International Competition for American Jobs Act

This proposal would change parts of the federal tax code that deal with international business. It focuses on how some U.S. people or companies that are controlled by foreign owners have to count certain money as income for taxes. In plain terms, it tightens rules so more of that money must be reported on U.S. tax returns. The goal is to update how cross‑border income is handled and to affect how international groups arrange their taxes.

One key section creates a new rule on “amounts included in gross income of foreign controlled United States shareholders.” That means U.S. shareholders under foreign control may have to include more of their foreign-related earnings when figuring out their taxable income.

• Who is affected: U.S. shareholders that are under foreign control, and international business groups connected to them.
• What changes: Updates to how certain foreign-related earnings must be counted as U.S. taxable income.
• When: The provided text does not specify timing or effective dates.