The Treasury Department is mulling plans to weaken or eliminate an Obama-era regulation meant to discourage companies from moving their cash offshore to avoid paying taxes, Bloomberg reported Tuesday.
In 2016, President Barack Obama put a rule in place to remove incentives for companies shuffling money overseas to make it appear on paper as if they had less profit. Lower profits would mean a lower tax bill in the United States.
Treasury is contemplating this move at the same time the Congressional Budget Office reports that the national deficit is just shy of $1 trillion this year, thanks in large part to lower corporate taxes in the wake of the 2017 tax law.
View the complete October 10 article by Dan Desai Martin on the National Memo website here.