Assume you are on the staff of a U.S. Senator in your State. The Senator is preparing to make an invited presentation to the national body of the Chambers of Commerce regarding the recently passed Tax Cuts and Jobs Act of 2017 (TCJA). She (the Senator) has requested that you take up the responsibility of preparing her for the presentation, especially as many attendees will include corporate executives with substantial operations in foreign countries, mainly through (but not limited to) Subsidiaries or Controlled Foreign Corporations. Among others, she wants explicitly your informed opinion of the new system for taxing the foreign operations of U.S. companies, as well as potential alternative methods for taxing such income. The Senator is particularly interested in the relative effects of these different systems on U.S. tax revenues and the competitiveness of U.S. companies in foreign markets, post-TCJA.

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solution The Tax Cuts and Jobs way through Congress and is now awaiting final passage by ... View the full answer