If you want to know why so many companies are off shoring your jobs, here are a couple articles that will shed some light on your questions.
https://thefactcoalition.org/wp-content/uploads/2023/02/No-Tax-Breaks-for-Outsourcing-Act-Summary-1.pdf
https://www.whitehouse.senate.gov/news/release/whitehouse-and-doggett-introduce-no-tax-breaks-for-outsourcing-act/
The economic contributions of H-1B workers in particular may increase the employment opportunities available to native-born workers in the United States. That is why unemployment rates are relatively low in occupations that employ large numbers of H-1B workers.
https://www.americanimmigrationcouncil.org/research/h1b-visa-program-fact-sheet
Net Income = Total Revenue - Domestic Expense - Foreign Expense
If it is changed to
Net Income = Total Revenue - Domestic Expense.
Outsource will stop and our jobs would be saved.
It would need to eliminate deductions on "foreign expense", not "foreign profits".
It's useless, the keyword is "profits". We don't have any profits offshore.
"Equalizing the tax rate on profits earned abroad to the tax rate on profits earned here at home.
This legislation would end the preferential tax rate for offshore profits by eliminating the deductions for “global intangible low-tax income” (GILTI) and “foreign-derived intangible income” and applying GILTI on a per-country basis."
Look at history.....it is not just the current administration
We tend to focus only on the current administration that is in power, but if we look at history, it is both parties sending our hard earned tax dollars offshore. Both parties make promises of bringing our jobs back and starting manufacturing and other businesses here on shore...but neither party delivers on their campaign promises.
It is not just the current administration...it is multiple administrations of both parties. Seems neither party care about American workers anymore. Sad....very very sad!!
Foreign Aid by year:
2017 - 47.9B
2018 - 46.9B
2019 - 39.2
2020 - 160B (C19)
2021 - 60B
2022 - 70B
2023 - 61B
2024 - 63B (budget)
Thank you, current administration, for taking more than $10B per year of our money and sending it overseas instead of helping Americans.
Had four years to do it, didn’t. Suddenly a proposal is on the table at the 11th hour around election time. Reads like pandering that won’t materialize. There are no politicians who put this country ahead of all others; they all operate globally with a “greater good” mindset. The US doesn’t operate in a vacuum; look at all of the aid we send to other countries under all administrations. Money that could be used for our own citizens, but isn’t. Bigger picture, of which offshoring is a small piece.