U.S. multinational corporations with foreign subsidiaries (Controlled Foreign Corporations or CFCs) would be most directly affected. These companies would likely face a higher overall U.S. tax burden on their foreign earnings. Businesses that primarily operate within the U.S. and do not have significant foreign operations would be less directly affected, but could see changes in competitive dynamics with multinational rivals.

Ultimately, any changes in corporate tax burdens could indirectly affect consumers through product pricing, shareholders through dividend policies and stock values, and could influence companies' decisions about where to locate jobs and investments.