Beautiful Virgin Islands

Saturday, Aug 22, 2026

Trump Aiming to Gut Rules That Prevent Corporate Offshore Tax Dodging

Trump Aiming to Gut Rules That Prevent Corporate Offshore Tax Dodging

"The same administration that tried to cut food stamps to save money wants to make it easier for companies to avoid paying taxes by hiding their profits offshore."
The Trump administration is reportedly considering gutting regulations designed to prevent corporations from shifting profits overseas to avoid U.S. taxes, a move Democratic lawmakers and progressives condemned as yet another effort by the White House to enrich large companies at the expense of workers.

"One of the Trump administration's top priorities has been making it as easy as possible for the wealthiest Americans and corporations to cheat and avoid taxes," Sen. Ron Wyden (D-Ore.), the top Democrat on the Senate Finance Committee, said in a statement. "Rules preventing the offshoring of corporate profits should be strengthened-not weakened."

Bloomberg reported late Tuesday that the Treasury Department is taking aim at "regulations intended to prevent American firms from lowering their U.S. tax bills by shifting income to their offshore branches that they can loan to their domestic branches and deduct the interest off their Internal Revenue Service bills."

"The move could make it easier for companies to use accounting tactics to minimize their U.S. earnings and inflate their foreign profits, which are frequently taxed at rates lower than the current 21 percent domestic corporate levy," Bloomberg noted. "The existing regulations were aimed at stopping U.S. companies from moving their headquarters to a lower-tax country, known as a corporate inversions."

The Treasury Department, headed by former Goldman Sachs banker Steve Mnuchin, is considering repealing the Obama-era rules completely and replacing them "with something more business-friendly," according to Bloomberg.

"Another betrayal by President Trump-choosing corporations over American workers. Shameful," tweeted Sen. Sherrod Brown (D-Ohio).

Former Texas Rep. Beto O'Rourke, a 2020 Democratic presidential candidate, said the possible rule change combined with White House efforts to gut the safety net "tells you all you need to know" about President Donald Trump's priorities.

"The same administration that tried to cut food stamps to save money wants to make it easier for companies to avoid paying taxes by hiding their profits offshore," tweeted O'Rourke.

Trump has condemned corporate offshoring of profits and jobs during speeches and rallies on the campaign trail, often singling out major companies by name. But, as Common Dreams reported, the $1.5 trillion tax cut legislation Trump signed into law in 2017 contained incentives for corporations to shift money overseas, prompting outrage from members of Congress and advocates for a progressive tax system.

Last year, Rep. Lloyd Doggett (D-Texas) and Sen. Sheldon Whitehouse (D-R.I.) introduced legislation that would close the loopholes in Trump's tax law and equalize tax rates on corporate profits at home and abroad.

"President Trump promised the American people he'd end the march of jobs and profits overseas," Whitehouse said in a statement. "Instead, he's doled out massive new tax breaks that reward offshoring."
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Twenty-Nine US States Take Meta to Trial Over Alleged Child Addiction on Instagram and Facebook
Former Scottish National Party Executive Peter Murrell Jailed for Five Years Over £400,000 Embezzlement
Moderna and Merck's Personalized Cancer Vaccine Succeeds in Historic Late-Stage Melanoma Trial
Prince Harry and Meghan to Move Back to Britain With Their Children
England and Wales Have Fewer Than 1,800 Prison Places Left for Men
Suspected People Smuggler Arrested After Investigation Identified Him
Children's Doctors Warn That Vaping Can Lead Young People to Smoking
Hundreds of Thousands of Students Receive GCSE and Vocational Results Across England, Wales and Northern Ireland
Here Is What Can Never Happen in Your Country: Taiwan Is Giving Money to All Its People Because It Collected Too Much Tax
UK Inflation Rises to 2.9% as Energy Bills Jump
UK Issues New Conduct Guide for Asylum Seekers on Consent and Respect
A Sleepless Night on Wall Street: Nasdaq to Begin Nearly Round-the-Clock Trading
"The First in the World": 69-Year-Old Protested Artificial Intelligence—and Went to Jail
Ukraine's Ousted Defence Minister Calls for Wartime Presidential Election
China’s Lifelike AI Humans Move From Livestreams Into Real-World Service Roles
Sarah Ferguson Reportedly Retreats to Late Ex-Boyfriend's Swiss Chalet
Cristiano Ronaldo and Georgina Rodríguez Sign Prenup Protecting Their Separate Fortunes
Thieves Steal Antonello da Messina Renaissance Masterpieces From Sicilian Museum
Better.com Founder Who Fired 900 Employees on Zoom Is Ousted as CEO
Italian Speed Camera Issues Nearly 32,000 Fines in 10 Weeks, Worth More Than €3 Million
AI Manager at San Francisco Store Recommends Firing Human Employee
Google Launches Pixel 11 With Gemini AI at the Center of Its Hardware Strategy
Reform UK Unveils Plan to Cut Welfare Spending by More Than £50 Billion a Year
Prime Minister Andy Burnham Praised Extinction Rebellion for Doing a 'Great Service'
UK Wildfire Phone Alert Triggers Backlash as Users Switch Off Emergency Warnings
Heathrow Roads Reopen After Burst Water Main Floods Access to Terminals 2 and 3
Former NBA Players Enes Kanter Freedom and Royce White Say They Will Enter 2027 WNBA Draft
Former Cambridge Professor Jason Arday Found Dead Days After Resigning Amid Plagiarism Row
US Appeals Court Rules AI Agent's Website Actions Are Legally Attributed to the User
France's Constitutional Council Blocks Social Media Ban for Children Under 15
Liechtenstein Changes Royal Succession Rules to Allow Women to Inherit the Throne
Women Allege Rape and Sexual Abuse at British Army College for Teenage Recruits
Minnesota: Two independent investigators posed as Muslims (one wearing a burqa) and showed how they could vote in elections without identification.
China’s Kimi Launches AI-Focused Credit Card With Agricultural Bank of China and American Express
Former Labour Adviser Arrested on Suspicion of Spying for China Held Privileged Access as Top Party Donor
Turkish Parliament Passes Landmark Bill Granting Conditional Amnesty to Disarmed PKK Members
Donald Trump Warns FIFA Against Ousting Gianni Infantino Amid Revolt by Global Football Leaders
Jeff Bezos Joins Investor Group Closing In on $6 Billion Liverpool FC Stake
UK Councils to Receive Sweeping Planning Powers to Ban New Vape and Betting Shops
Russia’s A7 Builds a State-Linked Payments Network Beyond Western Sanctions
Hyper-Realistic Reborn Dolls Draw Collectors Seeking Comfort and Craft
Gen Z Cuts Back on Dating as a Night Out Nears $200
Patients Turn to Artificial Intelligence for Therapy as Psychiatrists Warn of Privacy and Clinical Risks
Couples Embrace ‘Sleep Divorce’ to Protect Rest and Reduce Tension
Meta Ordered to Pay $567 Million and Change Facebook and Instagram Safeguards for Children
Up to only 10 Months in Prison for Swedish Officer’s Murderer Sparks Anger
Success: Nvidia Turned Gaming Chips Into the Engine of the AI Boom
Jorge Messi, Lionel Messi’s Father and Longtime Agent, Dies at 68
AI’s Next Bottleneck Is Power, Not Just Nvidia Chips
Advertising trick: Pepsi’s Harrier Jet Commercial Led to a $700,000 Court Fight
×