Bill Submitted to U.S. Congress to Counter Certain Aspects of the Tax Cuts and Jobs Act

Representative Lloyd Doggett (D-TX) and Senator Sheldon Whitehouse (D-RI) have submitted a draft bill to the House and Senate, respectively, which is meant to counter certain aspects of the Tax Cuts and Jobs Act. As provided in a release from Representative Doggett, the so-called No Tax Breaks for Outsourcing Act (Bill H.R. 5108) would:

• Equalize the tax rate on profits earned abroad to the tax rate on profits earned here at home. The new tax law allows companies to pay half of the statutory…