Top Tax Writer Releases Overhaul

Rep. Camp’s plan would create a broad exemption for profits that companies earn overseas.

The top Republican tax writer in Congress explained his plan to create a broad exemption for the profits that U.S.-based corporations earn outside the country, aiming to accelerate the debate over international taxation.

The proposed territorial tax system outlined by Representative Dave Camp yesterday would overhaul the way the U.S. tax code intersects with the global economy by adopting a system similar to those in the U.K. and Japan. Companies including Procter & Gamble Co. and General Electric Co. are lobbying Congress for a territorial system, and business groups praised Camp’s plan.

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