Re: Just get rid of corporation tax
This does not solve the root of the problem with "offshore money extraction".
A significant part of the offshore tax arrangements of big companies and 100% for the smaller ones which have offshore dealings is exactly for that reason:
To move money into a jurisdiction where paying to a physical individual involves little or no tax. While it is theoretically possible to ambush that money on the way back when it is paid to an individual who is non-resident in the tax-heaven, this is difficult as there is little or no audit trail to prove that the money is from tax fraud. In fact, once it is offshore the horse has bolted, there is bugger all you can do short of blanket taxing 40% any financial transaction coming from Panama, Virgin Islands, etc.
So anything making it more difficult for companies to move their profits offshore into a tax heaven jurisdiction also results in increased personal taxation rates of the highest tax bracket as a direct consequence. As someone who pays highest tax bracket on income tax where I reside and highest tax brackets on local and council taxes in two countries I am all for it.
Biting the hand that feeds IT
