Reprinted from The AFL-CIO’s blog Now by Kenneth Quinnell on February 28, 2018.
“It makes little sense for the US government to provide tax breaks to companies that outsource America’s jobs, and yet the recently passed Republican tax law makes the problem worse, it doesn’t solve it,” writes Kenneth Quinnell in the AFL-CIO’s blog Now. “That’s why Representative Lloyd Doggett (D-Texas) and Senator Sheldon Whitehouse (D-Rhode Isand) are introducing the “No Tax Breaks for Outsourcing Act.”
“About the legislation, Doggett said:
“‘Let’s level the playing field for domestic companies by ensuring that multinationals pay the same tax rate on profits earned abroad as they do here at home. This legislation would set the minimum tax on the foreign profits of multinationals equal to the statutory corporate tax rate on domestic profits and apply that rate to a similar base. It would end discrimination against companies with mostly domestic sales by not advantaging multinationals with such a huge tax break on profits earned abroad.’
“More specifically, the bill would …