Discuss this dichotomy and the pros and cons of why no legislative steps are being taken to close this tax loophole and compel US firms to bring these ‘foreign’ profits back into the USA to contribute to economic growth in USA.
Current US tax laws do not6 compel US firms withy earning outside the country to be remitted back to the4 USA. Insteade, allows these firms with earnings outside the USA from their foregin operations to be invested abroad.
US citizens are rquired to declare and are subject to tax, on their worldwide income from all sources. This has resulted in Apple, parking and investing over US $130 bn. in Ireland as a result of its earnings outside the4 USQA. Similarly, other US firms, such as GM have done the same
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