The Trump tax reform was considered to be the formula that would allow the US to claim back trillions of dollars of trapped profits and make America a more manufacturing-competitive landscape. But this article incisively debunks these claims. US firms have very little incentive to return large offshore profits at the reduced 21% tax rate when they can simply continue to pay an offshore rate of 10.5% (the global minimum). Distribution of US profits has actually increased in concentration in the seven low-tax jurisdictions since…
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