One part of the trick is to have American businesses pay their share for enjoying all of the benefits of being an American corporation (patent protection, copyrights, investment banking, subsidies and tax breaks, logistical support infrastructure: harbors, airports, public roads and highway systems, railroads, internet, public schools and a well-educated labor pool, public utilities, postal system, public courts/corporate law, public safety/PD and FD, and military protection) while moving large parts of their businesses overseas to take advantage of cheap labor, less regulation and lower resource costs. Income earned on foreign soil by US corporations should be taxed as if it was generated here, regardless of where the corporation chooses to deposit it. No more free rides on the Cayman Island express...
This is a corollary to Ant's comment about American companies off-shoring income to avoid income tax...