Sen. Bernie Sanders (I-Vt.) introduced a bill to stop profitable corporations from sheltering income in overseas tax havens. The legislation also would end tax breaks for companies that ship jobs and factories overseas.
This and a companion measure to be introduced in the House by Rep. Jan Schakowsky would yield more than $590 billion in revenue over the next decade.
Under the Corporate Tax Fairness Act, corporations would pay U.S. taxes on their offshore profits as they are earned. The legislation would take away the tax incentives for corporations to move jobs offshore or to shift profits offshore because the U.S. would tax their profits no matter where they are generated.
Fact Sheet Here: http://www.sanders.senate.gov/imo/media/doc/CORPTA%20FAIRNESSFACTSHEET.pdf