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No Tax Breaks for Outsourcing Act and the Stop Tax Haven Abuse Act Introduced in U.S. Congress

18 March 2019

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Proposed Changes

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United States

On 13 March 2019, Senator Sheldon Whitehouse (D-RI) announced the introduction of No Tax Breaks for Outsourcing Act and the Stop Tax Haven Abuse Act with Representative Lloyd Doggett (D-TX). The measures of the bills are summarized as follows as part of the announcement: The No Tax Breaks for Outsourcing Act would repeal the Trump Tax offshoring incentives by: Taxing income from overseas subsidiaries at the same rate that applies to domestic income. Repealing the Trump Tax sweetheart giveaways to the oil and gas industry. Treating "foreign" corporations that are managed and controlled in the U.S. as the domestic companies...