US Commerce Secretary Promises to Close Tax Loopholes Exploited by Cruise Lines

Commerce Secretary Howard Lutnick announced on Fox News that the federal government plans to close tax loopholes utilized by cruise operators. He pointed out that cruise ships frequently register under flags of convenience like Liberia or Panama to avoid paying U.S. taxes. Despite the pandemic, cruise companies like Royal Caribbean and Norwegian have seen profits rise following a surge in travel demand. Lutnick indicated that the Trump administration aimed to address these tax-related concerns.