Recent research by economists Javier Garcia-Bernardo, Petr Janský, and Gabriel Zucman shows the driving force behind a reduction in the share of profits that U.S. companies book abroad was repatriations of IP.[10] As trends continue to develop, U.S. policymakers should study them to understand how the TCJA reforms affect the taxes paid by U.S. multinationals, the destination for U.S. outbound investment, and the location of IP. [read post]