WASHINGTON Jan 31 The president of a group of
more than 200 CEOs said on Thursday that President Barack Obama
had told the business community last month he might back a
territorial tax system, which would exempt offshore profits from
Corporate America is pushing for the United States to move
to such a regime, which they say would make domestic business
John Engler, president of the Business Roundtable, said that
in meetings with Obama during a year-end budget standoff between
the White House and Congress, the president left the impression
he was moving in that direction.
"A favorable impression was left," Engler said in a briefing
with reporters on Thursday.
A territorial system would exempt most domestic companies'
offshore profits from U.S. tax. That contrasts with the
worldwide system now in place, whereby all offshore profits are
taxed when they are brought back into the United States.