US Big Oil Corps have been accused of disguising royalty payments made to foreign governments as foreign income taxes. This permits these US Big Oil Corps to reduce their US federal income taxes by obtaining a foreign tax credit for any income taxes paid to a foreign government.
My proposal here is that foreign royalties paid by US Big Oil Corps to foreign governments cannot be considered foreign income taxes paid to a foreign government, and thus they also cannot be included as foreign income tax credits.
Disguising Royalty Payments to foreign governments as foreign income taxes is so clearly abusive that I think the US Government should make my proposal here retroactive.
All the money raised here should be used to reduce the US Deficit.
