Most developed countries don’t tax the foreign earnings of domestic companies.
The U.S. does. By adopting the system used by most of our competitors, we can generate an additional $22 billion in economic activity each year and, more importantly, create more than 150,000 new jobs, according to a study by the Berkeley Research Group. Under the current system, those jobs and economic activity are being created in other countries. It’s time to remove that impediment by fundamentally overhauling our tax code and adopting a system used by most other countries.