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New Legislation Would Close Significant Offshore Loopholes in the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act (TCJA) was a historic opportunity to reform the international tax code and finally put an end to the rampant shell games played by U.S. companies to avoid taxes. Unfortunately, the TCJA will likely increase offshore tax avoidance and increase the incentives for companies to move jobs and operations offshore. As a new ITEP report explains, TCJA creates many new breaks and loopholes for offshore corporate profits, and while several different bills have been introduced to close them, no one bill addresses all of them.