“The British use a system where the profits a corporation reports to shareholders is what they pay taxes on. Whereas in America we require corporations to keep two sets of books, one for shareholders and one for the IRS, and the IRS records are secret. For publicly-traded companies, the British system would tend to align the interests of the government with the interests of the company because the company wants to report the biggest possible profit. Though, all wealthy countries have high taxes as wealth requires lots of common goods, from clean water to public education to a justice system.”
