Right. Please see my reply above.
WTO tells U.S. to change laws or pay up
The World Trade Organization has ruled that the United States must change its tax laws or face up to $4 billion in penalties. The ruling came after the European Union charged unfair trade practices against the U.S. for not requiring major corporations to pay tax on income earned abroad.
I know this is one of the issues that free traders get upset about and say this is why the offshore in the first place, or incorporate in Bermuda, etc. Well, because of intranational groups US cannot independatly set its tax policies.