A new Congressional Budget Office study throws some cold water on the idea of overhauling U.S. corporate tax policy to make it more like other developed countries’ tax policies.
The study suggests that the current U.S. system is bad enough, but some of the alternatives being advanced by businesses likely would be worse.
The U.S. currently is one of the few developed countries that tries to tax businesses on their worldwide profits. The majority of developed countries have moved to taxing firms only on the money they earn domestically–a so-called territorial approach. As a compromise, the government allows U.S. businesses to defer tax on overseas earnings as long as the money stays offshore–a policy that many critics regard as harmful to the economy.
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