The mandate could be replaced with a refundable tax credit for the purchase of health insurance, though you would need significant new tax revenues to offset the cost of the credit.

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But until 2005, this foreign tax credit could offset only 90% of the alternative minimum tax they owed.

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The U.S. government generally gives companies operating in foreign countries a tax credit to offset the foreign taxes paid, so the companies are not taxed twice on the same foreign income.

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