No Surprise: U.S. Corporate Taxes Driving Businesses Abroad
The Wall Street Journal reports that America’s uncompetitive corporate tax code is driving U.S. businesses to relocate their headquarters to other countries. One of the major reasons these businesses are fleeing our shores is taxes.
Each of the countries the article cites as places where U.S. businesses have moved their headquarters—the United Kingdom and Ireland, for example—is a nation with a lower corporate tax rate than the United States. This is wholly unsurprising, since the U.S. now has the highest corporate tax rate in the developed world. No matter where a U.S. business relocates its headquarters, it would face a lower rate.