Tuesday, March 19, 2013

Business CEOs Push To Limit Taxes On Record-Breaking Offshore Profits

At a time when major U.S. corporations have a record amount of cash stashed abroad, a group of influential CEOs want to make it even easier for companies to pay less in U.S. taxes on those profits, HuffPo reports.

The Business Roundtable, a lobbying coalition of business leaders, plans to spend six figures on a campaign aimed at convincing lawmakers to lower the top corporate tax rate to 25 percent from 35 percent and shift to a territorial tax system, according to The Hill. The group argues that the changes would help U.S. companies compete against their foreign counterparts.

A territorial tax system allows businesses to put money overseas and only pay taxes to the foreign country where it’s parked. Currently companies pay U.S. taxes on any overseas profits they bring back home….

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