The United States, like Australia and other countries with modern economies, gets played by multinational corporations who earn profits in their country, but siphon profits out as tax-deductible expenses – expenses companies pay to themselves. It is as if individuals could get a tax break by moving money from their right pocket to their left.
These tax breaks are not based on real expenses, or economic reality, but on shams and faux calculations. They rest on nothing more substantial than moving symbols around on pieces of paper. And these tax breaks certainly are not honest, legal though they may be.
Even in Trump’s America, there are powerful new solutions to unreal and unfair tax systems.
Pulitzer Prize winning journalist and author of 'The Making of Donald Trump', David Cay Johnston outlines ways to ensure that taxation of corporations is accurate, honest and fair for citizens.
Held as part of Sydney Ideas program on 1 November 2017. Co-presented with Sydney Democracy Network and supported by the Sydney Social Sciences and Humanities Advanced Research Centre: http://sydney.edu.au/sydney_ideas/lectures/2017/david_cay_johnston.shtml
