No Tax Breaks for Outsourcing Act

Summary

The bill amends the Internal Revenue Code of 1986 to change how certain international tax rules work. It aims to prevent companies from avoiding taxes by moving profits overseas. Key changes include modifying how foreign income is taxed, limiting interest deductions for some corporations, and addressing corporate inversions (when a company reincorporates in another country for tax purposes). The bill also targets tax avoidance by foreign corporations managed and controlled in the United States.

Sentiment

Informative

Originating Chamber

Senate

Type

Bill

Sponsor

Sheldon Whitehouse

Cosponsors

• Tammy Baldwin

• Richard Blumenthal

• John Fetterman

• Ruben Gallego

• Cory Booker

• Jeff Merkley

• Richard Durbin

• Tammy Duckworth

• Chris Van Hollen

• Peter Welch

• John Reed

• Brian Schatz

• Martin Heinrich

• Mazie Hirono

• Ben Lujan

• Christopher Murphy

• Elizabeth Warren

• Edward Markey

• Tina Smith

Original Link

No Tax Breaks for Outsourcing Act