In other words, the profits that businesses make abroad will still be confiscated at the 35% rate (the US being the only country which taxes foreign profits), but expenses associated with expanding abroad would not be deductible according to the bill. This is in order to discourage US businesses from doing business abroad.
So, therefore, if GE open a gas turbine factory in Bavaria, that’s a bad thing, because it should have been located in New York, where we need jobs.
And when BMW opens a factory in South Carolina, that’s a bad thing too, because it should have been located in Bavaria, where they need jobs too! Don’t you understand economics?