America’s largest tax scam

American companies have found a new way to rid themselves of their corporate tax responsibilities, by purchasing foreign companies and “reincorporating” themselves abroad. These moves certainly hurt the U.S. economy as billions of dollars in taxes are avoided. While U.S. corporate profits have skyrocketed up $93 billion in 2013 to a total of $2.1 trillion, corporate tax payments were down $15 billion from the year before. Read more about this scandal in the August 27th, 2014 issue of Rolling Stone, here.