Do American businesses have a patriotic duty to sacrifice their own interests for the broader good of the country?
Treasury Secretary Jacob Lew recently called on leaders of the congressional tax committees to enact a measure to “prevent companies from effectively renouncing their citizenship to get out of paying taxes.” Secretary Lew says such a measure will usher in “a new sense of economic patriotism, where we all rise or fall together.” Secretary Lew is lashing out against a tactic called inversion, in which American multinational corporations sell or otherwise transfer their formal corporate operations to a typically smaller entity in a low-tax foreign country and then reincorporate in the other country.
via Is patriotism a virtue in business?—tax inversion—Commentary.
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