The U.S. system for taxing corporate profits is outdated, ineffective at raising revenue, and creates perverse incentives for companies to shelter profits overseas.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 used to be the trailblazer in regulatory reform. But the rest of the rich world has caught up. This Progress Report and Scorecard from the Renewing America initiative outlines the current state of federal regulation in the United States and charts ways the U.S. regulatory management system could be improved.

The scorecard infographic and accompanying progress report, "Trading Up: U.S. Trade and Investment Policy," analyzes the overall health of the U.S. economy by focusing on shifts in global trade and foreign direct investment in the United States.