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Scott W Brady News Today : Breaking News, Live Updates & Top Stories | Vimarsana

CSPAN2 U S Senate August 17, 1215

Overseas profits. So under the new plan that reportedly is emerging, corporations will have a 21 u. S. Tax rate. But if you move your business or company overseas, its zero, not 21 just like today those corporations that move their businesses overseas will have to pay taxes to those foreign governments on the profits they make overseas. But lots of those corporations can shift those profits to parts of the world where theres zero income tax liability. And republicans in the house and senate claim that they solve this problem by going to a minimum tax on certain foreign profits. And heres how our republican colleagues claim they fix this problem. Lets say you have a company that keeps it either has its headquarters or puts its profits in the Cayman Islands. I hope my colleagues will follow this and fix this while theres still time. So you have a 2 million profit in the Cayman Islands. So you pay zero foreign taxes, as the Cayman Islands doesnt have any tax. And of course under this plan

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