The Senate Finance Committee held hearings on reforming international tax rules, looking at the ways the federal government taxes the foreign income of U.S. taxpayers and businesses.
"Put simply, the United States is close to unique among world nations in taxing foreign income in the way that we do," said James R. Hines, a professor at the University of Michigan Law School, in his testimony. "Not only does the United States subject active foreign business income to domestic taxation, but we do so in a manner that strictly limits the ability of taxpayers to claim foreign tax credits and to avoid current U.S. taxation of unrepatriated foreign income."
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