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U.S. may end taxes on some overseas profits: WSJ

CHICAGO | Sat Sep 10, 2011 12:02pm EDT

CHICAGO (Reuters) - The Treasury is weighing a proposal to eliminate some, but not all, of the taxes on overseas profits of U.S.-based companies, the Wall Street Journal reported on Saturday, citing two people familiar with the deliberations.

Eliminating the taxes on some of the profits is a central element of the Obama administration's broader plans to overhaul the corporate tax code, the newspaper said.

Business have long complained that the U.S. system of taxing companies' overseas profits hits companies that have often already paid been taxed in the countries where the profits were earned.

The details of the plan, including what profits would be excluded from taxation, could not be learned, the newspaper said.

A Treasury Department spokeswoman declined to comment to the Journal, saying no final decisions have been made.

Reuters could not immediately reach a spokesman at the Treasury.

(Reporting by Brad Dorfman, Editing by Sandra Maler)
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Comments (3)
emu wrote:
Other countries just have double tax treaties with each other, you know…

Sep 10, 2011 12:41pm EDT  --  Report as abuse
Cujo2 wrote:
Taxes paid in other countries are deducted from any further taxes required in US. My question: are we rewarding US companies for off shoring jobs and investments? If so, we need to do something to reward them for providing jobs and investments here. Second question: bring back money from developing markets with 5-10% growth? When there are billions sitting here already, not being invested in anything sans 1.98% treasuries? Doesn’t make sense to me…what’s up with that?

Sep 10, 2011 3:42pm EDT  --  Report as abuse
giatny wrote:
Obama continues his pretense of being a centrist by stealing another item off of
the Republican economic plan. Do not be fooled by Obama’s charade or that of
his base pretending to be disillusioned. He has assured his troops that his
extreme agenda will resume with his reelection – amnesty, card check, cap and trade, his war on fossil fuels, wealth redistribution, student loan forgiveness, mortgage relief, assault on the “rich” etc. Do NOT believe a word this man says, watch the actions of his Putinesque regulatory machine. 2012 is the last chance to save freedom and America from his destructive agenda. WAKE UP America before
he let’s Israel be annihilated by his delusions as to an “Arab spring”.

Sep 11, 2011 7:08pm EDT  --  Report as abuse
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