Read it and weep: "The move to a territorial system opens the barn doors wide to corporate offshoring"

Read all about the new giant sucking sound, here.

Gene Sperling: Republican tax reform will shift even more corporate profits and jobs abroad

You'd better pray this reform effort fails, for your kids' sake.

In The Atlantic here:

Now that the bill is advancing, it’s clear that things aren’t as bad as many feared. They’re worse. . . .

[T]he tax plan fails when it comes to incentives to shift profits and operations overseas and to curtail the obsession of major multinational companies with international tax arbitrage that has nothing to do with innovation, productivity or job creation. Indeed, the ability to blend income from intangibles and routine profits, and from investment in higher tax nations with tax havens with zero taxes, leads to a worst of all worlds scenario: an even greater corporate focus on international tax minimization through a careful mixture of shifting profits and operations overseas.

If there was one thing the GOP international tax bill was advertised to accomplish, it was that it would favor locating jobs and profits in the United States. It does just the opposite—expanding the degree our tax system tilts the playing field against American taxpayers and American workers.