Question Title Q: Which description best explains the U.S. system of taxing foreign earnings of U.S. multinational corporations? All foreign earnings of U.S. multinational corporations are taxed at 35 percent, but the IRS provides a foreign tax credit for earnings already taxed by foreign countries. All foreign earnings of U.S. multinational corporations are taxed at 35 percent, even earnings already taxed by foreign countries. All foreign earnings of U.S. multinational corporations are exempt from U.S. taxation. Next