According to the Internal Revenue Service, a record number of people renounced their U.S. citizenship last year—with many experts citing excessive taxation as the cause of the exodus—yet their renunciation may not provide the tax haven they seek.
During his State of the Union address in January, I was in attendance when President Obama declared, “[E]very multinational company should have to pay a basic minimum tax.” Presumably, he meant American-based MNCs, although considering his grandiose desires to change the world, perhaps he envisioned the kind of global tax that the United Nations has long desired.
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