When Congress enacted the Tax Cut and Jobs Act of 2017, the result was a dramatic reduction in corporate tax revenue. Over the past three years, corporate tax collections have fallen to their lowest level since World War II: 1% of gross domestic product. Many of the country’s largest companies paid no federal taxes in 2020. Proponents of the TCJA said the U.S. would get something in return for these tax cuts. Lower rates, the argument went, would lure production and investment to our shores, but that hasn’t happened—and for an obvious reason: Other countries see what we’re doing and respond. When they see us lower ... (full story)