Corporate tax breaks have helped business owners amass inconceivable amounts of money over the past few decades. 100% Profits booked abroad Capital abroad Wages paid to employees abroad 75 Not in tax havens 50 25 In tax havens 0 1966 2018 1966 2018 1966 2018 American companies have moved their profits to tax havens. Source: Thomas Wright and Gabriel Zucman, “The Exorbitant Tax Privilege.”This is tax evasion, plain and simple. For decades, Congress has been playing catch-up as business owners and a handful of tax havens have driven international tax policy. With a 25 percent minimum corporate tax, the Biden administration would begin to reverse decades of growing inequality.

Source: International New York Times July 07, 2021 09:00 UTC