“Let’s stop subsidising tax dodgers” is the conclusion reached by Nobel Prize-winning economist Joseph Stiglitz in a report for the Roosevelt Institute. He suggests that paying our fair share of taxes and cracking down on corporate tax dodgers could be a cure for inequality and a faltering economy.
Speaking about this report on the Moyers & Company show, a weekly series of smart talk and new ideas led by Bill Moyers, Stiglitz discusses why America’s future prosperity depends on tax reform today. He argues that Apple, Google, GE and a host of other Fortune 500 companies are creating what amounts to “an unlimited IRA for corporations.” The result? Vast amounts of lost revenue for our treasury and the exporting of much-needed jobs to other countries.
“I think we can use our tax system to create a better society, to be an expression of our true values,” Stiglitz says. “But if people don’t think that their tax system is fair, they’re not going to want to contribute. It’s going to be difficult to get them to pay. And, unfortunately, right now, our tax system is neither fair nor efficient.”
Watch the video below for more.
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