CNBC: Tax policy expert: The 35% corporate rate is a myth, so cutting it won’t bring overseas money back

Don’t expect big companies to bring profits back from overseas in response to a U.S. corporate tax cut, said Matthew Gardner of the Institute on Taxation and Economic Policy.

The lead author of a new report titled “The 35 Percent Corporate Tax Myth” told CNBC on Friday that scores of profitable Fortune 500 companies had, at least at one point during the past eight years, not paid any taxes. The U.S. will always have companies offshoring their earnings, and a tax cut promised by President Donald Trump and Republican leaders on Capitol Hill won’t change that, he added. Read more or watch the video

 

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