They shifted their earnings over seas. Have you ever heard of business moving over seas, this is what they are talking about. Lower the tax rate and they will shift their money back here. This is the Laffer Curve in real time. If you close this loophole they will just completely move their companies out of the US.
The easiest solution, not to mention the solution that would bring in more money, is to lower the taxes below those other countries. We would see more businesses moving here and employing more Americans.
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corporations were abusing tax laws by shifting income earned in higher-tax jurisdictions, like the United States, to overseas subsidiaries in low-tax jurisdictions.
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