> no other developed nation tries to tax foreign profits already taxed once again at home
That statement is demonstrably false. I know for a fact that in Australia foreign income is taxed again. Credits are available for some or all of the tax paid in the foreign country depending on the existence and nature of bilateral tax treaties between the two nations. I believe similar schemes operate in most developed nations.
Also of note is that the company tax rate in Australia is 30% but with far fewer special credits and discounts so the effective rate is quite close to the nominal rate.
That statement is demonstrably false. I know for a fact that in Australia foreign income is taxed again. Credits are available for some or all of the tax paid in the foreign country depending on the existence and nature of bilateral tax treaties between the two nations. I believe similar schemes operate in most developed nations.
Also of note is that the company tax rate in Australia is 30% but with far fewer special credits and discounts so the effective rate is quite close to the nominal rate.