This legislative text aims to amend the Internal Revenue Code to prevent tax breaks for companies that outsource jobs and ensure that income earned by foreign subsidiaries is taxed appropriately. The bill seeks to close loopholes that enable corporations to avoid paying taxes on profits made overseas, thereby creating a more equitable tax system. Key provisions include requiring U.S. companies to include their foreign subsidiaries' income in their taxable income for the current year, eliminating the deferral of taxes on that income.