1 option
Did the Tax Cuts and Jobs Act Reduce Profit Shifting by US Multinational Companies? / Javier Garcia-Bernardo, Petr Janský, Gabriel Zucman.
- Format:
- Book
- Author/Creator:
- Garcia-Bernardo, Javier.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w30086.
- NBER working paper series no. w30086
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2022.
- Summary:
- The 2017 Tax Cut and Jobs Act reduced the US corporate tax rate and introduced provisions to curb profit shifting. We combine survey data, tax data, and firm financial statements to study the evolution of the geographical allocation of US firms' profits after the reform. The share of profits booked abroad by US multinationals fell 3-5 percentage points, driven by repatriations of intellectual property to the US. The share of foreign profits booked in tax havens remained stable around 50% between 2015 and 2020. Changes in the global allocation of profits are small overall, but some firms responded strongly.
- Notes:
- Print version record
- May 2022.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.