(This measure has not been amended since it was introduced. The summary of that version is repeated here.)
Urges the President to report to Congress: (1) annually on progress in pursuing multilateral and bilateral trade negotiations to eliminate specified trade barriers described in the Trade Act of 2002; and (2) early in the 109th Congress on proposed alternatives to the disparate treatment of direct and indirect taxes presently provided by the World Trade Organization (WTO) and other proposals for redressing the tax disadvantage to U.S. businesses and workers, either by changes to the U.S. corporate income tax or by the adoption of an alternative, including assessment of the impact of corporate tax rates, a system based on the principal of territoriality, and a border adjustment for exports such as is already allowed by the WTO for indirect taxes.