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If I have an overseas stock account and if I have a profit, I'll have to pay U.S. income tax on the profit after I pay the local tax for the profit. (The local tax I paid will reduce the U.S. tax by that much.) This is the law, right?
Why/how is it that a U.S. company can keep its profit overseas WITHOUT paying U.S. corporate tax on its profit?
Can we change the law so that ANY company doing business in U.S. must pay U.S. corporate tax based on the "global" profit? Otherwise, you can't do business here.
What am I missing?
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