U.S. Senator Sheldon Whitehouse (D-RI) has issued a release announcing the reintroduction of the No Tax Breaks for Outsourcing Act together with Congressman Lloyd Doggett (D-TX). The legislation was first introduced in 2018. As summarized in the release, the No Tax Breaks for Outsourcing Act would repeal offshoring incentives by:
- Equalizing the tax rate on profits earned abroad to the tax rate on profits earned here at home. The bill would end the preferential tax rate for offshore profits…