DEMS/SENATE/TAXES/TRUMP AS PRESIDENT: “U.S. Senate Democrats on Wednesday [7-81-18] lashed out at Republican President Donald Trump’s tax overhaul of December 2017, warning that it contains ‘gigantic loopholes’ that could encourage companies to move plants and jobs abroad. A report by Democrats on the Senate Finance Committee said new international provisions meant to encourage companies to keep jobs, plants and intellectual property at home could have the opposite effect. The panel oversees tax policy and other economic issues. Analysts expect multinational corporations to make similar arguments in coming months to urge Congress to correct the unintended consequences of the same provisions, which govern international transactions. The Democrats’ report comes at a time when the Tax Cuts and Jobs Act, which Trump signed into law in December, has become a political football in the Nov. 6 congressional campaign. Trump and his Republican allies in Congress slashed the U.S. corporate income tax rate to 21 percent from 35 percent. The overhaul also freed much foreign income from U.S. taxation, while imposing penalties on companies that shift earnings abroad or keep their intellectual property overseas to lower their U.S. tax bills.”
–Reuters Staff, “Senate Democrats warn of ‘gigantic loopholes’ in Trump tax cuts,” Reuters, July 18, 2018 11:11 am