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Plan to Curb US Taxation of Overseas Profit Finds Bipartisan Support

from The New York Times

Two senior senators — one Republican, one Democrat — proposed that the government significantly reduce the tax rate on United States corporate profits overseas, but with a mandatory transition tax on such profits to pay for an expansive highway and infrastructure program. The plan, by Sens. Rob Portman, R-Ohio, and Chuck Schumer, D-New York, is similar to earlier proposals from President Barack Obama and former Rep. Dave Camp, once the chairman of the House Committee on Ways and Means. more

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