The right wants to get rid of corporate taxes but wants corporation to be treated as persons with regards to "free speech" and political contributions. If corporations are persons, why aren't they taxed like persons? That is, their tax rates should be the same as individual tax rates. If an individual is taxed on worldwide income, shouldn't corporations be taxed on worldwide income? Currently, they are only taxed on "repatriated" income.
I lived in Europe from 1968 to 1974. I've long thrown away my tax returns for those years, and so I can't verify my memory. I do know that I had to file U. S. income tax and pay any due amount after any foreign tax credit. When I worked in Italy, the tax rate was lower than it was in the U.S. And so, I had to pay to the U.S. Treasury the difference. When I worked in Sweden, the tax rate was higher than it was in the U.S. And so, I did not have to pay any money to the U.S. Treasury.
As an ex-pat employee of an international company, I did get reimbursed for the difference. And I had to report that income on the next year's U.S. income tax forms.
So, if corporations are persons, shouldn't U.S. corporations pay U.S. taxes on all their net income? With credit for foreign taxes, of course.
