Yes indeed. Multi-nationals pushed hard for this because it hinders their global competitiveness. If you thought offshoring was bad before then just wait. If this gets pushed through then there will be a new flood of offshoring.
But don't worry..I guess US citizens will pick up the slack here with all that missed revenue.
Treasury Weighs New Tax Scheme - WSJ.com
"The Treasury Department is considering a proposal to eliminate some but not all taxes on the overseas profits of U.S. multinational companies, a central element of the administration's broader plans to overhaul the corporate-tax code, according to two people familiar with the deliberations."
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