This is long overdue, and will draw out both Democrat and Republican politicians who personally benefit from selling out US taxpayers.
Taxpayers should not be forced to subsidize and insure multi-national companies that move manufacturing and development overseas, to sell back into the US market, from which they have removed all their manufacturing and development jobs.
“Taxpayers should not be forced to subsidize and insure multi-national companies that move manufacturing and development overseas, to sell back into the US market, from which they have removed all their manufacturing and development jobs.”
I understand your point of view, but that is not all there is to it. US corporate tax rates are higher than almost all other foreign countries. Today, a US subsidiary in, say, Germany pays German taxes. Then the US parent company will pay US taxes when dividends move from overseas to the US. After this change, the German subsidiary would have to pay both German taxes and US taxes over and above that at the time of its operations. This would mean that the US subsidiary is at a competitive disadvantage to its competition.
For more analysis, see http://www.cato-at-liberty.org/2009/05/04/obama-offshore-tax-plan-will-cost-us-companies-business-and-jobs/