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Peer Pressure: Why America Should Succumb To The Territorial Tax Temptation, Paul Petrick
Peer Pressure: Why America Should Succumb To The Territorial Tax Temptation, Paul Petrick
Global Business Law Review
This Note argues that the United States should adopt a territorial tax system. Currently, the United States is one of a small group of nations that employs a worldwide system of taxation. Under a worldwide system, income is taxed both in the country where it is earned and in the country where the taxpayer resides. Alternatively, under a territorial system, income is taxed only in the country where it is earned. By adopting a territorial system, the United States would jettison the duplicative taxation inherent in the worldwide system. Additionally, the presence of anti-inversion rules, controlled foreign corporation rules, and …