Lobbyists representing some of the largest corporations in the world, the Times reported, targeted two provisions in the original 2017 law designed to bring in hundreds of billions of dollars in revenue from companies that had been dodging U.S. taxes by stashing profits overseas.
“The corporate lobbying campaign was a resounding success,” the Times noted. “Through a series of obscure regulations, the Treasury carved out exceptions to the law that mean many leading American and foreign companies will owe little or nothing in new taxes on offshore profits… Companies were effectively let off the hook for tens if not hundreds of billions of taxes that they would have been required to pay.” Continue reading