Gulf on Foreign Profits Tax Threatens Deal on Corporate Rate Cut
Written By: Bloomberg
Excerpt: President Barack Obama’s belief that the U.S. tax system pushes jobs overseas and Republican assertions that multinational companies are disadvantaged will make compromise on a new corporate tax code difficult. … Multinational corporations have been urging Congress to adopt a territorial system because they say it would let them compete in growing foreign markets without a residual home- country tax that other companies don’t face. “How do you go from a territorial system on the Camp side to the worldwide and figure out a way to meet in the middle?” asked Catherine Schultz, vice president for tax policy at the National Foreign Trade Council, which advocates an open world economy.