US may end taxes on some overseas profits

(Reuters): The Treasury is weighing a proposal to eliminate some, but not all, of the taxes on overseas profits of US based companies, the Wall Street Journal reported on Saturday, citing two people familiar with the deliberations. Eliminating the taxes on some of the profits is a central element of the Obama administration's broader plans to overhaul the corporate tax code, the newspaper said. Business have long complained that the U.S. system of taxing companies' overseas profits hits companies that have often already paid been taxed in the countries where the profits were earned.

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