An Easy Way to Squeeze a Lot of Taxes from Corporations That Try to Hide Their Profits Offshore

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11. Where's the "idea"? The article just says to tax money held offshore

The fact is, the US and UK are the only 2 countries who tax foreign profits. And the UK is seriously considering whether to continue it or not. The tax "credit" is only on compulsory taxes paid and not all taxes that may have been paid. Couple this with the highest corp tax rate in the world, and you get foreign profits staying foreign. Of course, few companies PAY the 35% because of deductions, loopholes etc.
Do two things. 1- stop trying to tax foreign profits over and above whats already been paid. 2- do away with deductions and lower the corp tax rate. This would get rid of the armies of lawyers corps use to reduce their rates. No need to work to get out of a lower tax rate. Foreign money would then return to the US as there would be no financial need to keep it overseas.
The desire to stick it to corporations never does any good. They ALWAYS find a way around it