Tax reform is a perennial issue before Congress. One area of
increasing attention is the taxation of U.S. companies on the
income they earn abroad. Business leaders have been urging a
movement toward a territorial tax, which would generally eliminate
U.S. income taxes on active foreign source income. Tax on the
income of foreign subsidiaries is deferred until repatriated and
tax can be avoided by not repatriating income. Economists have
traditionally analysed the foreign tax system in terms of economic
efficiency. Economic theory tends to support, on efficiency
grounds, a world-wide system in which income from U.S. investment
earned abroad is subject to the same tax, or as close to the same
tax as possible, as that on domestic investment. This book provides
an overview of how the international tax system works and describes
the magnitude and distribution of foreign source income and taxes,
with a focus on the alternative features of a territorial tax and
their consequences.
General
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