How Big Companies Won New Tax Breaks From the Trump Administration
How Big Companies Won New Tax Breaks From the Trump Administration
As the Treasury Department prepared to enact the 2017 Republican tax overhaul, corporate lobbyists swarmed — and won big.
By Jesse Drucker and Jim Tankersley at the New York Times
Dec. 30, 2019
https://www.google.com/amp/s/www.nytimes.com/2019/12/30/business/trump-tax-cuts-beat-gilti.amp.html
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The overhaul of the federal tax law in 2017 was the signature legislative achievement of Donald J. Trump’s presidency.
The biggest change to the tax code in three decades, the law slashed taxes for big companies, part of an effort to coax them to invest more in the United States and to discourage them from stashing profits in overseas tax havens.
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Through a series of obscure regulations, the Treasury carved out exceptions to the law that mean many leading American and foreign companies will owe little or nothing in new taxes on offshore profits, according to a review of the Treasury’s rules, government lobbying records, and interviews with federal policymakers and tax experts. Companies were effectively let off the hook for tens if not hundreds of billions of taxes that they would have been required to pay.
“Treasury is gutting the new law,” said Bret Wells, a tax law professor at the University of Houston. “It is largely the top 1 percent that will disproportionately benefit — the wealthiest people in the world.”
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