• 2026考研英語全程班 6班
• 2027考研全科上岸規劃營「擇校▪規劃▪備考」
• 2026考研專業課復習資料「真題▪筆記▪講義▪題庫」

Corporate tax in America

美國的公司稅

How to stop the inversion perversion

如何阻止歪曲的誤解

Restricting companies from moving abroad is nosubstitute for corporate-tax reform

限制公司出境并不能成為公司稅改革的替代品

ECONOMIC refugees have traditionally lined up to getinto America. Lately, they have been lining up to leave. In the past few months, half a dozenbiggish companies have announced plans to merge with foreign partners and in the processmove their corporate homes abroad. The motive is simple: corporate taxes are lower inIreland, Britain and, for that matter, almost everywhere else than they are in America.

經濟難民歷來都是排著隊進美國的。然而 最近他們卻開始排隊離開。在過去的幾個月里，許多較大的公司已經宣布計劃與外國合作伙伴合并，并在這個過程中把他們的企業轉移到國外。它們的動機很簡單：從企業稅的角度考慮，不管是愛爾蘭、英國還是機會其他的任何國家都比美國的要低。

In Washington, DC, policymakers have reacted with indignation. Jack Lew, the treasurysecretary, has questioned the companies'patriotism and called on Congress to outlaw suchtransactions. His fellow Democrats are eager to oblige, and some Republicans are willing tolisten.

在華盛頓特區，政策制定者們表現的憤懣不已。財政部長杰克·盧表示質疑這些公司是否愛國并呼吁國會取締此類交易。他的民主黨同僚們也表示認同，而一些共和黨人也原意聽取意見。

The proposals are misguided. Tightening the rules on corporate “inversions”, as these movesare called, does nothing to deal with the reason why so many firms want to leave: America hasthe rich world's most dysfunctional corporate-tax system. It needs fundamental reform,not new complications.

這些提議有著誤導性。加強對企業的這些所謂的“轉位”規則，卻不能解釋為什么這么多的企業想要離開：在富裕國家里，美國擁有最不正常的企業稅制。它需要的是根本性的改革，而不是新的并發癥。

America's corporate tax has two horrible flaws. The first is the tax rate, which at 35% is thehighest among the 34 mostly rich-country members of the OECD. Yet it raises less revenuethan the OECD average thanks to myriad loopholes and tax breaks aimed at everything frommachinery investment to NASCAR race tracks. Last year these breaks cost $150 billion inforgone revenue, more than half of what America collected in total corporate taxes.

美國的企業稅有兩個可怕的漏洞。首先是稅率，35%的稅率是經合組織34個最富裕成員國中最高的。然而，它的收益卻比經合組織的平均水平要低，這是由無數準備投入到 NASCAR賽道機械投資帶來的漏洞和稅收減免造成的。在去年損失的收入中，減免的稅收就占了1500億美元，超過美國征得的公司稅總額的一半。

The second flaw is that America levies tax on a company's income no matter where in the worldit is earned. In contrast, every other large rich country taxes only income earned within itsborders. Here, too, America's system is absurdly ineffective at collecting money. Firms do nothave to pay tax on foreign profits until they bring them back home. Not surprisingly, many donot: American multinationals have some $2 trillion sitting on their foreign units'balance-sheets,and growing.

第二個漏洞就是不管公司在哪里獲得的收入，美國都會對它征稅。相反，在其它任意一個發達國家，只會對公司在境內獲得的收入征稅。在這方面，美國的制度對征集稅費所取得的效果甚微。只有當公司把境外收益帶回國內時，它們才不得不交稅。毫不奇怪，很多公司都沒有交稅：美國跨國公司把2萬億美元的資產都劃到它們國外公司的資產負債表中，而且越來越多。

All this imposes big costs on the economy. The high rate discourages investment and loopholesdistort it, because decisions are driven by tax considerations rather than a project's economicmerits. The tax rate companies actually pay varies wildly, depending on their type of businessand the creativity of their lawyers: some pay close to zero, others the full 35%.

所有這些都會加大經濟成本。由于作出的決定是從稅收角度出發，而非一個項目的經濟利益角度，高稅率和稅率漏洞都不利于投資。公司被征得的稅率取決于它們的業務種類和律師的創造力：一些幾乎不需交稅，而有些則高達35%。

Twenty years ago inversions were rare. But as other countries chopped their rates andAmerica's stayed the same, the incentive to flee grew. Until a decade ago Bermuda and othertax havens were the destination of choice, until Congress banned inversions where less than20% of the company changed hands. Democrats have proposed expanding that prohibitionto any transaction where less than 50% of the company changes hands—so an Americancompany that bought a smaller foreign firm could not reincorporate abroad if its originalshareholders remained in charge. Such a ban would be at best a temporary palliative. AnAmerican company paying higher taxes than its foreign competitors has a powerful incentive tofind a way around the rules. Consultants are already coming up with dodges in case thisproposal becomes law.

由于二十年前，稅收倒置不常見。但是隨著其它國家削減它們的稅收，美國保持不變，越來越多的公司逃稅。直到十天前，百慕達等避稅天堂成為首選的目的地，直到國會取消少于公司現金轉手20%的稅收倒置。民主黨提議，將禁止公司現金轉手擴大到少于50%—所以一個收購了國外小公司的美國公司，如果原股東仍對公司負責，那么該公司不能在國外重新組合。這種禁令暫時是很好的，但是卻不能治本。一個比國外競爭者要上繳更多稅收的美國公司，有更大的動力去發現身邊的規則。如果這個建議變成法律條文，顧問已經想出了逃避的方法。

Home, sweeter home

家，更甜蜜的家

The real solution is to lower the corporate rate, eliminate tax breaks and move America froma worldwide system to a territorial one. Barack Obama has proposed a reform that cuts therate to 28% but keeps the worldwide reach. Dave Camp, a Republican congressman, hasplumped for 25%, the OECD average, and a shift to a territorial system, instead.

真正的解決辦法是降低企業稅率，取消稅收減免，將美國從一個世界范圍的體系轉移到局部地區。奧巴馬提議將稅率降低到28，但要在全球范圍進行改革。相反，共和黨國會議員大衛·卡普堅決支持25%，達到經合組織的平均水平，并轉移到一個局部系統。

It should be possible to bridge the differences. But both sides have tied the subject to otherissues. Mr Obama insists that corporate-tax reform must also raise more money to spend onthings like public infrastructure, which the Republicans oppose; they, in turn, want to packageit with cuts in personal tax rates, which Mr Obama is loth to accept. Thus, nothing happens.

它應該可以彌補差異。但是雙方都將這一主題牽涉到其它問題上。奧巴馬堅持認為，企業稅改革也必須籌集更多的錢用在類的東西的公共基礎設施，其中共和黨人反對; 反過來，他們，想把它用在個人所得稅稅率削減包，奧巴馬卻很不情愿接受。因此，沒有取得進展。

The two sides should drop their conditions and hammer out a stand-alone corporate-taxreform that reduces the rate and broadens the base. Until then, expect the line-up ofcorporate migrants to grow.

雙方應放棄他們的條件，并制定出一個獨立的法人稅改革，降低稅率，擴大基地。在此之前，期待企業移民的快速增長。

【重點講解】

1.get into 進入;卷入

例句:I want you to get into a whole new state ofmind.

我想讓你有一個全新的心態。

2.plan to 打算;計劃

例句:Both chambers plan to vote on that policybefore January 15th.

兩院都打算在1月15日前對那一政策進行投票表決。

3.call on 拜訪;號召;訪問;呼吁

例句:Why should they get first call on the best property?

憑什么最好的房產盡著他們先挑?

4.deal with 處理;對付;應付

例句:Overcrowding has taxed the city's ability to deal with waste.

人口過多使得城市的垃圾處理能力達到了極限。