Check out this article from the Wall Street Journal.
The following is of particular interest:
The new budget also would lower the top corporate tax rate to 25% from 35% and plunge into the debate about how to tax companies’ overseas operations. U.S. companies now pay the tax rate of the country where the outpost is located and then, if they bring those profits home, often pay some U.S. taxes as well. Under the Ryan-Camp proposal, companies essentially would pay just the tax rate of the country where the profits are earned.
Republicans say the current system unfairly taxes corporations twice, hurts their competitiveness and discourages them from reinvesting in the U.S. The budget plan doesn’t specify a tax rate for foreign earnings brought back to the U.S., but some Republicans previously have suggested exempting 95% of future foreign earnings from U.S. corporate tax and imposing a 5.25% tax on existing overseas earnings. Critics say such a move would prompt American firms to avoid taxes by moving operations overseas even faster than they already are, harming American workers and reducing investment in the U.S.
The proposal is one of “territorial based taxation”. If “territorial based taxation” is right for corporations, then why not for individuals?