Friday, August 27, 2021
The Tax Cuts And Jobs Act Delivered: Big Tech Moved $40 Billion Of Profits To The United States In 2020
Martin A. Sullivan, Big Tech Is Moving Profit to the United States, 172 Tax Notes Fed. 1209 (Aug. 23, 2021):
Several leading U.S. tech companies had a dramatic increase in the domestic share of their worldwide profits in 2020, according to the most recent annual reports available. For the 20 companies examined here, domestic profits in 2020 are estimated to be about $40 billion above what they would have been without passage of the Tax Cuts and Jobs Act. For Big Tech, it appears that the intended effects of the international provisions of the TCJA may be taking hold.