Tax Planning and Multinational Behavior

We are very grateful for comments from David Agrawal, Hunt Allcott, Alan Auerbach, Michael Best, Katarzyna Bilicka, Jeff Clemens, Sarah Clifford, Julie Cullen, Dhammika Dharmapala, Rebecca Diamond, Tim Dowd, Clare Doyle, Jesse Drucker, Naomi Feldman, Manon Francois, Roger Gordon, Mindy Herzfeld, Jim Hines, Jeffrey Hoopes, Chad Jones, Wojciech Kopczuk, Wouter Leenders, Rebecca Lester, Antoine Levy, Li Liu, Clément Malgouyres, Peter Merrill, Mathilde Muñoz, Karthik Muralidharan, Paul Oosterhuis, Mathieu Parenti, Emmanuel Saez, Navodhya Samarakoon, Shoshanna Vasserman, Daniel Xu, Danny Yagan, Gabriel Zucman, Eric Zwick, and from seminar participants at ASSA; CESifo; Columbia University; the Federal Reserve Bank of San Francisco; IIPF; the National Tax Association Annual Meetings; the NBER Public Economics Meetings; the Office of Tax Analysis of the US Treasury Department; the Oxford University Centre for Business Taxation; the Paris School of Economics; the Penn Wharton Budget Model; Rutgers University; Stanford University; the Stanford Initiative for Business, Taxation, and Society; UC Berkeley; UC San Diego; the University of Illinois at Urbana-Champaign; the University of South Carolina; and the Statistics of Income unit of the Internal Revenue Service. We are grateful to Arnold Ventures, the International Tax Policy Forum, and the NBER for their support of this project. Special thanks to Chloe Gagin, Nuria McGrath, Melanie Patrick, Ralph Rector, Michael Weber, and Jason Wenrich for assistance with data access. Owen Benner, Maya Donovan, Clare Doyle, and Jason Harrison provided excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.