Some good stuff in this column. Definitely worth a read.
In a stew over inversions – The Washington Post: “The U.S. system, unlike those of most major nations, taxes the profits that domestic corporations earn overseas, even though these profits are also taxed overseas. This double taxation is one reason that approximately $2 trillion in U.S. corporate earnings is being kept abroad rather than brought home for domestic investment. Progressives say corporations using inversions are unpatriotic, which is amusing. When the Supreme Court’s Citizens United decision stipulated that Americans do not forfeit their First Amendment right to political advocacy when they act together through corporations (including, and especially, incorporated nonprofit advocacy groups), progressives ridiculed the idea that corporations should be treated as people. Now, progressives charge that corporations resorting to inversion are not behaving like patriotic people.
When the Illinois-based Walgreens retail chain planned an inversion, Durbin sent the company’s chief executive a letter noting that “its stores are a staple in our communities” — as though inversion would have closed the stores. Durbin warned that Walgreens’s “financial success was built on programs and infrastructure provided by the U.S. government,” particularly filling Medicare and Medicaid prescriptions.
This is the progressive premise in action: Because government provides infrastructure (roads, etc.) affecting everyone, and because government-dispensed money flows everywhere, everything is beholden to the government, and more or less belongs to the government, and should be subordinated to its preferences, which always are for more control of the nation’s wealth. Walgreens retreated, costing its shareholders, employees and customers billions.”