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<p>The 2017 Tax Cut and Jobs Act lowered the US corporate tax rate and introduced provisions to curb profit shifting. We combine survey data, tax data, and firm financial statements to study the evolution of the geographical allocation of US firms’ profits after the reform. Between 2017 and 2020, the share of profits booked abroad declined by 1–5% points, in part related to repatriations of intellectual property to the USA. However, the share of foreign profits booked in tax havens remained stable at around 50%. While aggregated changes in profit allocation are small, a number of firms responded strongly.</p>

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Did the Tax Cuts and Jobs Act Reduce Profit Shifting by US Multinational Companies?

  • 期刊论文

  • 发表日期：

    2026年3月17日

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  • Javier Garcia-Bernardo,
  • Petr Janský,
  • Gabriel Zucman

摘要

The 2017 Tax Cut and Jobs Act lowered the US corporate tax rate and introduced provisions to curb profit shifting. We combine survey data, tax data, and firm financial statements to study the evolution of the geographical allocation of US firms’ profits after the reform. Between 2017 and 2020, the share of profits booked abroad declined by 1–5% points, in part related to repatriations of intellectual property to the USA. However, the share of foreign profits booked in tax havens remained stable at around 50%. While aggregated changes in profit allocation are small, a number of firms responded strongly.