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Industries across the country are anxious to enact a territorial tax system because they want to create jobs and bring revenue that’s currently parked overseas back to American communities and invested in the pockets of hard-working Americans.
Under territorial tax systems, income from the company’s foreign location is taxed in the country where it’s earned, and can be distributed to the parent company with effectively no residual taxation.
The current U.S. worldwide tax system taxes those foreign earnings again, is overly complicated for American businesses, inhibits economic growth, and puts America at a disadvantage on a global scale.