Following in an excerpt from an op-ed by ITEP Senior Fellow Matthew Gardner that appear in The Hill:
A flurry of announcements by corporate giants such as Goldman Sachs, Morgan Stanley, American Express and others are informing their shareholders of expected “losses” in 2018 because of the new tax law’s requirement that they pay taxes on profits they’ve been holding offshore.
This is a laughable ruse. The Tax Cuts and Jobs Act will not increase taxes for corporations in 2018, nor will it increase corporate taxes in any other year. In fact, the new law will cut the nation’s already-low corporate tax collections by $650 billion over the next decade. Here’s a quick explainer on why the splashy short-term headlines of billion-dollar corporate tax payments conceal a long-term fiscal goldmine for America’s biggest corporations. Read more