CONGRESS FOR VOTERS

DemocratBill · H.R. 995· House(119-HR-995)

No Tax Breaks for Outsourcing Act

Rep. Doggett
Age: 80 years
Texas
Introduced
2/5/2025
Last activity
2/5/2025 — Referred to the House Committee on Ways and Means.
Sponsored by
Lloyd Doggett
Cosponsors
Democrat - 140Republican - 0
Taxation
  1. Introduced
  2. In Committee

What this bill would do

The "No Tax Breaks for Outsourcing Act" aims to amend the Internal Revenue Code of 1986 regarding how certain foreign income and corporations are taxed. It seeks to replace "global intangible low-taxed income" with "net CFC tested income" to ensure current year inclusion. The bill implements a country-by-country application for certain tax credits and limitations. It also imposes a limitation on interest deductions for domestic corporations that are part of international financial reporting groups. Additionally, the act modifies rules for inverted corporations and changes how certain foreign corporations managed in the United States are treated.

Yes· 3 of 4

  • Does this raise the taxes companies pay?+5

    The bill increases taxes on certain foreign corporations and domestic corporations in international financial groups by redefining income inclusion and limiting interest deductions.

  • Does this give the federal government more power?+3

    The bill expands federal oversight and taxing authority over foreign-managed corporations and international financial groups.

  • Does this reduce what the federal government owes?+2

    By closing tax loopholes and increasing revenue from foreign-managed corporations, the bill could potentially reduce the deficit.

The opposite

  • Would business owners be better off under this?-3

    The bill imposes stricter tax treatments and interest deduction limits that could negatively affect large business entities.

  • Is this likely to grow the economy?-1

    The imposition of new taxes and interest deduction limits on large corporations may slightly dampen investment incentives.