After Biden Claims Trump Made Companies Flee America – Experts Actually Say Donald’s Tax Cuts Had The Opposite Effect
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The Biden administration and other leading Democrats claim Trump’s corporate tax decrease “created new offshoring incentives.”
Basically, they’re saying that despite Trump’s “America First” policy, the tax cuts actually made it more attractive to go overseas. Biden has been suggesting this since 2020, in fact.
Back in September, the Democrat presidential nominee said Trump’s tax bill “slashed taxes on companies that sent production and jobs overseas.”
But, VP Tax Foundation, William McBride hasn’t found any, according to Washington Examiner:
William McBride, vice president of federal tax and economic policy with the Tax Foundation … said that his organization spent time trying to find evidence that the Trump tax law contributed to offshoring but came up empty-handed.
Above all else, according to McBride, Trump’s cuts stopped corporate “inversions.”
This is when a big global company merges with a smaller company in a low-tax country to establish residency there. This gets them the lower tax rates without changing their business in the U.S.
But with Trump’s tax cuts, there was no longer any reason to do that.
Prior to the tax cuts, corporate inversions happened all the time.
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