What is the world are you mumbling about?<quoted text>
You ignore the VAT & the idea we have a pile of deductions other countries do not.
Foreign made profits are taxed.
Currently the foreign made profits are taxed in the countries where they were made. Then the US corporations owe the US the difference in the foreign rate & the US rate.
My God Galt, you didn't know this?
We used to get this tax in the year these profits were made.
This was changed to when the profits were repatriated.
This encourages corps to not bring home their overseas profits & instead invest then overseas.
Mitt Romney's plan would just make all foreign made profits tax free which would create an exodus of US jobs going overseas.
Name the countries who tax monies earned on foreign soil with a link.