The New York Times: How to collect a trillion dollars

It’s difficult to quantify just how much money goes uncollected each year, officials say. Corporate tax collections in the U.S. are “at historic lows and well below what other countries collect,” according to a recent Treasury report. U.S. multinational companies can be taxed at a 50 percent discount compared with their domestic peers, an incentive to shift profits abroad. “Bermuda, a country of merely 64,000 people, shows 10 percent of all reported U.S. multinational foreign profit,” the report explained.

• The Institute on Taxation and Economic Policy reported that at least 55 major corporations paid no federal taxes on 2020 profits; collectively, they made almost $40.5 billion and would have paid $8.5 billion at the 21 percent federal tax rate. Read more