Contact Congress about S. 357: No Tax Breaks for Outsourcing Act
Large multinational companies could face tougher U.S. tax rules on foreign profits, debt, and offshore legal homes. The bill would track more income country by country and limit some tax breaks.
Modern Action explains legislation in plain English, helps you choose whether to support, oppose, or ask for changes, and drafts a message tied to the bill, your stance, and the elected officials who can act on it.
No Tax Breaks for Outsourcing Act is a Senate bill in Congress.
Who this affects: This bill mainly affects large multinational companies with U.S. owners, U.S. operations, or foreign subsidiaries. It also affects companies that use debt across countries, companies that move their legal home overseas, and foreign corporations mainly run from the United States. Tax lawyers, accountants, and the Treasury Department would have more work because the bill depends on detailed country-by-country rules.
Why this matters: This bill matters because it could raise U.S. taxes on profits that large companies earn or report through foreign structures. It targets tax planning that shifts profits, debt, or legal residence outside the United States. The effect would vary by company. It would depend on where the company earns income, how much foreign tax it pays, how it finances itself, and how Treasury writes the rules.
Key provisions in S. 357
- The bill applies controlled foreign corporation rules country by country. A controlled foreign corporation is a foreign company controlled by U.S. shareholders, and the bill uses net CFC tested income tied to taxable units in specific countries.
- The bill repeals the special tax-code deduction that gave lower tax rates for certain foreign-derived intangible income and GILTI-related income, which is a category of foreign profits taxed to U.S. owners.
- The bill removes the high-tax exclusion for some foreign base company and insurance income. It also adds foreign base company oil-related income to subpart F, which taxes certain foreign income to U.S. owners right away.
- The bill lets companies count more foreign taxes against U.S. tax on tested income by removing the 80% cap. It also ends foreign tax credit carrybacks, so credits could only be carried forward for up to 10 years.
- The bill requires a separate foreign tax credit limit for each country. The calculation would use taxable units such as foreign subsidiaries, foreign branches, and some pass-through interests.
How Modern Action helps you take action on S. 357
You do not have to start with a blank letter. Modern Action turns the bill, your position, and the relevant congressional context into a message you can edit and send. The goal is to make contacting Congress clear, specific, and useful without forcing you to parse bill text or figure out the right office on your own.
Questions people ask about S. 357
- What is S. 357?
- Large multinational companies could face tougher U.S. tax rules on foreign profits, debt, and offshore legal homes. The bill would track more income country by country and limit some tax breaks.
- How do I support or oppose S. 357?
- Choose support, oppose, or ask for changes on Modern Action. The action flow drafts the message for you and keeps the wording tied to this bill.
- Who should I contact about S. 357?
- Modern Action uses your location to route the action to the congressional offices relevant to the bill and your representation.
- Can Modern Action explain S. 357 before I act?
- Yes. Modern Action gives you a plain-English summary, current status, and action context before you send anything.
