The Rising Influence of Rising Affluence

[DewDiligence]

I wonder whether companies paying US tax on repatriated profits would qualify for a foreign tax credit to avoid double taxation.

Yes, the credit for foreign income taxes prevents “double” taxation. The problem is that the US corporate income-tax rate is higher than the corporate income-tax rate in almost every county; hence, having the US rate applied to foreign profits would mean a much bigger tax hit overall for US-based multinationals.