Seems like a fairly simple fix. Eliminate the deferment of taxes on foreign income until repatriation and let the IRS enforce FBAR. Real US citizens meaning people are required to report and pay taxes on word wide income and since corporations are people they should be required to do the same. The IRS can enforce and compel parent corporations to report Foreign Bank and Financial accounts of all of their subsidiary corporations under FBAR on IRS Form TD F 90-22.1 If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the Bank Secrecy Act requires you to report the account yearly to the Internal Revenue Service by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions. The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law. Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad. Who Must File an FBAR United States persons are required to file an FBAR if: The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported. United States person means United States citizens; United States residents; entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States. The information collected may also be provided to appropriate state, local, and foreign law enforcement and regulatory personnel in the performance of their official duties. Disclosure of this information is mandatory. Civil and criminal penalties, including in certain circumstances a fine of not more than $500,000 and imprisonment of not more than five years, are provided for failure to file a report, supply information, and for filing a false or fraudulent report. The corps get a credit for any taxes paid in the foreign jurisdiction to avoid double taxation but their entire world wide income would get taxed at the prevailing US tax rate.
Assuming the powers that be want it fixed in the first place. Personally I don't think they do. Less taxes means more political donations to the folks in a position to fix the problem.
Of course.. tis the game... even better when you are allowed to use your office and influence to trade on inside information
True of course. I think the growing resentment is due to the extreme extent to which the avoidance is being taken, even abused, at a time we're drowning in debt. Yes No argument from me Disgusting.
Bingo. It's a pattern all political matters. Make a lot of noise, some cage rattling and quench the blood thirst of their constituents for "change", but continue the status quo at all costs.
Good for them. I pray Google continues to exploit this loophole so that they can continue their research on automated cars, etc.