One thing I've never understood about this is why the IRS couldn't just tax all profits worldwide, regardless of whether they're made by a 'foreign' company, and then give credits for taxes paid elsewhere?
I'm a dual UK/US citizen, and this is how I have to do my US tax return. I can't just say 'oh, my foreign income was made by my 'foreign' self, so it doesn't count'.
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One thing I've never understood about this is why the IRS couldn't just tax all profits worldwide, regardless of whether they're made by a 'foreign' company, and then give credits for taxes paid elsewhere? I'm a dual UK/US citizen, and this is how I have to do my US tax return. I can't just say 'oh, my foreign income was made by my 'foreign' self, so it doesn't count'.
It's *K*arl Popper.