Gene Sperling. Currently, we reward any U.S. multinational firm that operates abroad by letting it defer taxes on operating profits in lower-tax jurisdictions. Companies may be right that they need this tax break to compete for foreign market share in low tax nations. Yet U.S. policymakers should take those arguments into account only if companies can establish that locating in such tax havens ultimately translates into more jobs and better wages at home-an argument that I suspect is getting harder and harder to make.
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