Every day we read about more American corporations engaging in inversions, i.e. shifting their offices to foreign countries so they will not have to pay U.S. income taxes. Congress, as usual, is sitting on its hands and doing nothing about it. The Supreme Court has said that corporations are "persons." Last month it even said that corporations can have religious beliefs.
This person has some income from a European country, on which I pay my U.S. income tax. Why are those corporate persons not also required to pay U.S. income tax on foreign earnings? And it bears mentioning that corporate persons, like us ordinary persons, should also have some sense of patriotism. The U.S. can ill afford the loss of substantial taxes.
It seems that drug companies are particularly enamored of inversions. These companies earn huge amounts from supplying drugs paid for by the U.S. and state and local governments. Perhaps we should try to give preference to those companies that stay here and pay their taxes like good citizens.
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Hilton Head Island