Corporate Tax Dodging Prevention Act

The Corporate Tax Dodging Prevention Act would revise corporate tax rules to prevent tax avoidance by large corporations. It would restore a progressive tax structure (15% on income under $50,000, 25% for $50,000-$75,000, 34% for $75,000-$10 million, and 35% for income over $10 million), equalize tax rates on domestic and foreign income, and implement country-by-country application of foreign tax credit rules. The bill also limits interest deductions for multinational corporations in international financial reporting groups and modifies rules to prevent "inverted" corporations from avoiding US taxes. These changes would primarily affect large corporations with significant international operations and complex tax structures.