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The bigger issue underlying the debate is how the federal government taxes the overseas income of companies headquartered in the U.S. Under current law, U.S. companies are taxed on the income they earn around the world. They get tax credits for payments to foreign governments and don’t have to pay the U.S. tax until they bring the money home. Obama has proposed limits on that deferral, arguing that it provides an incentive to invest overseas rather than in the U.S.

Obama sometimes uses the “shipping jobs overseas” language to mean both the narrow and bigger change.

Figures. Thanks for looking this up. lefties often play fast and loose with the truth in business tax discussions.
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