Jacobin: The 1 Percent Are Cheating Us Out of a Quarter-Trillion Dollars in Taxes Every Year
media mentionOn the international front, Trump’s 2017 tax cut bill included several provisions that “encourage American-based corporations to shift profits offshore,” according to the Institute for Taxation and Economic Policy. The administration has also recently moved to roll back rules designed to crack down on so-called corporate inversions, whereby companies incorporate offshore in order to avoid tax liabilities. And thanks to Trump’s coronavirus legislation, firms that already pulled the inversion maneuver could now be rewarded with Federal Reserve bailouts, according to Bloomberg News.