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All the tricks and loopholes means that the corporate tax rate is almost a red herring to distract voters from what really matters, which is how easy it is to hide your money overseas. As we've seen with Ireland, tax havens are fully compliant with helping American corporations get around the law.

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Most of those "double-irish" tax tricks are actually illegal tax evasion. The IRS has recently been auditing these companies and hitting them hard with back taxes. The transfer pricing rules clearly state that the transfer pricing must represent the nature of your business. You can't specifically use transfer pricing to reduce taxes on purpose.

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