[jomamaxx]

"They can claim a tax deduction of all the taxes paid globally on their U.S tax returns."

No - I don't believe this is true in the sense you mean it.

Effectively for corp. taxes - US companies are indeed 'double taxed'.

This means US companies are incented to leave zillions overseas and not bring it back to America.

The US tax code basically ignores the fact that the rest of the world exists. Most countries tax codes have to deal with the fact there is such a thing as 'international markets'.

The terrible thing is - there is any easy fix. Any President could pull it off I think.

If the US got rid of double taxation, and reduced the corporate tax rate - I think most business leaders would accept the closing of all the crazy loopholes.

[perseusprime11]

Are you sure about this? I am pretty sure you can claim the tax paid to other countries on your taxes. Can a CFO here chime in?