10-13-2019, 01:57 PM
Quote:The Trump administration is considering a rule change that would make it easier for American companies to stash money offshore to avoid U.S. taxes, despite the president’s repeated campaign promises to bring offshore cash back home. The Treasury Department is looking to weaken or eliminate Obama-era regulations aimed at preventing companies from moving their income to their overseas branches to lower their U.S. tax bill, Bloomberg reports. Treasury Secretary Steven Mnuchin, a former Goldman Sachs executive, instead wants to replace the existing rules with “something more business friendly.” The move would be a boon to large corporations, who already saw their taxes permanently slashed by the Republicans’ 2017 tax cuts, which overwhelmingly benefited companies at the expense of individual taxpayers.‘Another betrayal’: Trump promised to bring offshore profits home — but he’s doing the opposite – Alternet.org
- Are you even surprised anymore?