World’s largest tax haven

“If the U. S. truly repealed its corporate income tax and replaced it with what is essentially a border adjustable consumption tax, the U. S. would be one heck of an attractive place to invest. In fact, the U. S. would be the world’s largest tax haven. We would be better than Ireland. Any foreign company could come here and manufacture and there would be no income tax. Remember that I said that 120 countries in the world had VATs? None of them repealed their corporate income tax. This would get rid of the corporate income tax and put in place this consumption tax, so you can imagine that this would make the U. S. a very, very attractive place to invest and it would undoubtedly lead to international repercussions that would be quite interesting. I think other countries would probably copy.”

Dr. Peter R. Merrill
Director, National Economic Consulting Group
PricewaterhouseCoopers
Former Chief Economist, Joint Committee on Taxation

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