The United States is not serious about taxing U.S. multinationals on their foreign income and does not need the revenue.
This fundamental understanding is amply demonstrated by the U.S. attitude toward the base erosion and profit-shifting project, which is a polite pretense of participation with quiet undermining. European efforts to change laws to extract tax from U.S. multinationals are met with U.S. proposals to enact a minimum tax that would still have the effect of encouraging foreign investment.
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