Thanks for confirming that you didn't read what was posted earlier:Yes, please quote the parts that don't have to do with deferrals.
Here is how it works. U.S. companies with operations overseas don’t have to pay taxes on profits they earn from, say, selling soft drinks or software outside the U.S. as long as those profits stay overseas. This was intended to help these companies compete around the world almost a century ago. However, today that system creates a perverse incentive to keep corporate profits overseas instead of investing here at home.
What’s even worse is companies can also take advantage of current gaps in the tax rules on intangible items such as software to shift what are really U.S. profits abroad where they are subject to much less or, too often, no tax at all. These profits, generated by American innovation, stay in countries such as Ireland or the U.K., and U.S. companies have the luxury of deciding when or even whether to pay U.S. taxes. Today they have exercised that option not to pay taxes to the tune of $2.2 trillion!
... As I have long called for, ending deferral is a necessary step in making sure taxpayers get a fair deal and the U.S. maintains its position as the best place to do business. Combined with a new competitive corporate tax rate that reflects global tax realities and a structure that prevents shifting income to avoid taxes, it will encourage companies -- both domestic and multinational -- to build and grow their businesses in the U.S., creating red-white-and-blue-jobs here at home.
I have authored the only two bipartisan tax reform proposals -- with Republican senators -- in over a quarter-century and both reward the creation of good-paying jobs in the United States. A substantial portion of these proposals is paid for by ending overseas tax deferral.
Over the last few weeks Americans have heard lots of talk that the economic system is rigged and corporations don’t pay their fair share when it comes to taxes. At the heart of this mess is the...
And this from T.L. Hungerford of EPI:
...Although a variety of very different reforms have been proposed to change how the United States taxes U.S. multinational corporations, none of the major proposals in the 113th Congress gets to the heart of the problem: deferral. Simply eliminating deferral and taking a pure worldwide approach could remove the incentives to shift profits, investment, and jobs overseas. In addition, eliminating deferral would broaden the tax base and raise much needed tax revenue—revenue that could be used for education funding, infrastructure improvements, and other investments in America’s future. ...
Ending deferral could increase corporate tax revenue by over $50 billion per year, or $500 billion over 10 years. The additional revenue could be used for education funding, infrastructure improvements, and other investments in America’s future.
If you don't understand the relevance of tax deferrals for MNCs, you don't get it.