The bill, titled the “Unfair Tax Prevention Act,” aims to amend the Internal Revenue Code of 1986. It proposes changes to the base erosion and anti-abuse tax rules for foreign-owned entities connected to countries with extraterritorial tax systems. Specifically, it modifies how these entities...
Simple Explanation
This bill wants to change some tax rules for big companies from other countries, so they can't use tricky ways to pay less tax in the U.S. It tries to make sure these companies pay what they should, even if the details are a bit tricky to understand.