No Offshoring Life Ring Donald Trump’s “America First” agenda is being challenged by Democrats who say it did not go far enough. The latest legislation from Democratic leaders would:
Require multinationals to pay the same tax rate on profits earned abroad as domestically.
Tax foreign profits to prevent benefits to low-tax countries.
Equalize tax rates on profits earned abroad to the tax rate on profits earned domestically.
Eliminate deductions for “global intangible low-tax income” and “foreign-derived intangible income” and applying GILTI on a per-country basis.
Repeal the 10 percent tax exemption on profits earned from certain investments overseas. ...
