IRS delays $600 reporting requirement

[TMagda]

Another challenge with the code is that GLOBAL income is subject to US tax requiring the inclusion of a complex foreign tax credit mechanism to eliminate double taxation. Oversimplification, but, it is possible for an entity to pay a level of foreign tax on their income, at higher than US rates, that federal income tax is effectively wiped out. Calling that scenario "a corporation paying no tax" is an intentional mischaracterization used to create a talking point.