From Robert Reich’s awesome Facebook:
I’ve spent the last day in Washington, where Democrats are quietly gearing up to negotiate a “tax amnesty” for American-based global corporations that have parked some $2.1 trillion in untaxed profits abroad (mostly in tax havens) to avoid paying their U.S. taxes. The U.S. corporate tax rate is 35 percent, but Obama is ready to offer 14 percent if they’ll bring the profits home; Republicans want 10 percent; some Democratic senators are willing to go even lower (Barbara Boxer is teaming up with Rand Paul to offer 6.5 percent). Corporate lobbyists are swarming over Capitol Hill, suggesting if they don’t get a great deal they might not just keep the profits abroad but even move their corporations abroad (like Pfizer is doing).
It’s corporate extortion on a giant scale. The best way to deal with extortionists is not give in to them at all. If America’s global corporations knew there’d never ever be a tax amnesty, they’d stop waiting for it. They’d bring home the profits they need to invest in their American businesses. As to those threatening to move abroad – let them. If they’re unwilling to pay taxes for the benefits of being American (including protection of their global assets and intellectual property), then sayonara.