Robert Reich: The fact is, global corporations have no allegiance to any country; their only objective is to make as much money as possible — and play off one country against another to keep their taxes down and subsidies up.
Rachel Maddow’s example on MSNBC was a simple enough explanation of how $21 billion dollars in annual tax revenue disappears from US coffers through legal loopholes that create tax shell corporations. Mr. Bill Hypothetical, based in Texas, earns $50,000 annually and pays a 25% tax rate. KBR’s profits, also based in Texas (a military contractor [...]
It’s allegedly better to be lucky than good. Barack Obama has great political skills, but it took luck to give him the chance to replace a tarnished Tom Daschle with a far more credible Kathleen Sebelius as Health and Human Services Secretary. The Kansas Governor is slated to be appointed to the job, and will [...]