"The income not squired away overseas or channeled to the personal returns still enjoys protection in the form of various tax breaks that depress the effective rate to 27%, according to the Treasury Department. Such breaks are expected to cost the Treasury $1.2 trillion over the next 10 years, reducing the corporate tax revenue by 25%.


Meanwhile, there's growing evidence that, despite the occasional crackdowns on especially creative tax accounting, routine corporate tax dodges are way up by historical standards, as multinationals play an increasingly profitable shell game."