Exclusive: In response to intense lobbying from multinational companies, the Trump administration has quietly weakened key parts of the 2017 tax law.
Big companies are likely to reap tens of billions in savings. By @JesseDrucker @jimtankersley nytimes.com/2019/12/30/bus…
Big companies are likely to reap tens of billions in savings. By @JesseDrucker @jimtankersley nytimes.com/2019/12/30/bus…
The Treasury Department — including @stevenmnuchin1 — made key concessions to foreign banks and many other companies. They didn’t want to get hit by new taxes that were supposed to crack down on companies hiding profits overseas to avoid taxes.
The cumulative effect is that a tax law already disproportionately benefiting the richest of the rich has become an even greater windfall for the world’s largest companies and their shareholders. 
The ridiculous thing: companies appear to not be properly disclosing what they’re paying under these new taxes. Which makes it very hard to see how big this bonanza really is. Our estimate of tens of billions in savings is conservative. By @uwsgeezer nytimes.com/2019/12/30/bus…
