren might say on the Senate floor.
There is “a new kind of American corporate exceptionalism,” he
writes: “companies that have decided to desert our country to avoid
paying taxes but expect to keep receiving the full array of benefits
that being American confers, and that everyone else is paying for.”
Fortune includes on the list Eaton PLC,
which produces a range of mechanical and electrical components, which
has its U.S. headquarters in Cleveland but its “tax residence” in
Ireland. Its CEO, Alexander Cutler, Fortune helpfully notes,
“also happens to be a member of the Campaign to Fix the Debt, a
nonpartisan organization that advocates cutting government spending and
increasing tax revenue. He wants to close tax loopholes—but he sure
isn’t proposing to return his corporation to full U.S. taxpaying
status.”
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