U.S. Senator Sheldon Whitehouse (D-RI) has issued a release announcing the reintroduction of the No Tax Breaks for Outsourcing Act together with Congressman Lloyd Doggett (D-TX). The legislation was first introduced in 2018. As summarized in the release, the No Tax Breaks for Outsourcing Act would repeal offshoring incentives by: Equalizing the tax rate on profits earned abroad to the tax rate on profits earned here at home. The bill would end the preferential tax rate for offshore profits by eliminating the deductions for "global intangible low-tax income (GILTI)" and "foreign-derived intangible income" and applying GILTI on a per-country basis....