Well-designed tax systems that redistribute wealth and provide spending on public goods are one of the most effective ways for governments to reduce inequality and poverty, while sustaining growth. Taxing profits of companies, particularly large, successful corporations, is one of the most progressive forms of taxation. It raises more income for national budgets, and when this revenue is invested in public services, it reduces inequality because it redistributes the income by putting ‘virtual income’ in the pockets of poor people...Low corporate tax rates or further tax giveaways are promoted because they are supposed to attract investment...In poor countries, corporate tax revenues as a proportion of total tax revenues are twice as important as they are for rich countries...Developing countries lose around $100bn annually as a result of corporate tax avoidance schemes. This amount is more than enough to provide an education for all of the 124 million children currently out of school, and to pay for health interventions that could save the lives of six million children...the evidence shows that the only beneficiaries of this destructive race to the bottom are corporations and their wealthy shareholders and owners...