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Ten years ago, the global financial system was rocked by the largest crisis since the Great Depression.In the 10 years since 2008, academics, pundits and policymakers have tried to rebuild a more robust global financial architecture – one that can circumvent a regulatory race to the bottom of the kind that precipitated the crisis.While the pace of regulatory repeal may have slowed, a parallel race to the bottom – in corporate tax – has accelerated.As a group of leaders from government, academia and civil society, the Independent Commission for the Reform of International Corporate Taxation, of which I am a member, is convinced that ending the race to the bottom on corporate tax is a matter of global urgency.The lopsided society that encourages a race to the bottom and permits multimillionaires and multinationals to hold 10 percent of global GDP in tax havens is toxic for democracy and foments the kind of populist backlash that allows authoritarianism to flourish.By continuing to run the race to the bottom on corporate tax, governments run away from their democratic responsibilities and hurtle headlong into the next global crisis.
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