CBO: GOP Corporate Tax Proposal Just Pushes Jobs Overseas

CBO: GOP Corporate Tax Proposal Just Pushes Jobs Overseas
A pirate flag flutters from a beach stall as a Brazilian navy ship patrols offshore Ipanema beach, Rio de Janeiro, Brazil, Sunday, June 17, 2012. Rio de Janeiro is holding the Rio+20 United Nations Conference on Sustainable Development. (AP Photo/Victor R. Caivano)
A pirate flag flutters from a beach stall as a Brazilian navy ship patrols offshore Ipanema beach, Rio de Janeiro, Brazil, Sunday, June 17, 2012. Rio de Janeiro is holding the Rio+20 United Nations Conference on Sustainable Development. (AP Photo/Victor R. Caivano)

Under current U.S. tax law, corporations are allowed to defer paying taxes on their overseas profits, resulting in lost revenue for the federal government of up to $10 billion per year. President Obama has proposed doing away with this policy, somewhat, by restricting the use of tax credits until corporations bring those overseas profits back to the U.S. and pay taxes on them.

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