More corporations fleeing high U.S. tax rates

The U.S., once the global flagship of capitalism, now has the world’s highest corporate tax rates.

The New York Times reported this week that Johnson Controls is renouncing its U.S. corporate citizenship by selling itself to Tyco International, based in Ireland.

This is designed to reduce the company’s tax bill, which it said should drop by about $150 million annually.

The Times, known as a “progressive,” high-tax-promoting newspaper, reported that “Until Washington lawmakers reform the tax code, we will continue to see an exodus of American companies from our shores in search of a lower tax rate.” See here.