Matt Gardner is a senior fellow at ITEP where he has worked since 1998. He previously served as ITEP's executive director from 2006 to 2016. Matt's work focuses on federal, state and local tax systems, with a particular emphasis on the impact of tax policies on low- and moderate-income taxpayers. He uses ITEP's microsimulation model to produce economic projections and analyses on the effects of current and proposed federal and state tax and budget policies.
When the Trump tax law moved to a system that generally exempts offshore profits after 2017, Congress had to decide what to do about the mountain of untaxed pre-2018 profits these companies were still holding offshore. The companies should have paid the 35 percent tax rate the existing law prescribed, but Congress chose instead to apply a special lower rate .