Stiglitz: Tax-Dodging, Corporate Welfare Destroying US Economy

The proven ability of the nation’s wealthiest individuals and corporations to collude with the federal government in order to avoid paying massive amounts in federal taxes, says economist and Nobel laureate Joseph Stiglitz, is not simply unfair and unprecedented but is actually destroying the broader economy and the nation’s once-heralded prosperity.

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“Twenty million Americans would like a full-time job and can’t get one. We have growing inequality. We have environmental problems that threaten the future of our planet. I think we can use our tax system to create a better society, to be an expression of our true values.” —economist Joseph Stiglitz

In an interview with journalist Bill Moyers that airs Friday in which they discuss his new white paper (pdf) on the same topic written for the Roosevelt Institute, Stiglitz describes how the current tax code actually encourages large multinational corporations to invest abroad, hire people abroad, and keep their earnings abroad.

And because these multinationals use their outsized political influence to literally write the tax code and bend financial regulations to fit their interests, says Stiglitz, it has created a nearly complete distortion of the nation’s real economic possibilities. As he explains to Moyers:

Watch the Moyers’ interview with Stiglitz: