US citizens are taxed on global income regardless of whether they live in the US, or whether any of their money will ever enter the US.

It's only right for US corporations to be taxed the same way. Most of these insane financial contortions are done because they aren't taxed on foreign, non-repatriated earnings - creating an incentive to convert domestic earnings into 'foreign' ones, that get repatriated the next time there's a tax holiday.

I personally would love to earmark my personal income as foreign-sourced, and to not pay any taxes on it until I get a tax discount... But if I were to do that, I would go to jail for tax evasion.