Corporate Tax Overhaul: Closing Loopholes and Restoring Progressive Rates.
This legislation aims to significantly increase the tax burden on large multinational corporations by eliminating loopholes and tax avoidance mechanisms. It restores progressive corporate tax rates and makes it much harder for companies to defer or shift profits abroad, potentially leading to higher government revenue. For citizens, this means increased funding potential for public services derived from corporate profits.
Key points
Reinstatement of progressive corporate income tax rates, resulting in higher taxes for the largest corporations.
Tighter restrictions on shifting profits abroad by taxing foreign income of controlled foreign corporations (CFCs) and applying foreign tax credits country-by-country.
Strengthening anti-inversion rules and treating foreign corporations managed primarily in the US as domestic for tax purposes.
The deduction for Foreign-Derived Intangible Income (FDII), which favored US exporters, is repealed.
Status:
Expired
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