(Reuters) - President Donald Trump’s campaign promise to overhaul corporate taxes has put a spotlight on $2.6 trillion in profits parked abroad by U.S. companies.
Senior House Republicans are pushing a “border adjustment” tax proposal that favours exports over imports as part of a plan to overhaul the U.S. tax code.
The main thrust of the proposal, which is under attack from import-heavy businesses but is supported by large exporters, is to exempt companies from having to pay federal income tax on export revenue.
Profits parked abroad by U.S. companies would be taxed at 3.5 percent to 8.75 percent, payable over eight years, when repatriated, according to the proposal.
Source: Companies and earnings call transcripts
Compiled by Bengaluru Newsroom