The British have started picketing outside stores that avoid taxes through offshore corporate headquarters, according to Daily Mail. In the past two weeks, outlets of the chemist Alliance Boots and retailer Top Shoes have been shut down by protestors. Cadbury’s and Vodafone are facing a similar backlash.
These protests beg the question: Can corporate offshoring survive anywhere in the age of austerity?
Corporate profits are at an all time high. Government debt is at an all-time high. Something has to give.
Shades of the future include the Simpson-Bowles plan to cut the deficit, which featured major revisions to corporate tax code. None of this was included in the Obama tax plan, but it’s in the air.
Likewise, in the Irish bailout other European countries talked about demanding a hike to Ireland’s ridiculously low corporate tax rate. This corporate tax revision was not included in the bailout package, but once again the idea is circulating.
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