The trends are clear. As companies hoard cash due to economic uncertainty, taxes or regulation, their management is scrambling away from high U.S. taxes, as shareholder activists also bear down on them. The implications are also clear; tax corporations at ever higher rates and they’ll either spend shareholder capital to lower their effective rates with a lobbying army in D.C., raise prices, or move overseas, one of the most ineffective ways to solve income inequality since that middle-management layer, as well as entrepreneurs, leave the U.S.
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