““The U.S. corporate-tax code is an ugly and unusual beast: It imposes the highest top rate in the developed world, but a swamp of political favoritism and exemptions ensures that many firms with friends in Washington pay relatively low corporate taxes—or none at all, in some years. Along with North Korea and Zimbabwe, the United States takes the highly unusual approach of taxing all of the non-U.S. operations of U.S.-based firms, meaning that American companies doing business in any given country abroad will always pay the higher tax rate as between that country and the United States. In addition to the taxes themselves, this imposes substantial compliance costs:””
