Jan Schakowsky in Our Revolution

On Corporations: End corporate tax dodging by shifting profits overseas

The Corporate Tax Dodging Prevention Act would end the loophole that allows corporations to defer paying taxes on overseas profits. Instead, it would require corporations to pay U.S. taxes on offshore profits as they are earned. This bill would take away the tax incentives for corporations to shift profits and move jobs and factories offshore, by taxing their profits no matter where they are generated. American corporations would continue to get a credit against their U.S. tax liability for foreign taxes they pay, but they would have to pay the federal government the difference between the foreign rate and the U.S. rate.