The Obama administration, after considerable review, is backing off a decision to raise taxes on American businesses that profit overseas.
It's a good call.
The crux of the problem is simple: As The Wall Street Journal recently reported, nearly all industrialized nations tax domestic companies only for revenues earned at home. The U.S., however, taxes companies on worldwide profits but allows companies to defer taxes on overseas revenue until the companies “repatriate” them or bring them back home.
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