Léonce Ndikumana writes “In America and Around the World, the Poor Will Pay for the GOP Tax Plan”

In America and Around the World, the Poor Will Pay for the GOP Tax Plan
A large cut in corporate rate in the U.S. would be perceived internationally as a full throttle acceleration of the global race to the bottom on corporate taxation.  
By Léonce Ndikumana (Published by Common Dreams, 11/21/17)

It is Donald Trump’s main promise as a candidate: convincing American firms to come back home, creating millions of jobs, and launching a growth that would reverse two decades of sluggish investment and stagnant wages. It is in the name of this promise that Congress is legislating on tax, especially its corporate part.

Among other things, the tax bills now being considered in Congress, would cut the corporate tax rate from 35% to 20% and allow multinational corporations to repatriate trillions of dollars they are holding abroad at a low tax rate. This is, according to the White House, a strategy to boost the competitiveness of American companies.

The argument has no empirical foundation.  READ MORE….