For decades, the story of corporate taxation has been a global race to the bottom. From 1985 to 2018, the average corporate tax rate worldwide dropped from 49 percent to 24 percent. The biggest single jolt came in 2017, when U.S. President Donald Trump signed the Tax Cuts and Jobs Act, slashing the American rate from 35 percent to 21 percent while expanding the amount of foreign income exempted from tax. Official tax rates are only part of the story. Corporations have made increasing use of exemptions, incentives, and loopholes—especially offshore tax havens, where, worldwide, around 40 percent of their profits now end up. Budgets of the U.S. Internal Revenue Service (IRS) and of other national tax authorities have been slashed, and corporate audits are getting lighter: the U.S. Treasury now estimates that audit rates for large corporations fell from 98 percent in 2010 to 49 percent in 2018. In April, news emerged that at least 55 of the United States’ largest multinationals—including Nike, FedEx, HP, Salesforce, and Booz Allen Hamilton—paid exactly zero U.S. federal corporate income tax in the past financial year. In fact, the 55 companies received a total $3.5 billion in tax rebates.