Arab Press

بالشعب و للشعب
Tuesday, Mar 17, 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

Arab Press
0:00
0:00
Close
Saudi Arabia Targets South African Professionals in New Recruitment Drive Amid Regional Uncertainty
Formula One Faces Major Financial Hit as Bahrain and Saudi Arabian Grands Prix Cancelled Amid Middle East Conflict
U.S. and Saudi Firms Launch Local Production of Attritable Drone Systems in Saudi Arabia
Saudi Arabia and UAE Warn Rising Gulf Tensions Could Endanger Regional Security
Saudi Arabia Rejects Claims It Encouraged Prolonged War With Iran
Saudi Arabia to Host World’s Largest Single-Cell Protein Plant as Food Security Push Accelerates
Saudi Crown Prince Urges Trump to Continue Military Pressure on Iran
Iran Intensifies Drone Campaign Against Saudi Arabia as Gulf Conflict Escalates
When Is Eid al-Fitr 2026? Saudi Arabia Awaits Moon Sighting to Confirm End of Ramadan
When Is Eid al-Fitr 2026? Saudi Arabia Awaits Moon Sighting to Confirm End of Ramadan
Iranian Missile Strike Damages Five U.S. Refueling Aircraft at Saudi Air Base
Iranian Missile Strike Damages Five U.S. Refueling Aircraft at Saudi Air Base
Washington State Pilot Among Six U.S. Airmen Killed in Military Aircraft Crash Over Iraq
Severe Storm Threat Looms Over Washington as Tornado Risk and Damaging Winds Target Mid-Atlantic
Trump Supports FCC Warning to Broadcasters Over Iran War Reporting
Trump Supports FCC Warning to Broadcasters Over Iran War Reporting
Saudi Stocks Edge Lower as Tadawul All Share Index Slips Slightly at Market Close
Iranian Missile and Drone Strike Targets Saudi Arabia’s Prince Sultan Air Base Hosting US Aircraft
Saudi Air Defenses Intercept Drone Over Eastern Province as Iranian Strike Campaign Intensifies
Middle East War Reshapes Gulf Economies as Saudi Arabia and Oman Gain Strategic Leverage While UAE Faces Economic Shock
Iranian Ambassador in Riyadh Blames ‘Enemies’ for Attacks Across the Gulf
Israeli Envoy Ron Dermer Reportedly Visits Saudi Arabia for Discussions on Potential Lebanon Talks
Formula One Cancels Bahrain and Saudi Arabian Grands Prix Scheduled for April
Iran’s Ambassador in Riyadh Rejects Claims Tehran Targeted Saudi Oil Facilities
Saudi Arabia Declares 2026 ‘Year of Artificial Intelligence’ in Major Push for Data-Driven Economy
Saudi Arabia’s 2018 Budget Signals Strong Push for Non-Oil Economic Growth
Pakistan Envoy in Riyadh Says Regional Diplomacy Intensifying to Prevent Wider Middle East War
Saudi Arabia Intercepts Dozens of Drones as Regional Strikes Kill Two in Oman
Saudi Arabia Redirects Oil Exports to Red Sea Ports as Strait of Hormuz Tensions Escalate
Saudi Arabia Intercepts Missile and Drone Barrage as Regional Conflict Intensifies
Iran Expands Drone and Missile Campaign Across Gulf as Conflict With US and Israel Intensifies
Muslims Worldwide Await Saudi Moon Sighting to Confirm Eid al-Fitr 2026 Date
F1 Calendar Faces Major Disruption as Middle East Conflict Threatens Bahrain and Saudi Races
Trump Says Most US Aircraft Hit in Saudi Base Attack Suffered Minimal Damage
Trump Says Most US Aircraft Hit in Saudi Base Attack Suffered Minimal Damage
Strait of Hormuz Crisis Forces Saudi Arabia Into Major Oil Production Shut-In
Strait of Hormuz Crisis Forces Saudi Arabia Into Major Oil Production Shut-In
Saudi Arabia Slashes Oil Output as Strait of Hormuz Crisis Cuts Deep Into Gulf Revenues
Saudi Arabia’s Cultural Scene Presses Ahead as Nation Navigates Regional War
Saudi-Pakistan Defence Pact Faces Real-World Constraints as Iran War Escalates
Saudi Arabia Offers Two Million Barrels of Crude From Red Sea as War Disrupts Gulf Exports
Formula One Faces Tens of Millions in Lost Revenue if Bahrain and Saudi Arabia Races Are Cancelled
Formula One Set to Cancel Bahrain and Saudi Arabian Grands Prix Amid Escalating Middle East War
Saudi Arabia Downs Dozens of Iranian Drones in Major Defensive Operation
Saudi Arabia Cuts Oil Output by About Twenty Percent as Iran War Disrupts Gulf Energy Flows
Formula One Set to Cancel Bahrain and Saudi Arabian Grands Prix Amid Escalating Iran War
Asian Energy Security Tested as Strait of Hormuz Disruption Threatens Oil Supplies
Iran Sets Three Conditions for Ending Regional War as Diplomatic Efforts Intensify
Saudi Arabia Launches Royal Institute of Anthropology to Examine Social Transformation
Pakistan’s Prime Minister Shehbaz Sharif Arrives in Saudi Arabia for High-Level Talks
×