The U.S. system for taxing corporate profits is outdated, ineffective at raising revenue, and creates perverse incentives for companies to shelter profits overseas. It is also, for most U.S. companies most of the time, a pretty good deal, which is one of the big reasons why any serious overhaul will be so difficult to achieve.

The United States defined its preferred cyberspace norms—Internet openness, security, liberty, free speech, and with minimal government oversight and surveillance—in its 2011 International Strategy f…