You've landed on one way the US government allows corporations- and wealthy individuals- to evade taxes.
They pay NO US tax at all by keeping it outside.
One dollar would be a HIGH tax rate under those conditions.

Actually, that is not true and I know this from personal experience. Now, I am not a big corporation, but I DID live in England for almost 2 years and earned money because I was working there. I paid plenty of taxes, but I was paying them in England because that was where I lived. The US and England happen to have a tax treaty so that I did not have to pay taxes to both the US and England while I was not resident in the US. However, I had income in the US the first year that I lived in England and it was a nightmare trying to convince the IRS that my tax home was actually in England that year.

When I moved back to the US, I was able to bring the income that I had earned in England back home with me and it was never taxed just because I brought it home - it had already been taxed in England where I earned it.

Is there some reason that corporations should have their earnings taxed twice? Just curious....