Excerpt: Rep. Dave Camp (R., Mich.), the House Ways and Means chairman, outlined a business-friendly plan for overhauling the U.S. tax code for companies, including cutting corporate tax rates by 10 percentage points and ending the longstanding rule that seeks to tax American multinationals on their overseas earnings…. Reactions from business groups tended to focus on the issues they care most about. For instance, the Business Roundtable and the National Foreign Trade Council – two groups that comprise major multinationals – were thrilled about the shift to a territorial system. “Moving to a territorial tax system and reducing the corporate tax rate will allow companies to grow in the United States, and will also attract more in-bound investment, leading to more job growth, said Cathy Schultz, vice president of the NFTC.
http://blogs.wsj.com/washwire/2011/10/26/rep-camp-unveils-business-friendly-corporate-tax-plan/
