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Why Fiscal Harmonisation isn't a Good Idea in the United States
The United States is the world’s biggest beneficiary of jurisdictional tax competition. A modest tax burden, combined with advantageous tax and privacy laws for non-resident aliens, has helped attract more than $9 trillion of foreign investment to the U.S. economy. This translates into more jobs and higher incomes for American workers. European-sponsored tax harmonisation initiatives would undermine this competitive advantage. At the behest of uncompetitive nations like France, international bureaucracies want to give high-tax governments the power to tax income earned in low-tax jurisdictions. This is a direct threat to America’s economic interests. Tax harmonisation proposals such as ‘information exchange’ would make America much less attractive to the world’s investors and likely would result in a significant loss of capital.